Shiba Inu Issues New Statement on SHIB Burns

Shiba Inu’s lead developer, Shytoshi Kusama, has addressed concerns regarding SHIB burns once again.

Shytoshi Kusama, the pseudonymous lead developer of Shiba Inu, has provided an update on SHIB burns. Kusama took to one of Shiba Inu’s official Telegram groups to address community members expecting “magic burns” for SHIB.

During the conversation, Kusama highlighted how boosting Shiba Inu utility can contribute immensely to ongoing burn efforts.

“BURNS will only come through utility and use,” Kusama stated in a Telegram chat shared by Shiba Inu marketing specialist Lucie.

No Burns Without Real Use 

Kusama noted that many enthusiasts expect the team to implement upgrades that will drive SHIB burns. However, he emphasized that there will be no “burns” if Shiba Inu does not have real use.

“So I focus on use and put burns in,” he added.

Shiba Inu Adoption Decline Due to FUD Attackers 

Meanwhile, Kusama highlighted the damage caused by malefactors who spread Fear, Uncertainty, and Doubts (FUDs) about Shiba Inu. Per Kusama, these attackers drive users away with malicious reports about SHIB, leading to low adoption of Shiba Inu projects.

Community Makes Fresh Demand for SHIB Burns  

Kusama’s remarks come a few hours after he introduced Shib Name Service (SNS). This feature gives Shibarium users human-readable addresses instead of the complex sequence of numbers and letters.

Following SNS launch, several SHIB enthusiasts took to X, questioning how the recently-launched service could support ongoing burn efforts.

Are you burning #SHIB from the income of this SNS

Asking for a friend ???

— Lola (@CryptoLollla) October 31, 2023

Another user hoped that the team could burn SHIB using the revenue generated from the service.

I wish all the revenue generated from this name server will used to burn #Shib

— Mjjawad (@Mjjawad07) October 31, 2023

Reacting, the Shiba Inu lead reiterated that there is no way to bolster SHIB burns other than increasing utility.

Burns Are Not Enough to Boost SHIB Price 

Many Shiba Inu enthusiasts believe that the enormous circulating supply of SHIB has contributed negatively to the asset’s price. Consequently, they see burns as the major way to reduce the asset’s supply and increase price.

Responding, Kusama emphasized that burns alone are insufficient to boost SHIB’s price. He noted that adoption and burns will need to go hand-in-hand to cause the asset’s price to spike.

SHIB Burns

So far, 410,661,963,667,285 (410.66 trillion) SHIBs have been burned from the supply.

Most of these tokens were burned by Ethereum co-founder Vitalik Buterin in May 2021. Recall that in what appears to be a marketing stunt in 2021, the Shiba Inu team gifted Butein 50% of SHIB’s supply.

Instead of keeping the tokens to himself, Buterin sent over 410 trillion SHIB, representing 90% of his Shiba Inu holdings, to a dead wallet.

Following the move, other Shiba Inu enthusiasts have been contributing to the burn program by voluntarily sending some amounts of SHIB to the address. 

According to data from Shibburn, 7,929,666 (7.9 million) SHIB tokens were incinerated in 24 hours. However, the Shiba Inu burn rate is down 32.48% in the past day.