Shiboshi’s NFTs Lead Quiet & Transformative Movement In SHIB Burns
A collection of 10,000 non-fungible tokens generated by Shiba Inu, Shiboshi, has led a silent yet transformative revolution in NFTs, vital in reducing SHIB’s circulating supply through strategic and deliberate burning efforts.
The community of Shiba Inu, also known as the exclusive Shib Army, showing its affection for the cryptocurrency, has expressed a passionate desire to reduce the native token’s circulating supply within the Shiba Inu ecosystem.
The layer-2 scalability network of Shiba Inu, Shibarium, plays a crucial role in the endeavors of the community to burn the native token SHIB, thereby eliminating a tally of 33 billion SHIB tokens in four different transactions by the end of 2023 after almost 4 months following its launch. However, Shibu Inu’s more discreet contributions to the overall burning process have made significant but quieter effects in the background.
An X user with a @LucieSHIB handle, who became Shiba Ecosystem and Shibarium Tech’s marketing specialist, shared a post stating that the decision to rename Shiboshis financially benefits the entire community. She also mentioned that during the renaming process, Shiboshis were priced at $100, the fees of which were sent directly to the burn wallet of SHIB to be permanently destroyed and removed from circulation. In addition, the user highlighted the potential impacts of this mechanism. If all Shiboshis were renamed, it would lead to the burning of $1 million SHIB tokens and dramatically reduce the circulating supply of the native token, thereby influencing the overall market dynamics.
After the successful introduction of Shibu Inu in 2021, the sudden renaming activities by the NFTs led to a significant burning movement of the SHIB tokens, capturing the broader interest of the Shiba Inu community. However, the initial wave of spark and excitement diminished gradually and led to a fall in the efforts of mass renaming.
Even with the reduced initial wave of excitement and the slowing down of the renaming rate, the current analysis of blockchain data indicates Shiboshis NFT’s contribution to decreasing SHIB circulating supply. A key instance that particularly caught the attention of the community took place in March 2024, when a particular SHIB transaction resulted in 1.883 million SHIB tokens burning. The burn was closely linked to the renaming activity of Shiboshis NFT number 3484, bought for 0.32 ETH, which is approximately $768.
In February, the Shiba Inu ecosystem expanded as SHEboshis NFTs were introduced, designed as an all-woman counterpart to the original NFTs. The newly designed NFTs have taken great advantage of the ERC 404 standard that was recently launched, marking a considerable step in the development of the ecosystem.
SHEboshis are similar to the male counterparts introduced to contribute to the burning mechanism of SHIB, with every assigned part of the sales proceeds decreasing the SHIB’s circulating supply. The Shiba Inu ecosystem witnessed a significant burning initiative on 9 March that resulted in the burning of 134 billion SHIB tokens.
