The meme-inspired cryptocurrency, Shiba Inu ($SHIB), has witnessed an astonishing 14,380% surge in its burn rate within the last 24 hours, following revelations from the project’s marketing team leader about their ambitious 2024 and 2025 goals.
Lucie, addressing her extensive following of over 100,000 on the microblogging platform X (formerly Twitter), announced that the project’s layer-2 scaling solution, Shibarium, is poised to decentralize decision-making across the community, allowing all tokens to participate in protocol decisions.
Additionally, Lucie emphasized the project’s commitment to preventing a concentration of decision-making power by involving all tokens in the voting process and actively encouraging participation. Their objectives encompass fostering fair and transparent governance while paving the way for long-term, sustainable growth through collective decision-making and active engagement.
The Big Plan from The Shiba State
2024/2025•More Power to Everyone:
•Shibarium spreads decision-making across the community, reducing reliance on central control and giving everyone a say.•Community Empowerment:
•All tokens have a say, ensuring… pic.twitter.com/Q2jgjoWEcT— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO 🧜🏼♀️ (@LucieSHIB) November 6, 2023
While the exact influence of the protocol’s marketing strategy on the meme-inspired cryptocurrency’s burn rate remains uncertain, Shibburn data reveals that over the last day, 173 million SHIB tokens were destroyed through five transactions.
In the past 24 hours, there have been a total of 173,260,619 $SHIB tokens burned and 5 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. pic.twitter.com/jHQVft2kqv
— Shibburn (@shibburn) November 7, 2023
“Burning Tokens: How It May Boost Shiba Inu’s Value”
To potentially increase the value of Shiba Inu ($SHIB), the cryptocurrency community employs a method called “token burning.” This involves sending tokens to addresses that are inaccessible or “dead,” effectively reducing the number of tokens available in the market. This reduction in supply can lead to a higher token price when demand is strong.
Many are optimistic that Shiba Inu’s value will rise as more people use it. To encourage this, the project’s team is actively seeking collaborations to make SHIB more useful.
For instance, luxury watchmaker TAG Heuer, which has a long history, started accepting payments in SHIB and DOGE, along with ten other cryptocurrencies last year. TAG Heuer is known for its watches, fashion accessories, eyewear, and mobile phones.
Additionally, customers of the major financial institution HSBC now have the option to pay their mortgages and loans using various cryptocurrencies, including Bitcoin ($BTC), $XRP, and Shiba Inu ($SHIB), thanks to the blockchain payment system FCF Pay.
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