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- Shytoshi Kusama, the leader of Shiba Inu, took to the X platform on Saturday to respond to increasing speculation about the burning of Shiba Inu (SHIB) and Bone ShibaSwap (BONE) tokens.
- Shiba Inu’s Layer-2 scaling solution, Shibarium, successfully passed its first significant hard fork, bringing various crypto token burning models.
- As reported by developer Kaal Dhairya, the team plans to increase burning capacity through a new burning mechanism.
Shiba Inu’s lead developer addressed questions about SHIB and BONE tokens: the current status of SHIB token burns!
Shiba Inu Leader Talks About Token Burns
Shiba Inu’s lead developer, Shytoshi Kusama, went live on the X platform on Saturday to respond to increasing speculation about the burning of Shiba Inu (SHIB) and Bone ShibaSwap (BONE) tokens. This comes after the Shiba Inu team burned the first $75,000 worth of SHIB tokens using the BONE tokens collected through the Shibarium-supported burning process.
Shiba Inu’s Layer-2 scaling solution, Shibarium, successfully passed its first significant hard fork, bringing various crypto token burning models. Shytoshi Kusama responded to a community member’s post regarding whether the development team would burn SHIB and BONE tokens after the hard fork. Shytoshi Kusama clarified by saying, ‘No. Burn Shib. Period.’
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The amount of BONE collected for SHIB burning on Shibarium has now reached 1.35 million BONE, with a value of over $1.2 million. The community is anticipating a significant SHIB burning event that will contribute to reducing the circulating supply of tokens in the Shiba Inu ecosystem, positively impacting token prices.
On December 4th, the Shiba team burned 8.24 billion SHIB tokens worth $75,000 as part of the Shibarium burn. Additionally, as reported by developer Kaal Dhairya, the team plans to increase burning capacity through a new burning mechanism.
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Will SHIB Reach $0.01?
Shiba Inu’s burning mechanism is expected to burn trillions of tokens and propel SHIB to $0.01. This week, SHIB, BONE, and LEASH experienced double-digit gains with significant burns and new developments.
The SHIB price increased by 2% in the last 24 hours and is currently trading at $0.0000102. The 24-hour low and high values are $0.0000099 and $0.0000104, respectively. BONE and LEASH tokens are trading lower at $0.89 and $348, respectively, as the team is only burning SHIB tokens.
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