{"id":7119,"date":"2024-09-16T18:30:32","date_gmt":"2024-09-16T18:30:32","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=7119"},"modified":"2024-09-16T18:30:32","modified_gmt":"2024-09-16T18:30:32","slug":"shiba-inu-team-members-reveals-the-best-way-to-burn-shib-and-reduce-supply","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=7119","title":{"rendered":"Shiba Inu Team Members Reveals The Best Way To Burn SHIB And Reduce Supply"},"content":{"rendered":"

Lucie<\/a>, the marketing lead for the Shiba Inu ecosystem, has addressed concerns about the token\u2019s large supply, which a user had described as a \u201cmajor disadvantage\u201d for the SHIB community<\/a>. She revealed plans to reduce it soon, generating optimism within the community that could potentially fuel a price leap for Shiba Inu\u2019s native token, SHIB.<\/p>\n

\u201cEpic\u201d Shiba Inu Burn Strategy<\/h2>\n

In a recent X post<\/a>, Lucie clarified that the Shiba Inu developers could not modify the token supply because Ryoshi<\/a>, the project\u2019s anonymous creator, burned the keys, leaving no one in control. She emphasized that the only way to reduce the supply is for users to purchase and burn Shiba Inu tokens actively.<\/p>\n

This hardly comes as a surprise, considering that the meme coin has consistently relied heavily on the goodwill efforts of its community to burn the excessive SHIB in circulation. Their actions are crucial to the value of the remaining SHIB coins today.<\/p>\n

Lucie then revealed Shiba Inu\u2019s ambitious plan to solve the problem. According to the marketing lead, the plan is to build an epic system that attracts a large user base and utilizes SHIBARIUM daily, which she says will require millions (even billions) of users. \u201cThe more users we have, the more SHIB can be burned, increasing its value over time,\u201d Lucie stated.<\/p>\n

As more people use Shibarium, the Layer-2 blockchain network<\/a> on Ethereum, it will attract a growing number of daily users and create more opportunities to burn SHIB, potentially boosting the token\u2019s value over time. In line with this goal, an automated burn mechanism was introduced last month to enhance Shiba Inu\u2019s burn rate further.<\/p>\n

The Shiba Inu burn portal<\/a>, ShibTorch, which recently launched on Shibarium, is explicitly designed to burn only the base fees paid by users. These base fees are sent directly to the burn contract, while a second priority fee is allocated to validators.\u00a0<\/p>\n

SHIB\u2019s Burn Rate Decrease<\/h2>\n

The new SHIB burn strategy requires a significant financial commitment and widespread participation to succeed. Lucie, the marketing lead, emphasized that the key to its success lies in expanding the community, saying it\u2019s \u201call about growing the community and letting the system do its magic!\u201d<\/p>\n

Recent data<\/a> from the SHIB burn shows a significant 95.33% drop in the burn rate over the past 24 hours. During this period, 648,525 SHIB tokens were removed from circulation. This highlights the community\u2019s minor efforts to reduce SHIB\u2019s overall supply and produce tangible results.<\/p>\n

Despite the community\u2019s aggressive SHIB token burning, the cryptocurrency hasn\u2019t seen the expected price uptick. At the time of this writing, SHIB\u2019s price<\/a> is trading at $0.00001378, indicating a 0.65% decline in the past 24 hours. However, some market watchers are of the opinion that as SHIB\u2019s adoption broadens, its price may follow suit.<\/p>","protected":false},"excerpt":{"rendered":"

Lucie, the marketing lead for the Shiba Inu ecosystem, has addressed concerns about the token\u2019s large supply, which a user had described as a \u201cmajor disadvantage\u201d for the SHIB community. She revealed plans to reduce it soon, generating optimism within the community that could potentially fuel a price leap for Shiba Inu\u2019s native token, SHIB. […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-7119","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/7119"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7119"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/7119\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7119"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7119"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7119"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}