Shiba Inu Marketing Lead Lucie announced in a social media post a potential opportunity for community members to profit from their entries. The marketing leader announced on
According to Lucie's tweet, the tokens will be distributed over the next four months, the first of their kind for the Shiba Inu staking app.
Millions of Shiba Inu participate in the community
The Shiba Inu community grows day by day. As a result, team members sporadically offer juicy rewards that will motivate the community to show their support for Shiba Inu in new ways and generate greater interest in the ecosystem.
The latest development came regarding ShibaPunkz.art, the Shiba Inu DApp. Launched in 2023, ShibaPunkz.art is the Shiba Inu app where users can stake NFTs from a collection of 10,000 Shiba Inu-themed NFTs. These NFTs are minted on Shibarium, Shiba Inu's layer 2 platform.
Originally, nft holders who staked their NFTs would get SPUNK tokens, the DApp's SRC-20 token, as a reward depending on how long they kept their ShibaPunkz NFTs staked. However, according to Lucie, the staking DApp has undergone a massive update and participants can now earn 85 million SHIB and 2 LEASH tokens as staking rewards.
WAY TO WIN SOMETHING $ STRAP EITHER $SHIB
if you are #ShibapunkzSTAKING DAPP HAS BEEN UPDATED https://t.co/MZX96866xz
IT WILL BE DISTRIBUTED IN THE NEXT 4 MONTHS! pic.twitter.com/mMSHS0I2xC
— 𝐋𝐔𝐂𝐈𝐄 | Shibario (@LucieSHIB) January 5, 2024
This exciting new rewards program has been received with open hands by community members, considering SHIB and LEASH are more established tokens in the ecosystem.
SHIB market cap currently at $5.5 billion. Chart: TradingView.com
Possible increase in SHIB burning
According to burning data. Shibburn tracking websiteMore than 76 billion SHIB tokens were sent to dead wallets in 2023. The largest burning activity occurred in December, after the Shibarium layer 2 network gained the ability to participate in token burning.
SHIB fires in December reached more than 35 billion SHIB, with the Shiba Inu team burning 8 billion tokens four different times in the month. Despite the huge number of burns, the annual burn rate fell by 8.33% in 2023, as more than 83 billion SHIB tokens were destroyed in 2022.
SHIB burns are intended to reduce the amount of SHIB in circulation, thus artificially increasing the price of tokens remaining in circulation. However, some community members have expressed discontent that the burn rate is failing to make a dent in the trillions of SHIB tokens still in circulation.
The amount of SHIB burned is expected to increase in 2024, and a member of the Shiba Inu development team recently hinted at a burn of 9.25 billion SHIB tokens this month.
#SHIBARIO Team member Ragnar tweets that 9.25 billion $SHIB it can burn this month pic.twitter.com/guwhXQwM9Y
– $SHIB BPP (@ShibBPP) January 6, 2024
Featured image from Pixabay
