Shiba Inu Offers 85 Million SHIB Rewards to Staking DApp Users
Shiba Inu’s marketing lead, Lucie, announced a new rewards program offering 85 million SHIB tokens and 2 LEASH for users staking on the ShibaPunkz.art platform. The staking DApp, which allows users to stake NFTs from a 10,000-piece Shiba Inu-themed collection, has been updated to provide significant rewards over the next four months. This initiative follows extensive SHIB token burns in the previous year, aimed at reducing circulation and potentially increasing token value, with anticipations of increased burns in 2024.
Bullish
The announcement of 85 million SHIB rewards for staking could lead to increased community engagement and a higher demand for SHIB, which in turn can positively impact its price. Moreover, the continued practice of token burns with anticipations of larger burns can potentially lead to supply scarcity, resulting in a positive price action for SHIB. This news tends to lead toward a bullish sentiment as it may incentivize both current and new investors to engage more deeply with the Shiba Inu ecosystem.