Members of the Shiba Inu (SHIB) community are calling upon billionaire Elon Musk to destroy a portion of the meme coin’s supply.
This appeal urges Musk to execute a token burn, aiming to reduce SHIB’s circulating volume and thereby potentially enhance its scarcity and market value.
The community cites Ethereum co-founder Vitalik Buterin’s significant 2021 action as the key precedent. Buterin permanently destroyed 500 trillion SHIB tokens received from the project, an event widely acknowledged for contributing to the token’s stability and demonstrating the impact of deliberate supply reduction.
Proponents believe that reducing supply through burning could drive demand and foster price appreciation for SHIB. They also suggest that Musk’s involvement could significantly elevate SHIB’s standing within the cryptocurrency market and differentiate it from other meme coins.
The community’s request underscores a continued strategy of leveraging major token burns to manage supply and influence market dynamics for Shiba Inu.