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\u2019s marketing team unveiled an ambitious strategy for 2024 and 2025.<\/p>\n
In a tweet posted on the microblogging platform X (forermly known as Twitter) to her over 100,000 followers, Lucie noted that the project\u2019s layer-2 scaling solution Shibarium is set to spread decision making across the community, with all tokens set to \u201chave a say\u201d in the protocol.<\/p>\n
Lucie also noted that the project is looking to \u201cavoid the risk of a few dominating the decisions\u201d by involving all tokens in voting, while also encouraging active voting participation. The project\u2019s plans also include fair and transparent governance and paving \u201cthe way for long-term, sustainable growth through collective decision-making and active participation.\u201d<\/p>\n
While it\u2019s unclear whether the protocol\u2019s marketing plan affected the meme-inspired cryptocurrency\u2019s burn rate, according to Shibburn a total of five transactions led to the destruction of 173 million SHIB tokens over the past day.<\/p>\n
The cryptocurrency\u2019s community burns token by moving them to addresses that no one controls \u2013 so-called dead addresses \u2013 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.<\/p>\n
Some analysts believe that Shiba Inu\u2019s price could rise as adoption grows, and as such the team behind the project has been moving forward with partnerships to allow SHIB\u2019s utility to grow.<\/p>\n
As CryptoGlobe reported, last year 162-year-old Swiss luxury watchmaker\u00a0TAG Heuer started accepting SHIB and DOGE payments, along with ten other cryptoassets for payments. The firm \u201cdesigns, manufactures and markets\u00a0watches\u00a0and\u00a0fashion accessories, as well as\u00a0eyewear\u00a0and\u00a0mobile phones\u00a0manufactured under\u00a0license\u00a0by other companies and carrying the TAG Heuer brand name.\u201d<\/p>\n
Last month, blockchain payments system FCF Pay announced that customers of the\u00a0popular financial behemoth HSBC are now able to pay their mortgage bills\u00a0and loans using numerous cryptocurrencies, including Bitcoin ($BTC), $XRP, and Shiba Inu ($SHIB).<\/p>\n