- Despite the high numbers of SHIB burn in recent weeks, the Shiba Inu price is not meeting the expectations of the community.
- The lead developer of SHIB, Shytoshi Kusama, believes that burns are currently too low to affect the SHIB price.
The Shiba Inu price has been lagging behind despite the high numbers of SHIB burn in recent weeks. March 2023 was the strongest month since October 2022, with 6.78 billion SHIB tokens burned in 540 transactions.
However, the SHIB price has not increased proportionately. In response to community frustration, the lead developer of SHIB, Shytoshi Kusama, explained that SHIB is an interesting investment for swing traders and addressed the “classic” cycle of interest rotation from Bitcoin to Ethereum to altcoins, which numerous crypto investors are currently waiting for.
💥💥 BREAKING 💥💥 Shytoshi Kusama locks the #Shibarium Telegram from further messaging until all documents are out! 👀 $Shib #Shiba #ShibaInu pic.twitter.com/OPiG4M05J2
— 𝐋𝖆𝖉𝖞 🔥 𝐂𝖗𝖞𝖕𝖙𝖔 (@ShibArmy_4Life) February 16, 2023
State of the Crypto Market
Kusama first analyzed the state of the crypto market, stating that while Bitcoin has gained a lot of dominance in recent weeks, ETH surged after the Shanghai upgrade. Therefore, some traders expect an altcoin season to start soon, which could also benefit the SHIB price.
Kusama believes that burns are currently far too low to affect the SHIB price and calls for more use cases for Shiba Inu, which are burning SHIB in order to increase the price. While SHIB burn numbers always sound very high, they are much less impressive when denominated in USD.
For example, the 6.78 billion SHIB burned in March was worth “only” $76,200. Compared to the current total circulating supply of 573,935,226,818,778 SHIB, just 0.00118% of all SHIB in circulation were wiped out with all burns in March.
Lead Developer Advocates for More SHIB Use Cases to Boost Value
The SHIB price is not meeting the expectations of the community despite the high numbers of SHIB burn. Kusama believes that burns are currently too low to affect the SHIB price and calls for more use cases for Shiba Inu, which are burning SHIB in order to increase the price.
The lead developer of SHIB also addressed the state of the crypto market and the “classic” cycle of interest rotation from Bitcoin to Ethereum to altcoins, which could also benefit the SHIB price.
