Lucy, head of marketing for Shiba Inu, announced the potential opportunity for community members to earn on their stake in a social media post. The marketing lead announced the distribution of 2 LEASH and 85,000,000 SHIB tokens to participants on ShibaPunkz.art on X (formerly Twitter).
According to Lucy’s tweet, the tokens are to be distributed over the next four months, which is the first of its kind for a Shiba Inu staking app.
Millions of Shiba Inu community participants are ready
The Shiba Inu community is growing every day. As a result, team members sporadically come up with attractive rewards that will inspire the community to show their support for Shiba Inu in new ways and drive more mainstream interest in the ecosystem.
The latest development comes regarding ShibaPunkz.art, Shiba Inu’s stake DApp. Launched in 2023, ShibaPunkz.art is Shiba Inu’s app where users can stake NFTs from a collection of 10,000 Shiba Inu-themed NFTs. These NFTs are built on Shibarium, the layer-2 platform of Shiba Inu.
Basically, NFT holders who staked their NFTs received SPUNK tokens, the SRC-20 token of DApps, as a reward depending on how long they staked their Shibapunkz NFTs. Was kept on. However, according to Lucy, the staking dApp has gone through a massive update and participants can now earn 85 million SHIB tokens and 2 Leash as staking rewards.
way to earn something $ lease Or $SHIB
if you are #shibapankazStaking Dapp has been updated
2 $ lease and 85,000,000 $SHIB
Will be delivered in the next 4 months! pic.twitter.com/mMSHS0I2xC
— 𝐋𝐔𝐂𝐈𝐄 | Shibarium ⛓️ (@LucieSHIB) 5 January 2024
This exciting new rewards program has been accepted with open arms by community members, given that SHIB and LEASH are the more established tokens in the ecosystem.
SHIB’s market capitalization currently stands at $5.5 billion. Chart: tradingview.com
Potential increase in SHIB burn
According to data from burn tracking website Shiburn, more than 76 billion SHIB tokens were sent to dead wallets in 2023. The highest burn activity came in December after the Shibarium layer-2 network gained the ability to participate in token burns.
SHIB burns reached over 35 billion SHIB in December, with the Shiba Inu team burning 8 billion tokens four separate times in the month. Despite the large number of burns, the annual burn rate dropped by 8.33% in 2023, as over 83 billion SHIB tokens were burned in 2022.
The purpose of SHIB burn is to reduce the amount of SHIB in circulation, thereby artificially increasing the price of tokens remaining in circulation. However, some members of the community have expressed dissatisfaction about the failure rate to crack the trillions of SHIB tokens still in circulation.
SHIB burn volume is expected to increase in 2024, with a member of the Shiba Inu development team recently reporting that 9.25 trillion SHIB tokens were burned this month.
#shibarium Team member Ragnar tweeted that 9.25 trillion $SHIB This month can be burnt 🔥🔥 pic.twitter.com/guwhXQwM9Y
– $SHIB BPP (@ShibBPP) 6 January 2024
Featured image from Pixabay
Source: bitcoinist.com
