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- The supply of SHIB tokens cannot be altered due to the actions of its creator, emphasizing the immutable nature of some blockchain decisions.
- Effective SHIB burn and subsequent price impacts require extensive user engagement through daily transactions on the Shibarium platform.
Following a recent CNF update, it was highlighted that despite the burn activity, Shibarium saw a decline in transactions, potentially affecting future token burns. In response to a question about reducing Shiba Inu’s token supply, Shiba Inu team member Lucie provided a key clarification on this issue.
Through an official tweet from Lucie’s account, she addressed user concerns by explaining that Shiba Inu developers cannot alter the SHIB supply because its pseudonymous creator, Ryoshi, burned the keys. This move means that no one has control over the supply anymore.
The devs can’t change the SHIB supply because Ryoshi burned the keys, meaning no one has control over it. To reduce the supply, SHIB needs to be bought and burned, and that takes money.
Here’s the exciting part: to really reduce the supply in a big way, we need millions (even… https://t.co/Fysiu4fPCZ
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) September 14, 2024
Ryoshi, akin to Bitcoin’s Satoshi Nakamoto, disappeared from social media in May 2022. Lucie emphasized that in order to reduce the SHIB supply, tokens must be bought and burned, which requires significant financial resources.
Lucie also pointed to the long-term strategy for achieving substantial supply reduction. She explained that to make a real impact, millions or even billions of users are needed. The goal is to build a system through Shibarium that encourages everyday use, thereby increasing SHIB burns over time, and consequently raising the token’s value.
Burn Rate and Whale Activity Updates
In contrast to our previous discussions where it was observed that the Shiba Inu (SHIB) burn rate surged over 68,000% in one day, it is worth noting that in the past 24 hours, Shiba Inu burned 3.6 million SHIB tokens, although this represents a 65.56% decrease in the burn rate, according to Shibburn.
Currently, Shiba Inu’s total supply stands at 589 trillion tokens, down from an initial supply of 1 quadrillion at its inception. Meanwhile, Shiba Inu saw a sharp 1,387% spike in netflows from large holders, or “whales,” over the last week, suggesting significant accumulation by these entities.
According to Coin Market Cap data, the live Shiba Inu price today is $0.00001329 USD with a 24-hour trading volume of $132,173,713.58 USD, having surged by 1.49% over the past week. See SHIB Price chart below.
