- Shiba Inu’s lead developer, Shytoshi Kusama, publicly mocked Shibtoshi’s 1 billion SHIB token burn claim, creating tension within the community.
- Despite low burn rates, SHIB’s price surged 60% in a month, with analysts noting strong market demand driving its bullish trajectory.
Shiba Inu’s lead developer, Shytoshi Kusama, recently stirred up the community with a sarcastic post on X, formerly Twitter, targeting Shibtoshi, the founder of SquidGrow. The exchange spotlighted ongoing tensions within the ecosystem about communication and the project’s progress.
The controversy began after Shibtoshi announced a major SHIB token burn. Claiming to have burned 1 billion SHIB tokens within an hour, the move aimed to cut the circulating supply and potentially increase its value. The announcement gained traction among SHIB holders, many of whom viewed it as a proactive step toward ecosystem improvement.
Kusama’s reaction, however, was less than enthusiastic. He mocked the notion of large-scale burns coming from exaggerated sources, stating,
“Oh… it didn’t? That wallet is still frozen in time? Ok, back to work then.”
The comment split opinions. While some appreciated the humor, others criticized it as dismissive and unhelpful during a period of heightened concerns about the pace of token burns.
SHIB Community Demands Increased Burn Contributions
Shibtoshi’s burn effort, though well-received by sections of the community, sparked debates about leadership. Calls emerged for the Shiba Inu team to increase their contributions to the burn initiative, with some urging Kusama to match Shibtoshi’s efforts. Critics pointed to a perceived lack of urgency from project leadership, with frustrations mounting over delays in implementing large-scale burns.
Meanwhile, Shibtoshi’s growing role in the community has not gone unnoticed. His outspoken support for Shiba Inu and decisive actions, like the 1 billion SHIB burn, have positioned him as an influential figure. Some within the SHIB Army even suggested that Kusama should engage more directly with Shibtoshi instead of avoiding discussions.
However, not everyone was on board. A segment of the community questioned whether such burns were enough to address broader ecosystem challenges. Despite ongoing token reductions, critics argue that their scale has yet to meet expectations of significantly impacting SHIB’s price trajectory.
SHIB Price Soars Despite Low Burn
Interestingly, Shiba Inu’s price has been on a sharp upward trend, even as burn rates fell drastically. Over the past month, SHIB saw a 60% surge, including a 12% rise within the last week alone. This came as the token burn rate dropped by an astonishing 85% in just 24 hours, with only 62 million SHIB tokens burned during that period.
The apparent disconnect between SHIB’s rising price and reduced burn rate has drawn interest across the cryptocurrency space. Analysts suggest heightened market demand and investor interest are driving factors behind the meme coin’s strong price momentum.
Currently trading at approximately $0.00002843, Shiba Inu’s bullish trajectory reflects a broader cryptocurrency market upswing. As SHIB maintains its rally, analysts predict further gains if it sustains its current momentum. A key resistance level at $0.000038 is now in focus, with a potential breakthrough setting the stage for a rally toward $0.00005 by the close of 2024.
