Shytoshi Kusama Sets up SHIB Burn Voting, Here’s Shiba Inu Army’s Unexpected Choice

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As a seasoned researcher with a keen interest in the cryptocurrency market, I have been closely monitoring the dynamics of Shiba Inu (SHIB) for quite some time now. The recent events surrounding the DAO voting and the subsequent decision made by the SHIB community to reject the Shiba Inu burn option were particularly intriguing.

On August 31st, the enigmatic commander of the SHIB contingent, Shytoshi Kusama, posted a tweet encouraging the Shiba Inu community to cast their votes and decide on how the ETH donated by the rapid-food partner of Shiba Inu, Welly’s chain, should be utilized.

As a researcher involved in this DAO voting process, I am encouraging all members of the SHIB community to cast their vote. One of the options proposes that the 37.5 ETH at stake is to be moved into a multisignature wallet. This wallet would grant access to several prominent figures within the SHIB ecosystem, including Shytoshi Kusama and major SHIB developer Kaal Dhairya, among others.

— Shytoshi Kusama™ (@ShytoshiKusama) August 31, 2024

Instead of exchanging around $100,000 worth of ETH for SHIB tokens to then burn, an alternative was suggested. However, the community favored the initial two options overwhelmingly. Option 1 received significantly more votes than any other choice.

It appears that the Shiba Inu community did not favor the Shiba Inu token burning option when it was presented as choice number two in the voting process.

SHIB burn rate in green

Despite forgoing the chance to destroy approximately 100,000 SHIB tokens worth of value, the Shiba Inu community has instead been moving their meme coins into “burning” or “inferno” wallets.

Based on information from Shibburn, a tracking platform, the daily burn rate of SHIB has significantly increased by approximately 25% in the past 24 hours. Notably, the number of SHIB transferred and locked in unspendable blockchain addresses during this period was minimal, amounting to around 1.5 million SHIB, which is equivalent to roughly $20.4 at the current moment.

The largest burn transaction since yesterday morning carried 1,000,000 SHIB less than an hour ago.

Reflecting on the recent developments, I’m quite pleased with the progress we’ve made regarding our weekly burn rate. Over the last seven days, our community has successfully burned a staggering 390,368,556 SHIB tokens collectively. This represents a substantial increase of approximately 241.66% in our weekly burn rate compared to previous periods.

FUD warning issued by SHIB team

This afternoon, Shiba Inu’s Marketing Manager Lucie issued a tweet, cautioning individuals who are propagating unwarranted fear, uncertainty, and doubt (FUD) regarding SHIB and associated Shibarium tokens.

Lucie noted that numerous posts on social media contain a blend of harsh criticisms, incorrect information, and compliments, and she emphasized that neither the Shiba Inu (SHIB) team nor Shiba Inu holders would tolerate such content.

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2024-09-03 17:23