Opportunity for Community Members to Earn on Shiba Inu Holdings
Lucie, the marketing lead for Shiba Inu, recently announced on social media a potential opportunity for community members to earn rewards on their holdings. The announcement stated that 2 LEASH and 85,000,000 SHIB tokens would be distributed to participants on ShibaPunkz.art over the next four months. This is the first time such a distribution is being done through the Shiba Inu staking app.
Millions of Shiba Inu Tokens Up for Community Participants
The Shiba Inu community continues to grow, and as a result, the team is introducing rewards to motivate the community and generate mainstream interest in the ecosystem. The latest development involves ShibaPunkz.art, a staking DApp launched in 2023 where users can stake NFTs from a collection of 10,000 Shiba Inu-themed NFTs. Originally, NFT holders earned SPUNK tokens as rewards for staking their NFTs. However, an update to the staking DApp now allows participants to earn from 85 million SHIB tokens and 2 LEASH as rewards.
Potential Surge in SHIB Burn
Data from Shibburn, a burn tracking website, reveals that over 76 billion SHIB tokens were sent to dead wallets in 2023. December saw significant burn activity after the Shibarium layer-2 network gained the capability for token burns. In December alone, over 35 billion SHIB tokens were burned by the Shiba Inu team. Despite these burns, there are still trillions of SHIB tokens in circulation, leading some community members to express dissatisfaction.
In 2024, it is expected that the amount of SHIB burned will increase, with a team member teasing a burn of 9.25 trillion SHIB tokens this month.
Hot Take: Shiba Inu Rewards Program and Increasing Token Burns
Shiba Inu’s new rewards program on ShibaPunkz.art is an exciting opportunity for community members to earn SHIB and LEASH tokens. This initiative aims to further engage the community and attract mainstream interest in the ecosystem. Additionally, the potential surge in SHIB burns indicates efforts to reduce the token’s circulation and potentially increase its value. However, some community members remain unsatisfied with the current burn rate. It will be interesting to see how these developments impact the Shiba Inu community and the overall market for SHIB tokens in the coming months.
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