Shiba Inu lead Shytoshi Kusama has introduced a proposal for the community to vote on allocating 37.5 ETH provided to the SHIB DAO by its fast-food partner, Welly. However, the community is still undecided.
The proposal outlines four potential uses for the funds: placing them in a multi-signature wallet for community-driven decisions, burning SHIB, or funding projects without community input.
Additionally, the proposal includes options for using the funds for any project without community approval or allowing the wallet owner to retain the funds to address fear, uncertainty, and doubt (FUD) within the ecosystem.
The voting began on August 31 and will conclude on September 4. The process will determine how the funds are used, and implementation is expected by September 30.
Prominent voices advocate for the strategic use of funds over burning SHIB
Prominent community members like Lola and Jolt were among the first to vote for the proposal. Aside from the voting, they took to X to speak out against utilizing the funds to burn SHIB.
In a tweet yesterday, Jolt suggested that burning SHIB with 37.5 ETH, equivalent to around $100,000, would have no substantial impact on SHIB’s price. Instead, the prominent community figure urged that the funds be used to promote Shibarium’s wider adoption. Jolt noted :
“If you want to burn $SHIB, you need to focus on Shibarium, making those burns as it was intended.”
Jolt
Jolt requested that the cash be used to help the team integrate Shibarium and BONE into key Tier-1 crypto exchanges and wallets. He firmly believes that the project will benefit the entire Shiba Inu ecosystem.
Similarly, Lola stated that burning 37.5 ETH will only reduce 7 billion SHIB from the circulating supply. She suggested that the team use the cash to create a game or application similar to Solitaire Cash, with SHIB as the official currency and gas fee token. According to Lola, this technique will increase SHIB acceptance and utility while supporting burns.
The community is deciding on the outcome
At the moment, the preferred choice is to have the funds placed in an escrowed multi-sig wallet and used according to the holders’ preferences; this option garnered strong support, with 84.63% of total votes in favor of it. On the other hand, only 15.37% of votes were in favor of burning SHIB. The remaining options have received few votes.
SHIB/USD (Source: TradingView).
The recent voting results have not significantly affected the value of the SHIB coin, which has been trading steadily with a 4.15% change in the last 24 hours. Over the past week, SHIB has seen a decrease of 12.95% and a monthly decline of 15% , settling at a price of $0.00001335.
