Lead developer Shiba Inu, known as Shytoshi Kusama, commented on the community members waiting for the project team to implement updates that include burning SHIB.
Some supporters of the crypto project believe that the huge number of SHIB memtokens in circulation negatively affects the value of the crypto asset. In their opinion, burning tokens can reduce supply and, as a result, increase the price.
However, Shytoshi Kusama said that users are hoping to get “too magical results” from token burning. It makes no sense to destroy tokens until SHIB coins find real use and are useful. The developer emphasized that combustion alone will not be enough to increase the value of SHIB. The burning should go hand in hand with the general acceptance of the meme cryptocurrency, and then its value could skyrocket.
The developer believes that mass adoption of Shiba Inu is being hampered by users spreading fear, uncertainty and doubt (FUD) about the project. With their behavior they scare away other users.
Shytoshi Kusama’s comments come hours after he unveiled the Shib Name Service (SNS). The service provides users of the Shibarium blockchain with human-readable addresses instead of a complex sequence of numbers and letters.
In 2021, Ethereum co-founder Vitalik Buterin destroyed 410 trillion SHIB worth $7.4 billion, after which the coin’s rate increased by 40%. In April, the world’s largest crypto exchange, Binance, removed SHIB from the innovation zone for high-risk crypto assets. This means that the coin has proven to meet high standards.
Source: Cryptocurrency
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