The pseudonymous lead developer of the meme-inspired cryptocurrency Shiba Inu ($SHIB), Shytoshi Kusama has revealed that the ongoing cryptocurrency bear market is an opportunity to “buy or born” the meme-inspired cryptocurrency.
In a thread shared on Twitter with his over 820,000 followers, Kusama noted that even though “market conditions are tough” it’s “amazing to see” how the SHIBarmy has been managing to keep the cryptocurrency a top 15 project in the space by market capitalization.
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In the thread, Kusama suggested Shiba Inu investors could take advantage of lower SHIB prices to either increase their holdings or remove more tokens from circulation by burning them. The suggestion came after noting that projects outside of the cryptocurrency space providing revenue, such as the Welly franchise, were “actually a good idea.”
To Kusama, buying and burning SHIB during the bear market would be a strategy approved by Shiba Inu founder Ryoshi, who left the project earlier this year, as prices don’t continuously go up and that isn’t a bad thing per se.
Notably, Shiba Inu’s price has risen along with that of most other cryptocurrencies this week as the market appears to be slowly recovering. As CryptoGlobe reported, SHIB’s Relative Strength Index (RSI), was suggesting that the cryptocurrency was oversold after a major sell-off occurred in cryptocurrency markets.
Earlier this month, the SHIB community rallied to burn more tokens after the market downturn as it was seen as a “huge opportunity” to reduce the meme-inspired cryptocurrency’s circulating supply.
As the community rallied, over 320 million SHIB were burned in a single day according to Shiba Inu burn tracker Shibburn. The figure represents a 300% increase when compared to the day before, and was boosted by a single transaction burning around 150 million tokens.
ShibaSwap’s official burn portal, which was launched in April in a bid to further SHIB burns and distribute rewards for those who burn tokens, has seen 55.6 billion tokens get destroyed. The portal helped Shiba Inu’s burn rate explode.
Aside from his comments on buying and burning SHIB, Kusama also noted that the cryptocurrency’s HODLers also have a number of upcoming projects to look forward to, but did not specify much citing the existence of non-disclosure agreements.
As CryptoGlobe reported, polls conducted by Shiba Inu team member Archangel have shown most SHIB members believe that the burn portal was more important than the project’s metaverse. Some supported burning tokens as a marketing effort.
Featured image via Pixabay
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