Shiba Inu: Lead Shiba Inu Developer Says Bear Market Is An Opportunity To ‘Buy Or Burn’ $SHIB |

Shiba Inu ($SHIB) lead developer Shytoshi Kusama has revealed that the current cryptocurrency bear market is an opportunity to “buy or burn” the 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” how the SHIBarmy has managed to keep the cryptocurrency in the top 15 projects in the space by market capitalization.

In the thread, Kusama suggested that Shiba Inu investors could take advantage of lower SHIB prices to increase their holdings or remove more tokens from circulation by burning them.

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 saw a “huge opportunity” to reduce the circulating supply of the meme-inspired cryptocurrency.

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 contributed to the explosion of Shiba Inu’s burn rate.

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.

Surveys and consultations conducted by Team Shiba Inu member Archangel showed that most SHIB members believe the Burning Portal is more important than the Project’s Metaverse. Some have supported burning tokens as a marketing effort.

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