- Shiba Inu lead developer Shytoshi Kusama publicly mocked Shibtoshi’s claim to a billion SHIB tokens, creating tension within the community.
- Despite low consumption rates, the price of SHIB surged 60% in a month, with analysts noting strong market demand driving its upward trajectory.
Shiba Inu lead developer Shytoshi Kusama recently stirred up the community with a sarcastic post on X, formerly Twitter, targeting Shibtoshi, the founder of SquidGrow. The exchange highlighted ongoing tensions within the ecosystem regarding communication and project progress.
The controversy started after Shibtoshi announcement a major SHIB token burn. Claiming to have burned 1 billion SHIB tokens in an hour, the move was aimed at reducing the circulating supply and potentially increasing its value. The announcement gained traction among SHIB holders, many of whom view it as a proactive step toward improving the ecosystem.
that of Kusama reactionhowever, was far from enthusiastic. He scoffed at the notion of large-scale burning from exaggerated sources, stating:
“Oh…that’s not the case?” Is this portfolio still frozen in time? Ok, back to work then.
The comment divides opinions. While some appreciated the humor, others criticized it as dismissive and unnecessary at a time of heightened concerns about the pace of symbolic burning.
SHIB Community Demands Increased Contributions to Burns
Shibtoshi’s burn effort, while welcomed by some parts of the community, has sparked debates over leadership. Calls have been made for Team Shiba Inu to increase their contributions to the burning initiative, with some urging Kusama to match Shibtoshi’s efforts. Critics have pointed to a lack of urgency from project leaders, with frustrations growing over delays in implementing large-scale burns.
At the same time, Shibtoshi’s growing role in the community has not gone unnoticed. His outspoken support for Shiba Inu and decisive actions, such as burning a billion SHIBs, have positioned him as an influential figure. Some within the SHIB army even suggested that Kusama should engage more directly with Shibtoshi instead of avoiding discussions.
However, not everyone agreed. Part of the community questioned whether such burns were sufficient to address broader ecosystem challenges. Despite the ongoing token reductions, critics say their scale has yet to meet expectations for a significant impact on SHIB’s price trajectory.
SHIB Price Skyrockets Despite Low Consumption
Interestingly, Shiba Inu price has been on a strong upward trend, even though burn rates have decreased significantly. Over the past month, SHIB has seen a 60% increase, including a 12% increase in the last week alone. This happened as the token burn rate dropped by 85% in just 24 hours, with only 62 million SHIB tokens burned during this period.
The apparent disconnect between the SHIB price rise and the burn rate reduction has sparked interest in the cryptocurrency space. Analysts suggest that increased market demand and investor interest are the main factors behind the strong price momentum of the meme coin.
Currently trading at around $0.00002843, Shiba Inu’s bullish trajectory reflects a broader recovery in the cryptocurrency market. As SHIB continues its rally, analysts predict further gains if it maintains its current momentum. A key resistance level at $0.000038 is now in focus, with a potential breakout paving the way for a rally towards $0.00005 by the end of 2024.