Shiba Inu ($SHIB) Burn Rate Surges Over 14,000% as Marketing Lead Unveils Future Plans

The burn rate of the meme-inspired cryptocurrency Shiba Inu ($SHIB) has lately risen to a stunning 14,380% in the last 24 hours after the project’s marketing team leader outlined an ambitious goal for 2024 and 2025.

Lucie remarked in a tweet to her over 100,000 followers on the microblogging platform X (formerly known as Twitter) that the project’s layer-2 scaling solution Shibarium is planned to disseminate decision making around the community, with all tokens set to “have a say” in the protocol.

Lucie also stated that the project aims to “avoid the risk of a few dominating decisions” by incorporating all tokens in voting and encouraging active voting involvement. The project’s aims also include fair and transparent governance, as well as creating “the way for long-term, sustainable growth through collective decision-making and active participation.”

While it’s unknown whether the protocol’s marketing strategy influenced the meme-inspired cryptocurrency’s burn rate, Shibburn reports that five transactions resulted in the destruction of 173 million SHIB tokens in the last day.

To remove tokens from circulation and effectively reduce their available quantity on the market, the cryptocurrency community burns them by moving them to addresses that no one controls – so-called dead addresses. If stronger demand is met, the price might possibly rise.

Some observers anticipate that Shiba Inu’s price would climb as adoption develops, thus the project’s team has been working on collaborations to increase SHIB’s utility.

Read Also: What Next For Shiba Inu (SHIB) Price as Whale Demand Weakens?

It was reported that the 162-year-old Swiss luxury wristwatch TAG Heuer began accepting SHIB and DOGE payments, as well as ten other cryptocurrencies, last year. The company, according to its website, “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.”

Customers of the popular financial powerhouse HSBC can now pay their mortgage bills and loans using a variety of cryptocurrencies, including Bitcoin ($BTC), $XRP, and Shiba Inu ($SHIB), according to blockchain payments system FCF Pay.

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