Shiba Inu: Kusama says 99% of SHIB's supply can be burned

Shiba Inu's main developer, Shytoshi Kusama, has answered questions about the ambitious goal of burning 99% of the circulating SHIB token supply. Kusama initially interacted with the community by inviting questions for his podcast, stating, "Do you want to hear the answer to a topic or question on my podcast? #shyspeaks." Burning 99% of Shiba Inu tokens 'may be achievable' This call for participation has set the stage for further discussions on the potential token burn strategy. Fang Zhang, CFO at LSP Finance, directly questioned the feasibility and strategic plan behind such a widespread burn: "Please provide the timeline and roadmap for burning 99% of the circulating Shib Tokens." In response to Zhang's question, Kusama provided an explanation of the challenges and considerations related to burning 99% of the SHIB tokens. He acknowledged the unprecedented nature of such an endeavor, noting that 'Burning 99% of Shib seemed impossible just a few years ago, but with many projects working together on this monumental task, it is indeed achievable.' Kusama has detailed the necessary conditions for this outcome, emphasizing the adoption of Shib technology stack by many projects, especially large-scale projects, to facilitate burning. "More and more projects or some super large projects have to adopt the Shib technology stack," declared the main developer of SHIB. Kusama has highlighted some significant obstacles to achieving the burning goal. He explained that if the burning process begins to accelerate, it could push the price of SHIB higher as investors anticipate a surge, making burning more expensive and thus slowing down the process. Kusama stated: "Suppose everything starts to surge to the point of a very large burn, people will buy because the price will surge. In this case, burning Shib will be more costly, slowing down the burning process". In addition, he emphasized that the strategic intention behind the burning is as important as the actual burning process. He said, 'The important thing is not the burning itself, but the intention'. Furthermore, Kusama points out that burning tokens is not the only path to SHIB's success. He emphasizes that developing utilities for memecoins is equally important, noting, "Ultimately, burning is not the only way for Shib to win. If I say wow, I estimate, it will take ANY TIME, not short enough for scammers. So, we look for other ways to provide utility for memecoins and ensure that we reach a point through distribution that people no longer want to burn tokens." He emphasized the importance of enhancing SHIB's utility through mechanisms such as staking and developing new use cases for related tokens such as BONE, LEASH and Treat. The proposed burning of 99% of SHIB's total supply would create an extreme scarcity. If demand remains stable or increases, the reduced supply could lead to a significant increase in the value of each remaining SHIB token. This change could potentially elevate SHIB from its current status as a cheap meme token to a more valuable asset. However, Kusama clarified that this incineration will be a gradual process, driven by the adoption and integration of SHIB's technology into various possible projects over many years, rather than an immediate reduction. As of the press time, SHIB is attempting to break the 0.5 Fibonacci retracement level at $0.00002823. This technical level originates from the highest point on March 5th at $0.00004567 and the local low at $0.00001067 observed on August 5th. In the short term, a successful breakthrough of the 0.5 Fib level could pave the way for the Fib 0.618 target at $0.00003235.