Shiba Inu (SHIB) has introduced a new method to burn coins, enhancing its appeal as a “people’s coin” and competing with Dogecoin.
-
New way to burn SHIB coins introduced.
-
SHIB is positioning itself as a viable alternative to Dogecoin.
-
Lucie, the marketing lead, emphasizes the need for revenue-generating projects.
Shiba Inu has unveiled a new coin burning method, aiming to solidify its status as the “people’s coin” while competing directly with Dogecoin.
New way to burn SHIB coins
In a recent thread on X, Lucie, the official marketing lead of the Shiba Inu team, highlighted a new approach to burning SHIB coins. She noted that while many projects have expressed interest in building on Shiba Inu and Shibarium, there has been minimal development specifically for SHIB. The primary challenge, she stated, is the financial requirement for creating new products.
Lucie pointed out that unlike other blockchains, such as Ethereum or Cardano, there is no dedicated SHIB treasury to fund development. Therefore, any new product must generate its own revenue before it can be realized. She emphasized that a clear vision and solid execution are essential for successful blockchain projects.
One way to earn SHIB, according to her tweet, is through games developed by the SHIB team. These games not only allow players to earn Shiba Inu but also contribute 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 asserted that SHIB “was, is, and always will be the people’s coin.” This statement echoes sentiments previously expressed by tech entrepreneur Elon Musk, who referred to Dogecoin (DOGE) as “the people’s currency” due to its design for payments. Currently, DOGE, launched in 2013, holds the 8th position on CoinMarketCap with a market capitalization of $35.4 billion, while Shiba Inu recently fell to the 22nd position, with a market cap of $7.9 billion.
Frequently Asked Questions
How does SHIB compare to Dogecoin?
Shiba Inu aims to position itself as the “people’s coin,” competing directly with Dogecoin, which currently has a higher market capitalization.
What are the benefits of playing SHIB games?
Playing SHIB games allows users to earn Shiba Inu coins while contributing to the burning of SHIB with each transaction, enhancing the coin’s scarcity.
Key Takeaways
- New burning method: SHIB introduces a way to burn coins through gaming.
- Market positioning: SHIB aims to compete with DOGE as the “people’s coin.”
- Revenue generation: Projects must generate revenue to fund development.
Conclusion
In summary, Shiba Inu is actively working to enhance its status in the crypto market through innovative methods like coin burning and positioning itself against Dogecoin. With a focus on generating revenue for development, SHIB is paving the way for future growth and community engagement.
