Lucie, the marketing lead for Shiba Inu, recently announced a unique opportunity for community members to earn on their holdings. The announcement, made on X (formerly Twitter), revealed the distribution of 2 LEASH and 85,000,000 SHIB tokens for participants on ShibaPunkz.art. The tokens will be distributed over the next four months, marking a first for the Shiba Inu staking app.
The Shiba Inu community continues to grow, with team members regularly introducing enticing rewards to encourage community support and attract mainstream interest. The latest initiative involves ShibaPunkz.art, Shiba Inu’s staking DApp. Launched in 2023, ShibaPunkz.art allows users to stake NFTs from a collection of 10,000 Shiba Inu-themed NFTs, minted on Shibarium, Shiba Inu’s layer-2 platform.
Previously, NFT holders who staked their NFTs earned SPUNK tokens, the DApp’s SRC-20 token, as rewards based on the duration of their ShibaPunkz NFTs staking. However, following a significant update to the staking DApp, participants can now earn from 85 million SHIB tokens and 2 LEASH as staking rewards. This new rewards program has been warmly received by community members, given that SHIB and LEASH are well-established tokens in the ecosystem.
As of now, the SHIB market cap stands at $5.5 billion. In 2023, over 76 billion SHIB tokens were sent to dead wallets, according to data from the burn tracking website Shibburn. The most burn activity occurred in December after the Shibarium layer-2 network gained the ability to participate in token burns. Despite this, the yearly burn rate dropped 8.33% in 2023, compared to the destruction of more than 83 billion SHIB tokens in 2022.
SHIB burns are designed to reduce the amount of SHIB in circulation, thereby artificially increasing the price of the remaining tokens. However, some community members have expressed dissatisfaction with the burn rate’s inability to significantly reduce the trillions of SHIB tokens still in circulation. The amount of SHIB burned is expected to increase in 2024, with a Shiba Inu development team member recently hinting at a burn of 9.25 trillion SHIB tokens this month.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Lucie |
| Companies | ShibaPunkz.art, Shiba Inu, Shibarium, TradingView.com, Shibburn |
| Currencies | Shiba Inu, Shiba Punkz, Doge Killer |
| Securities | None |
