Lucie, Shiba Inu’s marketing lead, announced in a social media post a potential opportunity for members of the community to earn on their holdings. The marketing lead announced on X (formerly Twitter), the distribution of 2 LEASH and 85,000,000 SHIB tokens for participants on ShibaPunkz.art.
As per Lucie’s tweet, the tokens are to be distributed over the next four months, the first of its kind for the Shiba Inu staking app.
Millions Of Shiba Inu Up For Community Participants
The Shiba Inu community is growing every day. As a result, team members sporadically come up with juicy rewards that will motivate the community to show their support for Shiba Inu in new ways and drive more mainstream interest in the ecosystem.
The latest development came regarding ShibaPunkz.art, Shiba Inu’s staking DApp. Launched in 2023, ShibaPunkz.art is Shiba Inu’s app where users can stake NFTs from a 10,000 collection of Shiba Inu-themed NFTs. These NFTs are minted on Shibarium, Shiba Inu’s layer-2 platform.
Originally, NFT holders who staked their NFTs earned SPUNK tokens, the DApp’s SRC-20 token, as rewards depending on how long they kept their ShibaPunkz NFTs staked. However, according to Lucie, the staking DApp has gone through a massive update and participants can now earn from 85 million SHIB tokens and 2 LEASH as staking rewards.
STAKING DAPP HAS BEEN UPDATED https://t.co/MZX96866xz
WILL BE DISTRIBUTED IN THE NEXT 4 MONTHS! pic.twitter.com/mMSHS0I2xC
— 𝐋𝐔𝐂𝐈𝐄 | Shibarium ⛓️ (@LucieSHIB) January 5, 2024
This exciting new rewards program has been met with open hands from community members, considering SHIB and LEASH are more established tokens in the ecosystem.
SHIB market cap currently at $5.5 billion. Chart: TradingView.com
Potential Surge In SHIB Burn
According to data from the burn tracking website Shibburn, over 76 billion SHIB tokens were sent to dead wallets in 2023. The most burn activity came in December after the Shibarium layer-2 network gained the capability to participate in token burns.
SHIB burns in December reached over 35 billion SHIB, with the Shiba Inu team burning 8 billion tokens four different times in the month. Despite the huge burn number, the yearly burn rate dropped 8.33% in 2023, as 2022 saw the destruction of more than 83 billion SHIB tokens.
SHIB burns are meant to reduce the amount of SHIB in circulation, thereby artificially increasing the price of tokens left in circulation. However, some members of the community have voiced dissatisfaction about the burn rate failing to put a dent in the trillions of SHIB tokens still in circulation.
The amount of SHIB burned is expected to increase in 2024, with a member of the Shiba Inu development team recently teasing a burn of 9.25 trillion SHIB tokens this month.
— $SHIB BPP (@ShibBPP) January 6, 2024
Featured image from Pixabay