The burn rate of the meme-inspired cryptocurrency Shiba Inu ($SHIB) has recently surged to a whopping 14,380% over the past 24-hour period after the lead of the project’s marketing team unveiled an ambitious strategy for 2024 and 2025.
In a tweet posted on the microblogging platform X (forermly known as Twitter) to her over 100,000 followers, Lucie noted that the project’s layer-2 scaling solution Shibarium is set to spread decision making across the community, with all tokens set to “have a say” in the protocol.
Lucie also noted that the project is looking to “avoid the risk of a few dominating the decisions” by involving all tokens in voting, while also encouraging active voting participation. The project’s plans also include fair and transparent governance and paving “the way for long-term, sustainable growth through collective decision-making and active participation.”
While it’s unclear whether the protocol’s marketing plan affected the meme-inspired cryptocurrency’s burn rate, according to Shibburn a total of five transactions led to the destruction of 173 million SHIB tokens over the past day.
The cryptocurrency’s community burns token by moving them to addresses that no one controls – so-called dead addresses – to remove them from circulation and effectively reducing its available supply on the market. If met with stronger demand, the price could theoretically rise as a result.
Some analysts believe that Shiba Inu’s price could rise as adoption grows, and as such the team behind the project has been moving forward with partnerships to allow SHIB’s utility to grow.
As CryptoGlobe reported, last year 162-year-old Swiss luxury watchmaker TAG Heuer started accepting SHIB and DOGE payments, along with ten other cryptoassets for payments. The firm “designs, manufactures and markets watches and fashion accessories, as well as eyewear and mobile phones manufactured under license by other companies and carrying the TAG Heuer brand name.”
Last month, blockchain payments system FCF Pay announced that customers of the popular financial behemoth HSBC are now able to pay their mortgage bills and loans using numerous cryptocurrencies, including Bitcoin ($BTC), $XRP, and Shiba Inu ($SHIB).
Featured image via Pixabay.
