Shiba Inu’s lead developer contemplates a 99.9% token supply burn. Recently, Shytoshi Kusama, the chief creator of the Shiba Inu (SHIB) cryptocurrency project, made a statement that excited the entire community. Kusama has proposed restricting the number of Shiba Inus in circulation to as little as 0.1 percent of their current volume. Regarding this statement, many individuals, including investors and enthusiasts of cryptocurrency, are engaging in conversation and speculation.
The amount of SHIB currently in circulation is the equivalent of $580 trillion, and if this concept were to be implemented, it would result in considerable development. Kusama commented in response to an adversary’s sarcastic promise to destroy 99.9% of SHIB tokens, possibly with funds obtained from Shibarium service subscription fees.
Many Shiba Inu community members have responded favorably to Kusama’s audacious assertion. Many people who are passionate about SHIB are looking forward to the possibility of burning massive quantities of tokens. Shiba Inu’s Lead Developer Many community members share this hopeful attitude, and they would be thrilled to witness the value of SHIB increase following a significant supply reduction.
It is not impossible to execute such a feat, Kusama argued, even that being so. On the other hand, reaching that level of significant reduction is not an easy task. To exhaust 99.9 percent of the supply of SHIB, removing a substantial number of tokens from circulation in a well-planned and colossal manner would be necessary. The SHIB development team has performed token burning in the past, albeit on a smaller scale than initially intended.
Because there is a smaller amount of SHIB tokens, there is a possibility that their value will increase as a result of their increasing scarcity. As of when this article was written, the price of SHIB was $0.00001103, a 1.17% increase over the previous twenty-four hours.