Lead developer of Shiba Inu ($SHIB), Shytoshi Kusama, revealed that the current cryptocurrency bear market is an opportunity to “buy or burn” Shiba Inu cryptocurrency.
In a thread shared on Twitter with his more than 820,000 followers, Kusama noted that even though “market conditions are difficult“, It is “amazing to see” comment the SHIBarmy has managed to maintain the cryptocurrency in the top 15 projects in the space by market capitalization.
In the thread, Kusama proposed that Shiba Inu investors could take advantage of lower SHIB prices to increase their holdings or remove more tokens from circulation by burning them.
Second, although the tactic of what people mistakenly think are my favorite projects (but are actually community initiatives) has been ridiculed, I think we can all now see how to have income outside of the crypto space is actually a good idea.
—Shytoshi Kusama™ (@ShytoshiKusama) June 18, 2022
For Kusama, buying and burning SHIB during the bear market would be a strategy endorsed by Shiba Inu founder Ryoshi, who left the project earlier this year because prices aren’t continuously rising and that’s not a bad thing. in itself.
Shiba Inu price rallied along with most other cryptocurrencies this week as the market appears to be slowly recovering. SHIB’s Relative Strength Index (RSI) suggested that the cryptocurrency was oversold after a significant sell-off in the cryptocurrency markets.
Earlier this month, the SHIB community rallied to burn more tokens after the market crash, as they see a “huge opportunity” to reduce the circulating supply of self-inspired cryptocurrencies.
In the last 24 hours there have been a total of 324,211,278 $SHIB burnt tokens and 15 transactions. Visit https://t.co/t0eRMnyZel to see the overall total of #SHIB burned tokens, circulating supply, etc. #shibarmy
— Shibburn (@shibburn) June 14, 2022
With the community mobilizing, more than 320 million SHIBs were burned in a single day, according to Shibburn, the Shiba Inu burn tracking tool. This figure represents a 300% increase from the previous day, and was boosted by a single trade burning around 150 million tokens.
The official ShibaSwap burning portal, which was launched in April with the aim of promoting SHIB burning and distributing rewards to those who burn tokens, saw 55.6 billion tokens destroyed. The portal to the Shiba Inu burn rate explosion.
Apart from his comments on buying and destroying SHIB, Kusama also mentioned that cryptocurrency HODLers also have a number of upcoming projects, but he did not elaborate due to the existence non-disclosure agreements.
I can’t wait to prove to the world what I already know: that Shib is the most powerful token, community, ecosystem, and brand the world has ever known.
—Shytoshi Kusama™ (@ShytoshiKusama) June 18, 2022
Polls and consultations conducted by Team Shiba Inu member Archangel showed that most SHIB members thought the Burning Portal was more important than the project’s metaverses. Some have supported the burn jets as a marketing effort.