Growing Pressure
The Shiba Inu cryptocurrency team, led by its Discord channel administrator DaVinci, is facing increased pressure from the community due to a lack of updates on the promised token burns. Initially scheduled for December 14, 15, and 16, these burns were intended to reduce the extensive supply of SHIB tokens in circulation. In response to the community’s concerns, DaVinci recently addressed the situation, reassuring them of the team’s commitment to conducting the burns. However, specific dates were not provided.
Community’s Eagerness
The Shiba Inu community eagerly awaits these burns, mainly due to the significant decrease in the token’s value from its all-time high. Investors are worried about the steep decline, attributing it to the excessive supply of SHIB tokens. Despite the team already incinerating over 410.67 trillion tokens out of a current circulating supply of approximately 589.31 trillion units, there is a belief that implementing the promised burns could potentially boost the token’s market value.
Successful First Burn
Shibarium, a central platform in the SHIB ecosystem, recently completed its first SHIB burn. This milestone is significant as it signifies the integration of token burns into Shibarium’s operational framework. Linking network activity with efforts to manage SHIB’s supply is a crucial step forward.
Commitment to Address Community Concerns
Despite the delays, the Shiba Inu team remains committed to fulfilling the promised SHIB burns. They are actively working to address the community’s concerns about the token’s supply and market value. The team pledges to keep the community informed as the situation evolves. Their goal is to stabilize and enhance SHIB’s position in the cryptocurrency market.