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- The Shiba Inu community expects its lead developer, Shytoshi Kusama, to back a proposal aimed at boosting SHIB token burns.
- The vote focuses on deciding how to use BONE gas fees, whether to burn BONE directly or allocate them toward burning SHIB tokens.
The Shiba Inu community is buzzing after speculation that Shytoshi Kusama, the pseudonymous lead developer of Shiba Inu, will take part in a key community vote focused on boosting SHIB token burns. If true, this could add deflationary pressure on SHIB and potentially improve its long-term price outlook.
The excitement started when the official Bone meme coin X account celebrated “huge progress” on the vote and tagged Kusama, a move many took as a sign of his support.
What’s the Vote About?
The Shibarium community is currently voting on how best to use BONE gas fees, debating whether to burn BONE itself, focus entirely on burning SHIB tokens, or split contributions based on price conditions.
The leading proposal, which has already gathered 234,000 BONE in support, suggests a flexible approach, burning 100% BONE when its price is below $2 and switching to burning 100% SHIB whenever BONE trades above $2.
However, Shytoshi Kusama’s expected involvement in the vote could sway the community toward a simpler, flat 100% SHIB burn model, which is still lagging behind with just under 11,500 votes. Even beyond governance, the conversation has caught outside attention.
Why This Matters for SHIB
A full 100% allocation of BONE gas fees toward burning SHIB could give the token’s deflationary mechanics a major boost, cutting down its massive circulating supply of nearly 584.6 trillion tokens. Just in the past 24 hours, the burn rate has spiked an eye-popping 16,717%, bringing the total supply sent to the dead wallet to over 410.7 trillion SHIB.
Jamie Rogozinski, the founder of WallStreetBets, chimed in on Shiba Inu’s recent token burns, saying, “SHIB just burned enough tokens to make even a pyromaniac proud, rallying 3% to a seven-week high. Nothing like deflationary tokenomics to turn FOMO into ‘burn baby burn’ mania and remind us why scarcity still sells.”
Much of SHIB’s supply, about 61.5%, according to IntoTheBlock, is held by large “whale” wallets, a sign of strong conviction and long-term positioning. While such a move won’t instantly send SHIB skyrocketing, it strengthens its long-term outlook and has even sparked conversations about ambitious targets like $10, though that’s a massive stretch given SHIB’s $8 billion market cap.
This focus on burning tokens isn’t new; back in May 2021, Ethereum’s Vitalik Buterin famously sent more than 410 trillion SHIB to the dead wallet, a move that captured investor attention and helped push SHIB to its all-time high of $0.00008845 in October 2021.
Short-term price action, however, has been less exciting. After peaking at $0.000016, profit-taking sent prices lower, and buyers have been slow to return. Technical indicators back up this cooling phase; the RSI has dipped toward 30, hinting at seller exhaustion, while the MACD shows a bearish crossover, signaling potential short-term weakness.
SHIB is currently trading at $0.00001333, down 12% over the past week, but showing a slight uptick in momentum with trading volume up 21% to $256 million. The key support level to watch is $0.0000131, which could trigger a rebound if buying pressure returns.
On the upside, the nearest resistance sits at $0.00001407, and if SHIB manages to break past that, it could potentially rally toward $0.000025.
