Mysterious Shiba Inu lead developer Shatoshi Kusama addresses community misconceptions about the role of token burn in SHIB's success.
Kusama issued the statement in response to Shiba Inu enthusiasts stressing the importance of burns in driving demand for SHIB.
Community reacts as 1 Cent Dream burns 250 million SHIB
For context, this exchange began after 1 Cent Dream's official X handle announced the 2nd Shiba Inu Incineration Campaign featuring the incineration of 250 million SHIB.
250M $SHIB Burned 🔥
Thank you to everyone who participated and everyone who supported us!
unfortunately @shibburn I didn't post that post #X However, this is the transaction hash
0x9e9345d407f808621993d771791883013518c650288ecf9e688aa81b8d698f7c
born for $SHIB and #shivermi
Join us and create… pic.twitter.com/Zu9cCmOEcd— 1c Dream $cent (@1cDream) December 6, 2024
1cent called on the Shiba Inu community to support the project to remove more SHIB tokens from circulation. In response, some users instead criticized Kusama for not significantly enhancing the SHIB burn.
In particular, a community member using the pseudonym Gunz0369 emphasized that the burn was needed to attract new investors. This user pointed out that this move may help move the Shiba Inu forward into the future.
Kusama refutes the claims and emphasizes the success factors of SHIB
In response, Kusama pointed out the contradiction in the claims. He said while critics argue that Byrne is responsible for attracting investors to the ecosystem, they also argue that Byrne is not enough.
He noted the Shiba Inu's excellent performance this year, despite slight burns, and characterized the claim as false. For context, Shiba Inu prices have increased 192% year-to-date (year-to-date) to $0.00003035.
The Shiba Inu leader suggested that the growth of the Shiba Inu is not completely dependent on burns, but on other factors. These include improved convenience, partnerships, and a complete ecosystem featuring the Shibarium blockchain.
Rather than focusing solely on burns, Kusama emphasized the use of a holistic strategy characterized by utility, governance, and influence to influence SHIB's success.
According to Kusama, significant partnerships and profits within the Shiba Inu ecosystem will increase burn and positive emotions in the long run.
Furthermore, the Shiba Inu leader suggested that completing more projects is the perfect way to strengthen Burn to increase its usefulness and attract new users to the ecosystem.
“Finally, shivs are good again. And it's not because we've burned a ton of shivs, it's just because we're shivs. Zoom out.” he added.
The Shiba Inu's success isn't just related to Shiba Rium.
Meanwhile, some community members downplayed Shibarium's role in reducing SHIB's supply. Specifically, one user questioned what effect Shibarium had on SHIB burns, despite being billed as a “game changer.”
In response, Kusama highlighted that the price of SHIB has tripled since Shibarium was launched on mainnet. However, another user claimed that SHIB's incredible performance was not brought about by Shibarium, adding that the L2 blockchain requires SHIB's success, not the other way around.
Interestingly, Kusama used McDonald's success as an analogy to explain why SHIB's growth is not due to a single factor like Sybarium. Shiba Inu leader proposed Just as McDonald's success is not solely due to French fries, SHIB's growth is not solely due to Sybarium.
He argued that success comes from the total package, from marketing to location.
It is worth mentioning that since its launch last year, Shibarium has facilitated the incineration of over 56 billion SHIB. The team manually burned these tokens using a portion of Shibarium's gas fees. After Burn Portal was launched, the system automatically removed more than 300 million SHIB from circulating sources.
On the other hand, since Shiba Inu was launched on August 1, 2020, more than 410.74 trillion SHIB tokens have been exchanged.
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