Shiba Inu Leader Says Burns Alone Cannot Move SHIB

Kusama’s remarks came in response to a concern raised by a community member on Shiba Inu’s price action.

Shiba Inu project leader Shytoshi Kusama has emphasized the significance of innovative technologies and utility integration in supporting the price of SHIB. Despite persistent burns, he noted that the Shiba Inu community had not reached the volume of burns required to support the asset’s price through burns alone.

Kusama recently made these remarks while addressing concerns raised by a community member in the community-driven Shibarium Telegram group. The individual raised concerns about Shiba Inu’s price remaining “fixed” despite an impressive increase in the burn rate observed recently.

In response, Kusama pointed out that Shiba Inu’s price is not necessarily “fixed” or stagnant, as the modest gains registered by the asset in recent times are noteworthy. Shiba Inu has appreciated by 3.5% in the past 24 hours and 4.1% in the past week. Kusama also noted that swing traders leverage modest gains to raise profits.

Speaking further, the Shiba Inu lead sought to address the concerns raised. He emphasized that the community is “not even close” to attaining the volume of burns required to impact the asset’s price through burns alone. Consequently, he noted the need to incorporate other factors, such as new technologies and utility.

High utility for SHIB can have a significant impact on its value as it shows how useful the asset is for real-world applications and use cases, thereby attracting more demand and adoption. Furthermore, new technologies such as Shibarium can also bolster SHIB adoption and demand.

According to Kusama, these two factors should be given utmost attention to help grow the Shiba Inu ecosystem and attract adoption. “… We are not even close to touching the number of burns needed to move SHIB based on Burns alone. That’s why we must introduce technologies and utilities and grow the ecosystem and adoption. When you understand that, you see why our past moves are vital and our future ones solidify our dominance,” he concluded, referencing Shiba Inu’s growing prominence in the crypto scene.

Burns Remain Important 

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Kusama’s latest remarks help to mitigate the unhealthy reliance the broader Shiba Inu community has on token burns. While the comments do not downplay the importance of burns, they call for a broader focus to accommodate other important factors, such as utility and project building.

The burn initiative still remains an important campaign, and the community is implored to continue to champion it. Notably, KoyoToken has been significantly impacting the campaign, with its latest burn involving a massive 1.49 billion SHIB. The burn rate has been up 30,929% in the past 24 hours.

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• Source: https://thecryptobasic.com/2023/04/14/shiba-inu-leader-says-burns-alone-cannot-move-shib/?utm_source=rss&utm_medium=rss&utm_campaign=shiba-inu-leader-says-burns-alone-cannot-move-shib