Shiba

Kusama

Shiba Inu

Daily

Trillion

SHIB lead now claims possibility to eliminate 99% of its current supply of tokens but also notes other current predicaments.
Shiba Inu lead Shytoshi Kusama has recently discussed the possibility of burning 99% of the circulating supply of SHIB tokens.
While he acknowledged that this ambitious goal is now within reach, he emphasized that there are more significant catalysts for price growth that should be prioritized.
In a response to a community member’s query about a potential timeline for such a massive burn, Kusama explained that what once seemed an impossible task is now feasible, thanks in part to the collaboration among various projects within the Shiba Inu ecosystem.
This collective effort has created a more robust foundation for achieving this milestone.
However, Kusama also highlighted an important caveat: for such a substantial burn rate to be realized, it would require the adoption of Shiba Inu’s technology by more projects, particularly a few major players.
Without this broader integration, reaching the target of incinerating 99% of SHIB would remain a challenge.
<h3 class="wp-block-heading" id="h-the-drawbacks-of-increased-burn-rates" style="font-size:21px">The Drawbacks of Increased Burn Rates</h3>
In his discussion, Kusama pointed out that while higher burn rates could theoretically boost the price of SHIB, they also pose potential drawbacks for the ecosystem.
As the price rises in response to increased burns, purchasing Shiba Inu tokens could become prohibitively expensive for many users.
This, in turn, could slow down the rate of future burns, creating a paradox where the very mechanism intended to enhance value might inadvertently hinder accessibility.
Kusama stressed that token burns are not the sole focus for the Shiba Inu community.
He argued that the ecosystem’s longevity and success depend on a variety of factors, particularly the adoption of SHIB in real-world scenarios.
He believes that if Shiba Inu can establish genuine use cases, users will be less inclined to burn their tokens, as they will recognize their value in everyday transactions.
<h3 class="wp-block-heading" id="h-the-importance-of-adoption" style="font-size:21px">The Importance of Adoption</h3>
Kusama reiterated the critical nature of mainstream adoption for the Shiba Inu ecosystem.
In previous communications, he has emphasized that increased utility for SHIB would not only drive up prices but also attract major centralized exchanges to the platform.
This kind of attention could significantly enhance the ecosystem’s visibility and appeal.
To support this vision, Kusama mentioned the recent launch of features like liquid staking, which are designed to foster greater engagement within the Shiba Inu community.
He underscored the necessity of exploring new use cases for SHIB and its associated tokens, as these innovations are fundamental to the ecosystem’s growth and sustainability.
<h3 class="wp-block-heading" id="h-engaging-with-the-community" style="font-size:21px">Engaging with the Community</h3>
Kusama’s comments about the burn rate emerged during a discussion about topics he plans to cover in an upcoming podcast.
This approach of soliciting input from the community allows him to address pressing issues and concerns, demonstrating his commitment to transparency and engagement.
In conclusion, while the idea of burning 99% of SHIB’s circulating supply is intriguing and potentially achievable, Kusama’s emphasis on broader adoption and real-world utility underscores a more holistic approach to enhancing the Shiba Inu ecosystem.
By fostering a vibrant community and <a href="https://thecryptobasic.com/2024/11/25/shiba-inu-lead-says-burning-99-of-shib-circulating-supply-is-possible/" target="_blank" rel="noopener noreferrer nofollow">encouraging</a> innovative uses for SHIB, Kusama believes that the future of the platform can be secured without overly relying on token burns.
For more&nbsp;<a href="https://franknez.com/daily-crypto-news/" rel="noopener noreferrer nofollow">Daily Crypto News</a>&nbsp;and updates like this, join the newsletter or opt-in for push notifications.
Follow us on&nbsp;<a href="https://coinmarketcap.com/community/profile/FrankNez/" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a>.
Also Read:&nbsp;<a href="https://franknez.com/an-outstanding-5-72-trillion-shib-has-been-traded-in-24-hours/" rel="noopener noreferrer nofollow">An Outstanding 5.72 Trillion SHIB Has Been Traded In 24 Hours</a>
The post <a href="https://franknez.com/shib-lead-now-claims-possibility-to-eliminate-99-of-its-current-supply/" rel="noopener noreferrer nofollow">SHIB Lead Now Claims Possibility To Eliminate 99% Of Its Current Supply</a> appeared first on <a href="https://franknez.com" rel="noopener noreferrer nofollow">Daily Market News 🗞️</a>.

SHIB Lead Now Claims Possibility To Eliminate 99% Of Its Current Supply

Table of Contents

FrankNez

Other articles published on Nov 26, 2024

Peanut squirrel owner’s JUSTICE meme coin raises concerns over insider control

Black friday sale! 5 best crypto deals of the year

Bitcoin’s cooling period: A pause before the next ascent?

Bernstein Raises Its MSTR Price Target To $600 As MicroStrategy Buys Another 55.5K BTC For $5.4 B...

Bitwise to Launch First-Ever Aptos Staking ETP on SIX Swiss Exchange

Kraken winds down NFT marketplace

Join our free newsletter for daily crypto updates!