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HomeCrypto NewsMarketShiba Inu Team Says Every Dollar Spent in SHIB Burning Comes from Holders as SHIB Supply is Inaccessible

Shiba Inu Team Says Every Dollar Spent in SHIB Burning Comes from Holders as SHIB Supply is Inaccessible

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The team behind Shiba Inu explains how the community can contribute positively to ongoing Shibarium-powered SHIB burns. 

In the wake of growing demand for more Shibarium-powered burns, the team behind Shiba Inu has explained how the community can contribute to these burn efforts. 

Burns on Shibarium 

Recall that Shiba Inu completed the first-ever burn on Shibarium on December 4, following a tremendous spike in gas fees. The Crypto Basic reported that the first Shibarium-powered burn saw a total of 8.24 billion SHIB worth $75+ sent to the dead wallet. 

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As Shibarium fees continued to spike, the team promised to initiate three manual burns on December 14, 15, and 16. However, it only burned 8.61 billion SHIB on December 16. Despite these burns, some community members have urged the team to execute the two remaining manual burns.

How to Bolster Shibarium-Powered Burns 

In a lengthy Discord message, Shiba Inu’s Discord admin DaVinci shed light on the procedures required for burning SHIB. He disclosed that every dollar spent in burning SHIB must come from holders as the Shiba Inu team cannot access the cryptocurrency’s supply.

According to DaVinci, devs designed Shibarium fees to generate income to buy and burn SHIB. He urged people demanding increased burns to participate using Shibarium, Shiba Inu’s L2 blockchain.

“By using Shibarium, more builders will come, and we will keep the burns going,” DaVinci remarked.

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Per DaVinci, any community member asking other people to burn SHIB with their money without using Shibarium is a scammer.

“This is how scammers think: You lose money, and I earn,” he added.

Lucie shared DaVinci’s Discord message, Shiba Inu’s marketing lead, on the X (formerly Twitter) platform.

Need for Increase Demand

In the tweet, Lucie emphasized the need to bolster demand for SHIB. She asserted that these ongoing burn efforts will only impact SHIB’s price when demand is high.

So far, the team behind Shiba Inu has burned over 16.85 billion SHIB tokens, equivalent to $175,914, using a portion of Shibarium gas fees.

Data from Shibburn estimates that Shibarium has accumulated 1,422,037 BONE ($1.11 million) from 140.1 million transactions. This could potentially be used to burn SHIB.

It is worth mentioning that the data on Shibburn is only an estimate and might not reflect the official figure. In the meantime, SHIB was trading at $0.00001044, up 3.7% over the past 24 hours.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Lele Jima
Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.

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