Shytoshi Kusama, a prominent figure in the Shiba Inu community, recently addressed misconceptions surrounding the SHIB burn mechanism. Through a series of interactions on social media platform X, Kusama provided clarity on how token burns operate within the ecosystem and offered insights into his demanding work schedule.
That simply is not how a fully decentralized token works ser. Though as more funds flow into the foundation you will be correct. Now don't you see why I am HUSTLING to get large partners and not anything but that (since the team has built nearly all the tech)?
— Shytoshi Kusama™ (@ShytoshiKusama) November 25, 2024
Clearing Up The Confusion
A community member had speculated that adding BONE tokens to the project’s Treasury would directly lead to higher SHIB burns. Kusama clarified that this wasn’t the case, emphasizing that SHIB, as a decentralized cryptocurrency, doesn’t function in such a straightforward manner.
HOURLY SHIB UPDATE$SHIB Price: $0.00002552 (1hr 0.08% ▲ | 24hr -4.17% ▼ )
— Shibburn (@shibburn) November 25, 2024
Market Cap: $15,071,322,733 (-3.93% ▼)
Total Supply: 589,261,984,223,092
TOKENS BURNT
Past 24Hrs: 4,851,105 (134.49% ▲)
Past 7 Days: 203,001,453 (56.03% ▲)
Instead, Kusama highlighted that token burns are primarily driven by the utility and transaction volume on Shibarium, the project’s Layer-2 blockchain network. He stressed that his focus is on forming strategic partnerships to boost Shibarium’s adoption and activity.
Increased Burn Rates and Shibarium’s Role
Recent data from Shibburn, a platform tracking SHIB burn activity, reveals a significant uptick in burn rates. Within a 24-hour period, over 4.8 million SHIB tokens were permanently removed from circulation, marking a 135% increase. Weekly figures also showed a positive trend, with a 56% surge in burned tokens.
These figures underscore the importance of sustained activity on Shibarium. As transaction volume increases, more SHIB tokens are burned as transaction fees. The team has consistently emphasized that higher adoption and utility are key drivers of this process.
Kusama’s Dedication and Future Vision
In the same discussion, Kusama shared details about his rigorous work schedule, often involving 20-hour days for weeks on end. He dedicates his time to community engagement, responding to questions, and overseeing the project’s development. Kusama’s involvement also extends to negotiating partnerships, which he sees as crucial for expanding the ecosystem’s utility.
While some community members have expressed concerns about the project’s direction, Kusama’s responses reflect a broader strategy aimed at strengthening Shibarium and driving long-term growth for the Shiba Inu ecosystem.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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