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HomeCrypto NewsMarketShiba Inu Lead Developer Says Team Do Not Control Shib Supply To Burn It

Shiba Inu Lead Developer Says Team Do Not Control Shib Supply To Burn It

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Shiba Inu Proponents Come for Lead Developer over “Empty Words” of Extreme Burn Mechanism.


Shiba Inu’s lead developer, Shytoshi Kusama, has been persistently sending cryptic tweets that point to developing a new project. As most proponents have guessed, the subject of his tweets, which remains an enigma, is thought to be Shibarium – Shiba Inu’s upcoming layer-2 solution.

The Shibarium scaling solution’s launch has been pending for some time. This delay does not bode well for the Shiba community, as most proponents eagerly anticipate more burns with the solution. Some of them recently directed their dissatisfaction towards Shytoshi Kusama.

“You look like the politicians of Brazil! that only promises and nothing ever comes out on paper and when it comes out it’s just to get into their own pocket,” one member of the SHIBArmy told Kusama in a tweet on Tuesday. 

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According to him, Kusama is deceiving Shiba Inu investors with empty words. The individual who calls himself “Shiba Inu Soldier” further asked Kusama to change his opinion of him.

In support, another Shiba proponent asked Kusama to “burn the remaining supply for the good of all.” He asked the developer to stop teasing the community with talks of an extreme burn mechanism and get to it. 

Replying to these tweets, Kusama noted that they would need to buy the supply in order to burn it. “You still don’t get it huh? To burn the supply we have to BUY the supply. We don’t control the supply so STOP YELLING AT ME AND LET ME WORK,” he said.

 

Furthermore, he added that the team is developing initiatives to facilitate the token burn. He notes that such endeavors include the much-anticipated Shibarium, the Shiba Metaverse, and the Shiba Games, among others.

Kusama further asked that he be allowed to work on these projects peacefully. Some individuals were satisfied by Kusama’s responses, but others remained skeptical as more remarks of sarcastic displeasure surfaced.

With a current circulating supply in trillions, Shiba Inu remains the asset with the largest supply amongst mainstream cryptocurrencies. Though the supply contributes to the asset’s market capitalization, stationing it at the 14th position of the largest assets, it has not done well for its intrinsic value.

The Shiba development team has developed a mechanism for an aggressive burn of the asset’s supply in the shape of the Shib Burn Portal. The community has burnt above 60 Billion Shib so after the portal launch. This initiative assists with Shiba’s value as the asset becomes more scarce. 

The burn portal has so far witnessed the burning of billions of Shiba Inu tokens. As reported last week, 1.1B tokens were burned in the week leading to September, with a particular transaction leading to the burn of 38M tokens. 

Despite this progress, the community is awaiting a higher rate of burns with the launch of Shibarium and other initiatives. Despite claims that Shibarium will come with a built-in burn mechanism, the Shiba team has not officially made such a proclamation, as the features of the anticipated scaling solution remain a mystery.

However, Shibarium is expected to help with Shiba’s scaling exercise by increasing throughput and reducing gas fees. The date for the launch of Shibarium also remains a mystery, as rumors of a September 30 launch were recently debunked.

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Author

Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

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