The Shiba Inu cryptocurrency team, through its Discord channel administrator DaVinci, has reaffirmed its commitment to conducting three manual SHIB token burns. This announcement comes as a response to the escalating concerns and frustrations the Shiba Inu community voiced due to delays in these planned actions.
Shiba Inu team assures on pending burns
Recently, the Shiba Inu team faced growing pressure from its community following a pause in updating about the promised token burns. Initially scheduled for December 14, 15, and 16, the burns aimed to reduce the vast supply of SHIB tokens in circulation. In a recent statement, DaVinci addressed the community, assuring them of the team’s intention to proceed with the burns, although he did not provide specific dates. He urged community members to remain patient and refrain from spreading unfounded negativity, promising to disclose more details once the reasons behind the delay are fully understood.
The Shiba Inu community’s eagerness for these burns is partly due to the significant decline in the token’s value from its all-time high. Currently, SHIB is trading down 88.70% from its peak. This decrease has concerned investors, who attribute the steep decline to the token’s excessive supply. With a current circulating supply of approximately 589.31 trillion tokens, despite having incinerated over 410.67 trillion units, the community believes that implementing these burns could potentially enhance the token’s market value.
The role of Shibarium in SHIB’s ecosystem
The Shibarium platform, which plays a central role in these token burns, recently completed its first SHIB burn. This was accomplished using a portion of transaction fees generated within the network. This move was seen as a significant step towards integrating token burns into Shibarium’s operational framework, directly linking network activity with efforts to manage SHIB’s supply.
Despite the delays, the Shiba Inu team’s commitment to conducting the promised SHIB burns reflects an ongoing effort to address the community’s concerns about the token’s supply and market value. As the situation develops, the team has pledged to keep the community informed and to work towards fulfilling its promises, aiming to stabilize and enhance the token’s position in the cryptocurrency market.