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Shiba Inu team member Lucie provided an important clarification regarding the reduction in SHIB supply. The Shiba Inu team member was responding to X users who had asked that the Shiba Inu developers take action regarding SHIB supply.
According to Lucy, because Ryoshi burned the keys, Shiba Inu's developers cannot change the supply of SHIB and no one has control over it. Ryoshi is the anonymous creator of Shiba Inu, who, like Bitcoin creator Satoshi Nakamoto, disappeared from social media in May 2022.
Lucy highlighted what needs to be done to reduce the supply of SHIBs: “To reduce the supply we need to buy SHIBs and burn them, which costs money.”
Lucy Highlights Here's the exciting part of this whole strategy that will allow us to burn more SHIBs: “We need millions (billions) of users to significantly reduce the supply. The plan is to build an epic system that will bring in tons of users using shibarium every day. The more users we have, the more SHIBs we can burn, making them more valuable over time.”
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Lucey says the strategy is all about growing the community and letting the system work its magic.
According to the latest hourly update provided by the Shibburn X handle, a total of 3,632,401 SHIB tokens have been burned in the past 24 hours, indicating a 65.56% decrease in the burn rate. Meanwhile, Shiba Inu’s total supply is 589,271,230,359,528. Shiba Inu had a total supply of 1 quintillion tokens at the start.
Shiba Inu netflow increased by 1,387%
According to IntoTheBlock: dataShiba Inu has seen large holder net flows surge 1,387% over the past seven days.
Large holder net flows indicate changes in whale positions. A spike in net flows can be interpreted as accumulation by large holders or whales, while a decrease indicates a reduction or sale of positions.
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The surge in net flows from large holders could suggest that whales are accumulating more tokens, taking advantage of SHIB’s current consolidation below the 50-day SMA at $0.000014.
At the time of writing, SHIB is up 0.68% over the past 24 hours to $0.0000138.
