Lucie, Shiba Inu’s head of marketing, announced a potential opportunity for community members to earn money from their holdings in a social media post. She announced that She X (formerly Twitter) is distributing 2 LEASH and 85,000,000 SHIB tokens for ShibaPunkz.art participants.
According to Lucie’s tweet, the tokens will be distributed over the next four months, making it the first of its kind among Shiba Inu staking apps.
Millions of Shiba Inu dogs for community participants
The Shiba Inu community is growing every day. As a result, team members sporadically come up with awesome rewards to motivate the community to show their support for Shiba Inu in new ways and drive more mainstream interest in the ecosystem.
The latest development comes with Shiba Inu’s staking DApp, ShibaPunkz.art. ShibaPunkz.art, launched in 2023, is a Shiba Inu app that allows users to stake NFTs from a collection of 10,000 Shiba Inu themed NFTs. These NFTs will be issued on Shibarium, Shiba Inu’s layer 2 platform.
NFT holders who originally staked their NFTs were rewarded with SPUNK tokens, the DApp’s SRC-20 token, depending on how long they staked their ShibaPunkz NFTs. However, according to Lucie, the staking DApp has undergone a major update and participants can now earn 85 million SHIB tokens and 2 LEASH as staking rewards.
how to make money $LEASH or $SHIB
if you have #shibafunzStaking DAPP has been updated https://t.co/MZX96866xz
It will be released within the next 4 months! pic.twitter.com/mMSHS0I2xC
— 𝐋𝐔𝐂𝐈𝐄 | Sybarium ⛓️ (@LucieSHIB) January 5, 2024
This exciting new rewards program was created with the open participation of community members, considering SHIB and LEASH are the more established tokens in the ecosystem.
SHIB market cap currently at $5.5 billion. Chart: TradingView.com
SHIB incineration surge possible
According to the burn data Tracking website ShibburnIn 2023, over 76 billion SHIB tokens were transferred to dead wallets. The most burn activity occurred in December, after the Shibarium layer 2 network gained the ability to participate in token burns.
In December, SHIB burn volume reached over 35 billion SHIB with Shiba Inu. The team burned 8 billion tokens. 4 times a month. Despite the massive number of burns, over 83 billion SHIB tokens were burned in 2022, reducing the annual burn rate in 2023 by 8.33%.
SHIB incineration is intended to reduce the amount of SHIB in circulation. So artificially increased Price of tokens in circulation. However, some members of the community have expressed frustration with the burn rate failing to impact 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 announced the burning of 9.25 trillion SHIB tokens this month.
#cybarium Team member Ragnar tweeted $9.25 trillion. $SHIB It might burn down this month 🔥🔥 pic.twitter.com/guwhXQwM9Y
— $SHIB BPP (@ShibBPP) January 6, 2024
Featured image from Pixabay