Shiba Inu burns have become one of the most important initiatives in the SHIB ecosystem as the community comes together to try to drastically reduce the supply of the meme coin. Over time, the burns have come to involve the Shiba Inu team who have been directing fees garnered from the Shibarium ecosystem toward the burn initiative.
However, as the demands to carry out more burns grow, the project’s team members have come forward to inform the community of what they can do on their part to help accelerate the burns.
Shiba Inu Holders Hold The Keys To Burns A Shiba Inu team member popularly known as Da Vinci has asked the SHIB community to play their role in ensuring further token burns. According to the post made on Discord and shared by marketing lead Lucie, all of the money used to buy SHIB to carry out the burns comes from holders.
This money is generated from the income made by the project and this income is made from the fees generated from the Shibarium Layer 2 network. The more that the network is used, the more fees are generated, which translates to more income available to buy and buy SHIB.
Given this, Da Vinci calls on community members to begin to participate in the network. They explain that with more participation, more builders/developers will come to the network, and in this way, the team is able to continue to carry out burns.
Additionally, the Shiba Inu team members call out those who ask people to burn their own money. Da Vinci explains that those who do this in hopes of making money instead of asking people to use the Shibarium network are scammers. “This is how scammers think: you lose money, and I earn,” the post read.
SHIB still showing bullish tendencies | Source: SHIBUSD on Tradingview.com Burning SHIB When The Price Is Up Adding to the post by Da Vinci, marketing lead Lucie also shared her thoughts on why Shiba Inu burns are carried out at a specific time. She explains that not doing a simple dump is the team’s way of carrying out its responsibility and commitment to the community.
Lucie explains that burning tokens when the price of Shiba Inu is down will have no impact. This is because of “Too many trolls, fudders paid, and envious of Shibarium success,” Lucie said. However, burning the SHIB tokens at a time when the price is rising means doing so at a time when demand is high and this can have a positive impact on the price.
So far, the Shiba Inu team has carried out two significant burns, sending more than 8 billion tokens to the burn address each time. More burns are expected to happen given that the total fees generated in the Shibarium ecosystem have crossed $1.2 million and lead developer Shytoshi Kusama has confirmed that the team plans to use the funds to burn SHIB.
Featured image from Watcher Guru, chart from Tradingview.com
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Scott Matherson Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.