WallStreetBets Founder: SHIB Burns Are Useless, Supply Still Sky-High

Jaime Rogozinski, the founder of WallStreetBets, has questioned the usefulness of Shiba Inu’s ongoing token burn efforts. In a post made on April 11, Rogozinski pointed out that the overall token supply has barely moved, despite years of community-led burn initiatives.

“The supply isn’t shrinking in any way that matters,” he said, suggesting that the current level of burns may be too small to influence the market. Rogozinski also emphasized that token value should come from real functionality rather than the size of the supply. “You can burn tokens all day, but if there’s no purpose behind the coin, it won’t change much,” he added.

SHIB Supply: Community Actions Fall Short

Since its launch in 2020, Shiba Inu has operated with an original supply of 1 quadrillion tokens. While roughly 41% of that has been destroyed—most in a single transaction by Ethereum co-founder Vitalik Buterin in 2021—the total circulating supply today still stands around 589.25 trillion.

That means only a small fraction of SHIB has been removed since Buterin’s burn. Although the community has continued to support and organize burn events, the numbers suggest limited progress over the past four years.

Project Leadership Focused on Utility Over Destruction

Shytoshi Kusama, the project lead for Shiba Inu, has shared a different view from those focused on token burns. He has stated that long-term value will come from use cases, not from reducing the token count.

“If people actually use SHIB, burning won’t be the main thing anyone talks about,” he said in past community updates. To support that approach, the team has built a wider ecosystem around the token. This includes products like ShibaSwap, Shibarium, and several digital experiences such as SHIB: The Metaverse and Shiba Eternity.

Shibarium Adds Automation to Burn Process

Despite a shift toward adoption, the team continues to support burn activities within its ecosystem. One of the tools helping with this is Shibarium, the network’s layer-2 solution, which uses part of its transaction fees to buy and destroy SHIB tokens. So far, this has removed over 50 billion tokens from circulation.

To make burns more consistent, an automated tool called Shib Torch was recently introduced. The team also promotes burn-focused community events. In February, they launched a card game competition expected to remove up to 10 billion SHIB per day based on user participation.

Even with these tools in place, questions around the overall effectiveness of burning persist. “At this rate, the supply might outlive the interest,” Rogozinski commented, pointing to the need for a stronger focus on utility.

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