Brand New Way to Burn SHIB Revealed by SHIB Team

Cover image via U.Today

Lucie, the official marketing lead of the Shiba Inu team (known by her pseudonym), recently addressed the community in an X thread, covering several key topics. These included the assertion that SHIB has surpassed Dogecoin as the "people's coin," the perceived hesitation of developers to build on Shibarium, and a proposed new method for burning Shiba Inu coins.

New Way to Burn SHIB Coins

In her X thread, Lucie observed that while numerous projects have expressed interest in building on Shiba Inu and Shibarium, "so far there is almost nothing made specifically for SHIB." She attributes this to the simple fact that development requires funding.

Lucie acknowledged that, unlike some other blockchains (such as Ethereum or Cardano), there is no dedicated SHIB treasury to finance new initiatives. Therefore, "any product for SHIB has to generate its own revenue before it can actually be built." The SHIB marketing lead emphasized that a "clear vision and solid execution" are, in her opinion, the only realistic approach to creating successful blockchain projects.

According to her tweet, one way to acquire SHIB is through the games developed by the SHIB team, which offer Shiba Inu as rewards. An additional benefit of participating in these games is their contribution to burning SHIB coins: "Shibarium burns SHIB with every transaction, and you can use SHIB to play and win in those games."

Is SHIB Overtaking Dogecoin as "People's Coin"?

Lucie also declared that "SHIB was, is, and always will be the people’s coin." Notably, Elon Musk, the tech entrepreneur and wealthiest individual globally, previously applied a similar description to Dogecoin (DOGE), arguing that its design made it superior to Bitcoin for payments. Musk referred to DOGE as "the people's currency."

Currently, Dogecoin, which launched in 2013 and holds the distinction of being the first meme coin, ranks eighth on CoinMarketCap with a market capitalization of $35.4 billion. Shiba Inu, on the other hand, has recently fallen to 22nd place on the same index, boasting a market capitalization of $7.9 billion.