A Shiba Inu team member, Lucie, has clarified key details about the SHIB supply reduction in response to community inquiries. She explained that the developers can’t alter the SHIB supply because Ryoshi, the pseudonymous creator of Shiba Inu, burned the keys, leaving no one with control over it. Ryoshi disappeared from social media in May 2022, similar to Bitcoin’s creator, Satoshi Nakamoto.
To effectively reduce the supply, Lucie emphasized that SHIB tokens need to be purchased and burned, which requires funding. She mentioned, “To really make a significant impact on the supply, we need millions (even billions) of users! Our goal is to build an epic system that attracts many people to use Shibarium daily. The more users we have, the more SHIB can be burned, increasing its value over time.”
According to the latest data from Shibburn X, a total of 3,632,401 SHIB tokens were burned in the last 24 hours, marking a 65.56% decrease in the burn rate. The current total supply of Shiba Inu stands at 589,271,230,359,528, down from its original total of 1 quadrillion tokens.
Additionally, Shiba Inu has experienced a notable surge in large holder netflows, increasing by 1,387% over the past week, as reported by IntoTheBlock. This spike suggests that whales may be capitalizing on SHIB’s recent consolidation below the daily SMA 50, currently at $0.000014, to accumulate more tokens.
At the time of writing, SHIB has risen 0.68% in the last 24 hours, trading at $0.0000138.
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