Shiba Inu Team Assures SHIB Burns Are Proceeding as Planned, Urges Patience Amidst Delay
Shiba Inu Team Assures SHIB Burns Are Proceeding as Planned
DaVinci, an administrator in Shiba Inu‘s Discord channel, addressed the growing concerns surrounding the team’s delay in executing three manual SHIB burns powered by Shibarium.
After a surge in Shibarium transaction fees, the cryptocurrency’s team completed its inaugural SHIB burn, transferring over 8.2 billion SHIB tokens to a dead wallet in a single transaction. Subsequently, plans were announced for three manual SHIB burns on December 14, 15, and 16 by the Shibarium team.
However, as of now, the Shiba Inu team has not provided any updates on the anticipated SHIB burns, leading to frustration among SHIB holders. In response, numerous SHIB holders have taken to social media platforms to express their discontent with the lack of information on the developments.
Potential Cause of Community Discontent
Many members within the Shiba Inu community express frustration over the delayed execution of SHIB burns, attributing it to the significant drop in the token’s price from its all-time high (ATH) of $0.00008616.
As of now, SHIB has experienced an 88.70% decline from its ATH. While several other cryptocurrencies are also trading below their ATHs, Shiba Inu community members point to the substantial dip in SHIB’s value, attributing it to the token’s substantial supply.
Despite the incineration of over 410.67 trillion SHIB tokens to date, the canine-themed cryptocurrency still maintains a circulating supply of 589.31 trillion tokens. Many community members believe that reducing the supply through burns could potentially strengthen the token’s price. Currently, SHIB is being traded at $0.00000977, reflecting a 2% decrease over the past 24 hours.
Also Read, Channel 7 Sparks Outrage Among Australian Cricket Fans by Referencing Former Cricketer Ricky Ponting
