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- The Shiba Inu ecosystem’s new roadmap has sparked excitement but also raised concerns about the lack of significant SHIB burns.
- Shytoshi Kusama emphasized a sustainable, long-term strategy for SHIB burns rather than quick, short-term fixes.
As highlighted in our previous article, the Shiba Inu ecosystem unveiled its latest roadmap, which features projects such as WOOFVertise, SHY Mode, and the Shib.io Metaverse. Lucie, the ecosystem’s marketing lead, shared an image of the roadmap, which sparked enthusiasm within the community. However, some members voiced concerns over the lack of substantial SHIB burns, a topic that has been a recurring issue among investors.
While highlighting the incredible work our team is doing, I'd like to emphasize that this is a carefully planned roadmap in progress for three years.
Every step is being executed methodically and with precision.
Here's a screenshot from September 2023 as a reference. pic.twitter.com/SrK2zVkat3
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) August 14, 2024
Community Members Push for Larger-Scale Burning to Boost Token Value
The criticism that has been rife for a long time is the high circulating supply of SHIB and the holders believe that sending a large amount of tokens to the burn address could help boost the price of the token. While the recent roadmap announcement is a promising development, it has also raised these fears once again. Some of the community members have urged for increased burning so as to increase the value of their assets.
Shytoshi Kusama, Shib’s lead developer, responded to these issues immediately. Concerning a user who stated that he had failed the community because there were no huge SHIB burns, Kusama pointed out that there is a distinction between short-term burns and a gradual approach to supply reduction. He compared small burns to “lighting a candle,” which he said only gave a temporary solution. On the other hand, he equated a large SHIB burn to what can be described as ‘nuclear fusion,’ a process that is potent, albeit intricate, and time-consuming to execute.
This response from Kusama shows that the ecosystem is more concerned with the long term way of reducing the supply of SHIB rather than coming up with quick solutions that might not stand the test of time. This approach is meant to guarantee that the token is in a position to generate sustainable growth rather than the use of some policies that can only offer short term gains.
Shiba Inu Team Continues Ongoing Efforts to Reduce Circulating Supply
Although there are some doubts among the community members, the Shiba Inu team continues to burn SHIB tokens to decrease the supply in circulation. Shibarium is one of the several projects within the ecosystem that help in these endeavors. As of now, Shibburn shows that the team has burned more than 410.7 trillion SHIB, which is proof of the team’s commitment to decreasing the supply.
Shibarium is one of the main contributors to SHIB burns and has enabled burning of over 56 billion SHIB tokens through gas fees. The team has recently introduced an automated SHIB burning mechanism in Shibarium through which a certain transaction fee is burned. With the growth of Shibarium, it is anticipated that the demand for BONE tokens, which are used in transactions within the network, will rise.
Notably, 70% of the network’s base fees paid in BONE will be automatically converted to burn SHIB. This mechanism guarantees that the success of SHIB burning is directly linked to the expansion and utilization of the Shibarium network. By linking SHIB burns to the activity on Shibarium, the Shiba Inu team has created a scalable and sustainable solution to address the high circulating supply.
