The Shiba Inu (SHIB) memecoin has been making headlines recently, but not for the reasons its community might have hoped. While the burn rate for SHIB tokens saw a significant jump in the last 24 hours, the community remains unconvinced and is calling for faster burn mechanisms.
According to the official burn tracker, Shibburn, approximately 15.08 million SHIB tokens were removed from circulation, marking a 772% surge over the past day. This signifies a considerable effort to increase the token’s scarcity and, theoretically, boost its market value. As of this writing, nearly 410.728 trillion SHIB tokens have been burned.
However, despite this substantial increase, many members of the Shiba Inu community expressed their dissatisfaction, venting their frustrations towards the ecosystem’s pseudonymous leader, Shytoshi Kusama. In response to a user urging for accelerated burn rates, Kusama stated, “Requires funds to do so. Every time you see a partnership, we get closer.” This response, however, did not satisfy the user, who further inquired about the supposed auto-burn mechanism. They expressed concern, stating, “What about that auto-burn mechanism ?! We wait till 4 years. It’s in YOUR hands ! Dont fool us boss.”
This debate surrounding burn rates comes amidst the highly anticipated launch of K9 Finance, a liquid staking platform on Shiba Inu’s Layer-2 network, Shibarium. This launch is expected to stimulate transaction volume on the network, potentially leading to an acceleration of SHIB token burns. Since its inception in August 2023, the Shibarium blockchain has facilitated over 418 million transactions, according to on-chain data.
As of this writing, SHIB is trading at $0.00001479, up 0.22% in the last 24 hours, according to Benzinga Pro data. The community’s pressure for faster burn mechanisms remains a key factor to watch as SHIB navigates its path in the evolving cryptocurrency landscape.
