Shiboshi NFTs Lead Quiet Revolution In SHIB Token Burns

March 17, 2024

Shiboshis, a collection of 10,000 exclusive Shiba Inu generated Non Fungible Tokens (NFTS),  leads a silent but transformative revolution, playing a key role in diminishing the circulating supply of SHIB tokens through deliberate and strategic burning efforts.

The Shiba Inu community, affectionately referred to as the Shib Army, has expressed a fervent desire to decrease the circulating supply of its native token of Shiba Inu (SHIB), the native token of the Shiba Inu ecosystem.

Shibarium, Shiba Inu’s layer-2 scalability network, plays a leading role in the community’s endeavors to burn SHIB, having eliminated a total of 33 billion SHIB in four distinct transactions by December 2023—merely four months following its launch. Yet, the Shiboshis’ more discreet contributions to the burning process are also making significant, albeit quieter, impacts in the background.

In 2021, the X user who uses the handle @LucieSHIB, who later became the marketing specialist of Shibarium Tech and Shiba Ecosystem, shared on the social media platform that the act of renaming Shiboshis comes with a financial benefit to the entire community.

She noted that while renaming Shiboshis costs about $100, the fees are sent directly to the official SHIB burn wallet to be destroyed and permanently removed from circulation.

Moreover, she highlighted the potential impact of this mechanism: if every Shiboshi were to be renamed, it could lead to a $1 million SHIB burn, significantly reducing the token’s circulating supply and potentially influencing its market dynamics.

After Shiboshis’ successful introduction in October 2021, a flurry of renaming activities by NFT owners sparked a significant SHIB burning movement, capturing the broad interest of the community. Yet, this initial wave of excitement gradually diminished, leading to a decrease in the volume of mass renaming efforts.

Although the initial surge of excitement has lessened and the rate of renaming has slowed, ongoing blockchain data analysis indicates that Shiboshis NFTs continue to aid in decreasing the circulating supply of SHIB tokens. A notable instance that caught the attention of the Shiba Inu community occurred on March 13, 2024, when a transaction led to the burning of 1.883 million SHIB tokens. 

This burn was linked to the renaming of Shiboshis NFT #3484, which was purchased for 0.23 ETH, roughly equivalent to $768 at that time. In February, the Shiba ecosystem expanded with the introduction of SHEboshis NFTs, designed as the all-women counterpart to the original Shiboshis. 

These new NFTs take advantage of the recently launched ERC-404 standard, marking a significant step in the ecosystem’s development. Similar to their male counterparts, SHEboshis are set to contribute to the SHIB burning mechanism, with a designated portion of their sales proceeds going towards reducing the circulating supply of SHIB tokens.

On March 9, the Shiba ecosystem undertook a notable burning initiative, resulting in the incineration of 13.4 billion SHIB tokens.

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