- Shytoshi Kusama clarified that Shiba Inu’s success depends on its ecosystem and partnerships, not just token burns.
- The Shibarium blockchain has contributed to burns but is part of a broader strategy to expand the token’s use cases.
Shytoshi Kusama, the pseudonymous CEO of the Shiba Inu (SHIB) token, addressed the community’s confusion about token burning. Kusama emphasized that the success of the token should not only be based on burns but on the whole ecosystem.
The conversation started after the second burn campaign of the 1 Cent Dream project that led to the burning of 250 million SHIB tokens. While some applauded the initiative, others complained that there were no big burns from the development team.
250M $SHIB burned
Thank you everyone, who participated and supported us!
Unfortunately @shibburn didn't posted that burn on #X ,but here is transaction hash
0x9e9345d407f808621993d771791883013518c650288ecf9e688aa81b8d698f7c
Born for $SHIB and #SHIBARMY
Join us and let's make… pic.twitter.com/Zu9cCmOEcd— 1 CENT DREAM $CENT (@1cDream) December 6, 2024
A popular community member, Gunz0369, stated that severe burns are very important for the investors and development of SHIB. The analysis showed that burns are a divided topic in the community and whether they are the reason for success.
Kusama’s Position on SHIB Growth
Kusama responded to these concerns by stating that recent performances of SHIB show that the token has more than burn activities. The token has seen a 192% price appreciation in 2023, currently being priced at $0.00002986.
He has pointed out that utility, governance and strategic partnerships have been key in the growth of the company. Shibarium, Shiba Inu’s Layer 2 blockchain, is instrumental to this plan, creating the sentiment and adoption required for this strategy.
Kusama also mentioned that as the use of cases and projects within the ecosystem increases, the completion of projects will in itself generate more burn situations. Since the token focuses on innovation and the acquisition of new users, the token’s supply may well be on a decreasing trend.
Shibarium has raised concerns on how it would affect token burning. Some people have criticized the blockchain saying that it rides on the success of SHIB and not the other way round. Kusama fired back saying that Shibarium will help in fortifying the ecosystem.
Currently, Shibarium has helped burn more than 56 billion SHIB tokens through the gas fee processes. Also, its burn portal has eliminated more than 300,000,000 SHIB from the supply chain.
However, Kusama explained that there is no single reason for SHIB’s success, including Shibarium. Consequently, the growth has been a result of emphasis on marketing, partnerships as well as community engagement.
Shiba Inu Analyst Projects 1,700% Price Surge
Shiba Inu (SHIB) may be about to see a major surge, according to popular crypto analyst CryptoELITES. With a 1,700% price surge in the current bull market, the analyst believes SHIB may hit a price target of $0.000472905.
CryptoELITES revealed the cup and handle pattern on SHIB on the 10th of December in a tweet. This pattern has been formed over three years and is a very strong buy signal in the technical analysis chart. It is more likely to be an extension of an upward trend.
The resistance level of the pattern is a descending trendline that has kept SHIB in check since the month of October 2021. CryptoELITES expects SHIB to overcome this trendline and set the stage for further steps at $0.000085171, $0.000183312, and the expected $0.000472905.
CryptoELITES noted that the upward movement of SHIB depends on the decline in Bitcoin’s market dominance. In previous bull runs, a drop in Bitcoin’s market share has triggered capital rotation into altcoins and other meme coins.
