Shiba Inu NFTs Shiboshis Continue to Burn SHIB

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.

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. 

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.