Lead Shiba Inu (SHIB) developer Shytoshi Kusama took to his X handle to make a daring proposal to burn 99.9% of the circulating supply of SHIB, which has sparked conversations throughout the cryptocurrency community. News has it that the initiative intends to strategically reshape the token’s ecosystem by drastically reducing the supply of SHIB tokens from the current 580 trillion to 580 billion.
The declaration comes after a mocking challenge aimed at Kusama during a conversation concerning Shibarium, a prospective blockchain venture connected to ShibaSwap. Kusama responded by accepting the challenge and putting forth a novel idea to burn the vast majority of SHIB tokens that are currently in use.
Kusama also disclosed that he’s working on a plan to launch a new project which he’d termed “partnership,” and expected to come up by next week. He also added that transactions on Shibarium are ready to toast, he is currently expecting more of the toasting.
Burning 99.9% of SHIB: Cryptocurrency Community Reacts
The SHIB community has been reacting positively since Kusama’s disclosure, with many SHIB enthusiasts expressing support and optimism about the positive future of SHIB burn. The popular United States-based SHIB enthusiast, Raul Valadez-Rayas, while expressing his satisfaction, said that it’s exciting to witness the burn of trillions of Shiba Inu tokens.
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The majority of the Shiba Inu community also shared Raul’s sentiment. Like any proposal in the cryptocurrency space, the acceptance and success of such initiatives are largely dependent on the sentiment of the community.
Kusama’s Proposal Triggers Mixed Reaction, SHIB Envisions Better Future
The response to Kusama’s proposal from the Shiba Inu community has been a mixture of excitement and caution. Although burning a sizable percentage of SHIB tokens might have a positive effect on the token’s value, there have been concerns about the long-term effects and how the community will handle such a big change.
The token burn is being discussed about Shibarium, a blockchain project that is connected to ShibaSwap. Although Shibarium’s exact features are still unknown, it seems to be a blockchain ecosystem to enhance Shiba Inu’s usefulness and potential.
In light of ongoing initiatives like Shibarium and the proposal to burn SHIB tokens, it appears that Shiba Inu is actively looking for ways to advance past its meme token roots and create a more robust and long-lasting ecosystem.
Experts Reacts, 17 billion SHIB Excluded From Supply
Maxwell Mutuma from the Daily HODL has reacted to this new development, according to Mutuma, the choice to lower the token supply while addressing issues raised by the community ushers in a new era for SHIB and encourages community members to take an active role in determining the direction of the token.
News has it that over 17 billion Shiba Inu tokens have been excluded from circulation in the last 24 hours, via two different transactions. The first transaction was said to have removed 8.53 billion units of SHIB tokens, while the second burn consumed 8.47 billion units of SHIB in 23 hours.
These burns have been traced to the routine incineration strategy on the Shibarium transaction fees. However, Kusama’s anticipated ambition to reduce the circulating supply to 0.1% is yet to be seen. The current known number of Shiba Inu in circulation is 580,925,715,095,591 (approximately 580 trillion).