Shiba Inu (SHIB) lead developer Shytoshi Kusama said that “genuine community effort” is needed for major SHIB token burns.
“Community Effort is Required for Massive Burns at Shiba Inu”
Kusama says the project is working in this direction on many levels. The developer hopes the timing will be perfect, but stated that this may take time.
Shytoshi Kusama said exactly the following in his message on Twitter:
“Large cremations will require a real community effort and we are working on this on many levels. This will take time and I hope the timing will be perfect!”
According to the Shibburn site tracking the burning of Shiba Inu tokens, 410,373,764,750,087 SHIB tokens have been burned from the 1 quadrillion initial supply.
Massive burns will require a true community effort and we are working towards it on many levels. Will take time and I hope the timing works out perfect!
— Shytoshi Kusama™ (@ShytoshiKusama) July 18, 2022
76 Million SHIB Tokens Burned in the Last 24 Hours
According to the Shibburn Twitter account, 76,275,825 SHIB tokens have been burned in the last 24 hours and 16 transactions have been made. While this may seem like a lot, it would take about two weeks (14 days) to burn 1 billion coins at this rate, and 40 years to burn 1 trillion tokens.
As stated by the lead developer of SHIB, the burning process may intensify due to “true community efforts”. Despite this, the burning of SHIB continues steadily, with more than 1 billion SHIB burned in the last seven days.
Currently, Shiba Inu has a total supply of 589,626,233,367,020, a circulating supply of 557 trillion tokens and a market cap of $6.2 billion.
After the meme coin craze in 2021 dogecoin and like the Shiba Inu cryptocurrencies was in a period of great decline.
*Not investment advice.