Shiba Inu Holders Can Help Accelerate Burns
Shiba Inu burns are crucial in reducing the supply of the meme coin and the community is actively participating in this initiative. The Shiba Inu team has joined in by using fees earned from the Shibarium ecosystem for burns. However, the team has now reached out to the community to further accelerate the burns.
Holdings Play a Key Role
The team member known as Da Vinci has urged Shiba Inu holders to contribute to token burns. They explained that all the money used for buying SHIB comes from holders, as it is generated from project income derived from fees on the Shibarium Layer 2 network. Increased network participation leads to more fees, which means more income available for buying and burning SHIB.
Building a Strong Network
The team also emphasized the importance of community members actively participating in the Shibarium network. By doing so, they attract more builders and developers to the network, enabling ongoing token burns.
Burning Tokens When Prices Rise
Marketing lead Lucie added that Shiba Inu burns are strategically carried out when prices are rising. This ensures a positive impact on price due to high demand. Burning tokens when prices are low would have no effect and may be influenced by trolls and negative sentiment.
Upcoming Burns Planned
The Shiba Inu team has already conducted two significant burns, eliminating over 8 billion tokens each time. As the fees generated in the Shibarium ecosystem exceed $1.2 million, more burns are expected. Lead developer Shytoshi Kusama confirmed plans to use these funds for future SHIB burns.
Hot Take: Community Participation Crucial for Shiba Inu Burns
Shiba Inu holders have a crucial role to play in accelerating token burns. By actively participating in the Shibarium network, they generate income that can be used to buy and burn SHIB. The team emphasizes the need for a strong network and encourages community members to contribute. Additionally, burns are strategically carried out when prices are rising to have a positive impact on price due to increased demand. With two significant burns already conducted and more planned, the Shiba Inu ecosystem is taking steps to reduce supply and support the value of SHIB.
By
By
By
By