Shiba Inu (SHIB) Supply Remains Unchanged Despite Community's Commitment to Burns

The founder of WallStreetBets, Jaime Rogozinski, critiques the impact of token burns on Shiba Inu's overall supply.

A founder of the WallStreetBets group has now weighed in on the ongoing discussion about the impact of token burns on a specific cryptocurrency’s overall supply.

As members of the Shiba Inu community continue to explore ways to reduce the cryptocurrency’s outstanding supply, the project’s leader has a different view.

According to Shytoshi Kusama, burning Shiba Inu (SHIB) is not the only factor that could increase its value. He believes that the only way to increase SHIB’s price is to drive adoption by developing real-world use cases for SHIB.

Once SHIB becomes valuable, it would be difficult for users to even consider burning the token.

Shiba Inu was launched with a total supply of 1 quadrillion tokens. So far, about 410.75 trillion SHIB, or 41% of the total supply, has been burned.

While this is commendable, it is important to note that most of these tokens were burned by Ethereum co-founder Vitalik Buterin. In May 2021, Buterin sent about 410 trillion SHIB to the official burn address in a single transaction.

Despite the Shiba Inu community burning SHIB regularly since Buterin’s incineration, the token’s total supply has not changed much, currently standing at 589.25 trillion. This suggests that less than 1 trillion SHIB tokens have been destroyed in the past four years.

However, some community members are still focused on driving SHIB’s value upward through burns.

“Shiba Inu’s total supply has remained unchanged despite the community’s commitment to burns, indicating that the number of SHIB tokens burned so far might be too small to impact Shiba Inu’s supply,” Rogozinski said in a recent tweet.

He further broke down the essence of a token's worth.

“The size or quantity of a token does not matter. What matters is the token's potential and the quality of the projects built around it,” Rogozinski added.

This suggests that crypto enthusiasts should focus more on improving the quality of a token rather than reducing its size through burns.