Fans of Shiba Inu (CCC:SHIB-USD) have a lot to cheer for today. The meme token, which came to popularity in the wake of Dogecoin’s (CCC:DOGE-USD) rapid success, is making some updates to its protocol. Coupled with the developers’ new announcement about using SHIB as a payment method, the news is enough to spur chatter about the SHIB crypto.
Shiba Inu is a currency oft criticized for its lack of inherent utility. The token is not used for any specific purpose; the whole Shiba ecosystem exists only to promote the token and to help it gain value. However, some news today is showing the token could find utility as a payment method.
SHIB developers are happy to announce that the token can now be used to purchase NFTs (non-fungible tokens). Through the Shiba token Twitter, devs are breaking news that SHIB is an accepted payment method for NFTs on OpenSea. Of course, users can also sell their own NFTs and earn more SHIB as well. The news is quite good for the token; OpenSea is one of the largest and most popular NFT sales platforms, which will allow the token to see vast exposure.
The SHIB Crypto Protocol Sees Two Major Changes
The buck doesn’t stop with NFTs, either. The crypto is seeing two big changes to its protocol, both of which have been a long time coming. The first of these is a reduction per block of the protocol’s governance token, Bone (CCC:BONE-USD). The developers are lowering the BONE earned per block mined on the chain from 90 to 80. This has been in the works for a while, as the developers have promised since the token’s inception that the mining distribution would lower each month until 250 million BONE reach circulation. After this, no more new BONE will be minted. The purpose of this is to keep demand for the governance token high.
Additionally, the network is introducing new reward distributions to its Shiba Swap decentralized exchange. Users will be able to stake new token pairs for network liquidity and reap rewards. The network is also making more adjustments to reward distribution, which are live as of last night.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
