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- Shiba Inu’s marketing lead has reiterated that the developers can’t change the SHIB supply, which stands at 589 trillion, despite calls from some community members.
- The only way to reduce the supply is by onboarding more users to Shibarium, as a part of every transaction fee is permanently burned.
Shiba Inu’s massive supply has always been the subject of intense debate, with some arguing that the developers should slash the supply if the meme coin is ever going to compete with the other cryptos. However, don’t hold your breath about supply interference, says SHIB’s marketing lead.
Known on social media circles as Lucie, she was responding to one member of the community who opined it could benefit SHIB holders if the supply came down.
“Supply is the major disadvantage for us. Do something guys,” the SHIB holder implored on Shytoshi Kusama and his team.
Shiba Inu has a supply of 589 trillion SHIB, the second highest among the top 100 coins after BitTorrent and just ahead of PEPE, the other major meme coin; these three have an outsized supply that far outpaces the rest of the top 100 coins.
Some have viewed this supply as the reason SHIB fails to shoot up on the price charts. After all, the law of supply and demand alludes to a higher supply, resulting in lower prices. This supply would be nearly twice as high, but in 2021, the Shiba Inu team sent Ethereum founder Vitalik Buterin 410 trillion SHIB tokens as a gift, worth over $6.5 billion at the time. Buterin, in turn, sent the stash to a dead wallet, from where it can’t be recovered, effectively eliminating the tokens from supply.
Shiba Inu Team: We Can’t Change the Supply
Despite the latest social media plea (and many others before it), the Shiba Inu team has clarified that it can’t tamper with the supply. In her response, Lucie noted that Ryoshi, the project’s founder, burned the keys, “meaning no one has control over it.”
The executive believes that there’s only one sure way to reduce the supply of the second-largest meme coin: ” SHIB needs to be bought and burned, and that takes money.”
She went on:
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.
Indeed, Shiba Inu burns part of the fees in every transaction, and if hundreds of millions were using it regularly, a significantly higher amount of the token would be burned. However, with 589 trillion tokens, this could take a mighty while.
According to Lucie, “This only works if everyone gets onboard. It’s all about growing the community and letting the system do its magic!”
SHIB trades at $0.00001326, dipping slightly over the past day as the broader market traded sideways.
