Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Shiba Inu Exec Reveals SHIB Burn Strategy Following Ecosystem Upgrade

Shiba Inu Exec Reveals SHIB Burn Strategy Following Ecosystem Upgrade

DailyCoinDailyCoin2024/09/16 13:46
By:DailyCoin
  • Shiba Inu’s executive has shared a plan to reduce SHIB supply.
  • The revelation came after one user expressed frustration about the token’s massive supply.
  • It also followed Shiba Inu’s ecosystem upgrade on September 13.

Shiba Inu ’s marketing lead, Lucie, has addressed concerns about SHIB’s massive supply and revealed plans to reduce it soon.

Lucie’s comment was addressed to a user on X who urged Shiba Inu’s team to “do something” about the token’s large supply, noting that it was the “major disadvantage” plaguing the meme coin’s community. Per CoinMarketCap data, SHIB has a circulating supply of 589.27 trillion coins.

The SHIB Burn Strategy

In the X post, Lucie told the user that Shiba Inu developers could not change the token’s supply from their end because no one has control over its keys, which Ryoshi burned. The marketing lead explained that SHIB’s supply could be reduced if users bought and burned the tokens.

Sponsored

“Here’s the exciting part: to really reduce the supply in a big way, we need millions (even billions) of users! The plan is to build an epic system that brings in tons of people, using SHIBARIUM every day. The more users we have, the more SHIB can be burned, making it more valuable over time,” the post read.

Noting that it required money, Lucie cautioned that this strategy could only work if “everyone gets on board.”

Lucie’s comment came after Shibarium, the Layer-2 scaling solution for the Shiba Inu ecosystem, underwent a significant upgrade on September 13 to bolster its performance, security, and scalability.

Per the platform’s website , the Puppynet Bor Upgrade and Cancun Hard Fork introduced several enhancements, such as improved transaction efficiency, better disk management, enhanced cross-chain operations, compatibility with Ethereum updates, and stability in node operations.  

Read how 9 billion SHIB was stolen from a major CEX:
9B SHIB Stolen from Major CEX as Exchange Reserve Hits Bottom

Stay updated on Catizen’s growth:
Catizen Claims 34 Million Players in Six Months Since Launch

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

BREAKING: FBI Operation on the CEO of the Most Talked Cryptocurrency Platform of Recent Times – Phone and Electronics Seized

The FBI launched an operation against one of the most talked about cryptocurrency platforms of the US elections. Here are the details.

Bitcoinsistemi2024/11/14 07:33

Another Good News for Bitcoin and Cryptocurrencies – BTC-Friendly Name Appointed to a Very Critical Position in the US

A name known to be cryptocurrency and Bitcoin friendly has been elected to an important position in the US. Here are all the details.

Bitcoinsistemi2024/11/14 07:33