2024-03-16
The Shiba Inu community's focus on increasing burns, particularly through Shibarium and Shiboshis NFT project, highlights their commitment to reducing token supply.
While Shibarium has seen significant burns, attention to Shiboshis NFTs waned after an initial surge but continues to contribute to token burns.
The introduction of SHEboshis further demonstrates the team's dedication to leveraging NFT projects for burning SHIB tokens.
Many in the community believe that Shibarium is the most effective way to burn more tokens, especially considering the number of tokens burned on the Layer 2 network since Q4 2023.
As of December 2023, Shibarium has destroyed 33 billion SHIB transactions in four transactions.
This number increased to 56 billion with the addition of two more burns this year. Shibarium has seen a huge decline in business-only purposes, so it makes sense for the community to turn its focus to blockchain.
The ecosystem team also hopes to initiate automatic destruction.
However, this shift in focus has caused the community perspective to shift away from alternative methods of causing burns.
One of these methods is the Shiboshis NFT project, which was launched on October 14, 2021. In particular, community members can help burn the Shiba Inu by changing the name of the Shiboshis NFT.
The Ecosystems team created the project, and each name change will cost $100, with all costs going towards destroying the Shiba Inu.
After the sale of Shiboshi collected in October 2021, sponsors began to change the names of their NFTs for personal reasons.
This caused a huge uproar and cast a shadow over the NFT project. When the name change became so big, excitement quickly faded.
However, information on the chain confirmed that the project was still silently burning Shiba Inu tokens, and the latest burn came to the anonymous SHIB community. It is worth noting that this change involves the destruction of 1,882,892 (1.883 million) SHIB tokens on March 13th.
The burning results from the renaming of Shiboshis #3484, which was purchased on the date of the name change. Essentially, interested investors purchased the NFT for 0.23 ETH, which is now worth $857.
This burn trend has decreased as most investors are holding onto their collectibles, according to Shytoshi Kusama, the lead developer of Shiba Inu.
Additionally, the introduction of SHEboshis, a similar collectible project utilizing ERC-404 standard, aims to burn Shiba Inu with a portion of the proceeds from sales.
