Shiba Inu Team Explains Why SHIB Is Still in a Top 15 Asset Despite Large Supply
The Shiba Inu team has explained why SHIBs ample circulating supply has not stunted its prominence in the crypto space.Shiba Inu was launched in August 2022 and has grown to become one of the most prominent cryptocurrencies in the industry despite its meme origin. Notably, the token debuted with a hefty initial supply of 1 quadrillion, 50% of which was sent to Ethereum co-founder Vitalik Buterin, who subsequently burned most of them.While efforts by the team and enthusiasts have seen a substantial amount of it incinerated, Shiba Inu still has a massive 589 trillion SHIB in circulation. Nonetheless, the doggy-themed meme coin continues to rank among the elite cryptocurrencies in the industry, currently sitting at the 15th position.Shiba Inu Team Explains WhyIn an X post, Shiba Inus marketing lead, Lucie, dissected why Shiba Inus staggering supply has not impacted its position as a prominent asset. She stated that SHIB is for the people, stressing that the handwork of the fervent Shiba Army has ensured it ranks in the top 15 cryptocurrencies by market cap.Interestingly, Shiba Inus large supply has been a major topic of discussion among both proponents and critics. Particularly, critics have argued that the gigantic circulating token would dilute demands and ensure the token does not make headway.However, Lucie has highlighted that this has not been the case for Shiba Inu. The lead marketer stated that the tokens community-centric characteristic has endeared it to its proponents, as thousands own a fraction of it, and they see and feel the spirit.In truth, Shiba Inu has outperformed several so-called utility assets, garnering attention among both new and veteran market participants. The never-dying spirit of the Shiba Army, ongoing ecosystem expansion, and SHIBs historical price performance are major lures to the second-largest meme coin by market cap.Prominent assets like Hedera, Toncoin, Litecoin, and Aavewith significantly lower total supplyall sit below Shiba Inu in the market cap standings, with the meme tokens valuation at $7.26 trillion. This emphasizes the place of community in cryptocurrency while adding that total supply is not the only premise for adoption in the industry.A Major Hurdle Still Remains?While Shiba Inu has fared exceptionally despite a large supply, enthusiasts are still clamoring for a cutback. Notably, a faction of the community believes the incessant burns are insufficient and calls for drastic measures to implement higher burns. They believe this would have bullish implications for SHIB and the broader ecosystem.However, although Shiba Inu visionary lead Shytoshi Kusama claims it is possible to burn 99% of SHIB in circulation, he maintained that it is not the only avenue to push Shiba Inu prices and mainstream adoption. According to him, creating real-world utility for the asset would generate more natural demand, attracting institutions and retail investors to the network.Nonetheless, analysis insists that a reduction in Shiba Inus circulating supply, among other factors, is necessary for Shiba Inu to attain prices like $0.01 and $1.
Text source: The Crypto Basic
