Shiba Inu NFTs Shiboshis Continue to Contribute to SHIB Burns
On-chain data has confirmed that the popular Shiba Inu NFT project Shiboshis has been actively burning SHIB tokens, despite the community’s recent focus on other burn initiatives.
While many community members have been directing their attention towards Shibarium, a layer-2 network that has already burned a significant amount of SHIB tokens, the Shiboshis project has quietly continued to contribute to the token burning campaign.
Shibarium has burned an impressive 33 billion SHIB tokens in just four transactions, and this number has recently increased to 56 billion with two additional burn transactions. Given the significant burns achieved through Shibarium, it is no surprise that the community has shifted its focus towards this blockchain. The team behind the ecosystem is also looking to introduce an automated burn mechanism to further enhance the burn process.
However, this shift in focus has caused the broader community to divert attention from other avenues that support token burns, such as through the Shiboshis NFT project. The project, which was launched on October 14, 2021, allows community members to help accelerate Shiba Inu token burns by changing the names on their Shiboshis NFTs.
The ecosystem team implemented a mechanism where any name change on a Shiboshis NFT would incur a $100 cost, with the entire amount allocated towards burning Shiba Inu tokens. This feature initially gained significant traction, triggering a mass burn campaign as community members personalized their NFTs.
However, after the initial excitement waned, attention shifted elsewhere, resulting in reduced burns through the Shiboshis project. Nonetheless, on-chain data reveals that the project has continued to silently burn Shiba Inu tokens. A recent transaction involving the burn of 1,882,892 SHIB tokens on March 13 was highlighted by pseudonymous SHIB community members. This burn was the result of a renaming of a specific Shiboshis NFT (#3484), which was purchased on the same day. The investor obtained this NFT for 0.23 ETH, which is currently valued at $857.
Although the burns associated with Shiboshis have decreased as most investors hold onto their collectibles, Shytoshi Kusama, the lead developer of Shiba Inu, recognizes the Shiboshis NFT project as a means to earn passive income.
In addition to Shiboshis, the Shiba Inu ecosystem team has also introduced SHEboshis, a similar collectible project that utilizes the ERC-404 standard. The team aims to burn Shiba Inu tokens with a portion of the proceeds generated from the sales of SHEboshis.
Overall, the burning campaign for Shiba Inu tokens continues to be a focus for the community, with both Shibarium and the Shiboshis NFT project making significant contributions.