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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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  • NFT
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    how NFTs became a global brand and a Web3 “social currency”

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Enhancing Security in Online Gambling with Blockchain Technology

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    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

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    Ethereum Collections Lead NFT Sales Today

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    how NFTs became a global brand and a Web3 “social currency”

    Pixel Vault Removes CEO Following Self-Dealing and Rug Pull Accusations

    Pixel Vault Removes CEO Following Self-Dealing and Rug Pull Accusations

    Labubus have succeeded in every way that NFTs have failed

    Labubus have succeeded in every way that NFTs have failed

    CryptoPunks Floor Price Hits 3-Year High of $208,000

    CryptoPunks Floor Price Hits 3-Year High of $208,000

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    NFT sales surge to $574 million in July, second-highest in 2025

    Crypto Scammer Gets Prison Time for Swiping NFTs, Coins via Hacked X Accounts

    Crypto Scammer Gets Prison Time for Swiping NFTs, Coins via Hacked X Accounts

    CryptoPunks price surges to $200k, $PUNKS loaner Gondi accused of facilitating chandelier bids

    CryptoPunks price surges to $200k, $PUNKS loaner Gondi accused of facilitating chandelier bids

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    You Can Now Buy NBA Top Shot NFTs From Vending Machines in Japan

  • Gaming
    TaskOn Joins EPHYRA to Elevate AI-Powered Gaming Experience

    TaskOn Joins EPHYRA to Elevate AI-Powered Gaming Experience

    The Squid Fighter game is taking Telegram by storm — join the fight and claim your NFT before it’s too late!

    The Squid Fighter game is taking Telegram by storm — join the fight and claim your NFT before it’s too late!

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    Early Off the Grid Skin Holders Are Cashing In – Will You?

    This Game Lets You Relive the Ethereum Story Through Vitalik Buterin’s Eyes

    This Game Lets You Relive the Ethereum Story Through Vitalik Buterin’s Eyes

    NFTs at Your Fingertips: Inside Japan’s NFT Vending Machine Trend

    NFTs at Your Fingertips: Inside Japan’s NFT Vending Machine Trend

    PEPE GAMES Integrates with GaFin to Power the Meme Gaming Hub

    PEPE GAMES Integrates with GaFin to Power the Meme Gaming Hub

    A Pressure Group Forced Steam to Remove Adult Games. It’s Coming After Crypto Next

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    On-Chain Games Don’t Have a ‘Secret Sauce,’ YGG’s New Advisor Says

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    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

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Home NFT

Shiba Inu NFTs Shiboshis Continue to Burn SHIB

March 16, 2024
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Shiba Inu NFTs Shiboshis Continue to Burn SHIB
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On-chain data confirms that the Shiba Inu NFT project Shiboshis has continued to burn SHIB tokens even amid diverted focus from its burn functionalities.

READ ALSO

Ethereum Collections Lead NFT Sales Today

how NFTs became a global brand and a Web3 “social currency”

The Shiba Inu community has continued to focus its attention on the burning campaign, as several proponents champion the narrative of increased burns. This has resulted in the exploration of diverse avenues for the incineration exercise, including Shibarium.

Sustained Focus on Shibarium

Most community members believe Shibarium is the most viable avenue to implement more burns, especially given the number of tokens the layer-2 network has incinerated since the fourth quarter of 2023. As of December 2023, Shibarium had burned 33 billion SHIB in four transactions.

This figure recently increased to 56 billion following two more burn transactions this year. With Shibarium recording such massive burns across just six transactions, it is logical how the community has shifted its focus toward the blockchain. The ecosystem team is also looking to introduce an automated burn mechanism.

However, this shift in focus has resulted in the broader community diverting their attention from other avenues that assist in bolstering burns. One such avenue is through the Shiboshis NFT project, which launched on Oct. 14, 2021.

Notably, community members can help accelerate Shiba Inu burns by changing the name on their Shiboshis NFT. The ecosystem team developed the project so that any name change would attract a $100 cost, with the entire cost going into burning Shiba Inu.

See also  Yuga Labs Bored Ape Yacht Club $9M Win Against Ryder Ripps Overturned, Must Better Prove Trademark Infringement

Shiboshis Contribute to Shiba Inu Burns

Following the sales of the Shiboshis collectibles in October 2021, proponents began changing the names of their NFTs for personalization reasons. This resulted in a mass burn campaign that triggered a focus on the NFT project.

This euphoria quickly died down after the mass renaming ended, leading to a shift in focus. However, on-chain data confirms that the project has continued to silently burn Shiba Inu tokens, with the latest burn transaction recently spotlighted by pseudonymous SHIB community members.

Notably, this transaction involved the burn of 1,882,892 (1.883 million) SHIB tokens on March 13. The burn was due to the renaming of Shiboshis #3484, which was purchased on the same day of the renaming. Significantly, the investor involved procured the NFT for 0.23 ETH, which is currently worth $857.

However, burns involving Shiboshis have reduced, as most investors have held onto their collectibles, mitigating any need for renaming. Shytoshi Kusama, the Shiba Inu lead developer, noted that he sees the Shiboshis NFT project as a way to earn passive income.

The Shiba Inu ecosystem team has also introduced SHEboshis, a similar collectible project leveraging the newly introduced ERC-404 standard. The team aims to also burn Shiba Inu with a portion of the proceeds from SHEboshi sales.

Tags: burnContinueInuNFTsSHIBShibaShiboshis

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UK risks regulating NFTs the wrong way, says Mintable CEO

UK risks regulating NFTs the wrong way, says Mintable CEO

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Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

August 3, 2024

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EDITOR'S PICK

No crypto talk from Biden or Trump, but Bitcoin still spikes – What’s going on?

No crypto talk from Biden or Trump, but Bitcoin still spikes – What’s going on?

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STEPN GO and Adidas launch the new Genesis NFT collection

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Bitcoin: As $50k predictions run wild, what do price indicators say

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