Violet Vallaya
$SHEB has seen a significant surge in popularity recently. According to a tweet by BMoon Daily on March 22, SHIB currently ranks third among the Top 10 ERC-404 Projects based on their 24-hour trading volume.
The news comes as a positive sign for $SHEB investors.
The ERC-404 token standard is a novel approach that merges the functionalities of ERC-20 (fungible tokens) and ERC-721 (non-fungible tokens). This unique standard enables tokens to possess both fungible and non-fungible properties simultaneously.
How does this work?
By linking an ERC-721 token to an ERC-20 token, wherein the ERC-20 token solely represents a non-fungible token (NFT) when it is in its entirety.
Related: Terraform Co-Founder Do Kwon Sentenced to 15 Years Over $40B Collapse
The NFT is burnt after breaking down the token into fractions for trading as an ERC-20 token. A fresh NFT is minted when two complementary fractions (e.g., 0.4 and 0.6) are combined to create a whole token.
As the crypto market continues to evolve, the rise of ERC-404 projects and the ongoing developments in the Shiba Inu ecosystem highlight the dynamic and innovative nature of the space. Stay tuned for more updates on these exciting developments.
Related: Utility Tokens Explained: What They Are and How They Actually Work
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VIOLET
Violet is a cryptocurrency journalist covering blockchain technology and digital assets.
