Shiba Inu’s Burn Rate Surges by 14,380% as Marketing Team Unveils Ambitious Strategy
The meme-inspired cryptocurrency Shiba Inu ($SHIB) has seen its burn rate surge to an incredible 14,380% over the last 24 hours following the announcement of an ambitious strategy for 2024 and 2025 by the project’s marketing team. This represents a significant increase in the number of tokens being destroyed.
The project’s lead marketing team member, Lucie, shared the news on her Twitter account, which has over 100,000 followers. She revealed that the project is planning to implement a layer-2 scaling solution called Shibarium to spread decision-making across the community. All tokens will have a say in the protocol, ensuring fair and transparent governance through collective decision-making and active participation.
Lucie also emphasized that involving all tokens in voting will avoid the risk of a few dominating decisions and encourage active voting participation. The project is looking to pave the way for long-term, sustainable growth through these measures.
Shiba Inu Token Burns
The burn rate of SHIB tokens has seen a significant increase following Lucie’s announcement. A total of five transactions led to the destruction of 173 million SHIB tokens over the past day.
Shiba Inu’s community burns tokens by moving them to dead addresses, effectively removing them from circulation and reducing their available supply on the market. If demand for SHIB increases, its price could theoretically rise as a result.
Partnerships to Boost Utility
Analysts believe that Shiba Inu’s price could rise as adoption grows. To this end, the project team has been forming partnerships to enhance SHIB’s utility. For example, Swiss luxury watchmaker TAG Heuer started accepting SHIB payments last year, along with ten other cryptoassets for payments.
In addition, blockchain payments system FCF Pay recently announced that customers of HSBC can now pay their mortgage bills and loans using various cryptocurrencies, including Bitcoin ($BTC), $XRP, and Shiba Inu ($SHIB).
Hot Take: Shiba Inu’s Burn Rate Surge Indicates Growing Demand
The surge in Shiba Inu’s burn rate suggests growing demand for the cryptocurrency. With an ambitious strategy and growing utility through partnerships, Shiba Inu is positioning itself for potential long-term success in the crypto market.