On-chain data confirms that the Shiba Inu NFT project has continued to burn Shiboshis SHIB tokens even while diverting attention from the burning functionalities.
The Shiba Inu community has continued to focus its attention on the burning campaign, as several advocates defend the narrative of increased burns. This has resulted in the exploration of various combustion options, including Shibarium.
Continued focus on Shibarium
Most community members believe that Shibarium is the most viable way to implement more burns, especially considering the number of tokens the Layer-2 network has burned 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 after two more fire transactions this year. With Shibarium recording such massive burns in just six transactions, it makes sense that the community has shifted its focus to the blockchain. The ecosystem team is also looking at it introduce an automated fire mechanism.
However, this shift in focus has caused the broader community to divert their attention from other avenues that help strengthen burns. One such opportunity is the Shiboshis NFT project, which launched on October 14, 2021.
In particular, community members can help speed up Shiba Inu burns by changing the name on their Shiboshi NFT. The ecosystem team developed the project so that each name change would cost $100, with the entire cost going towards burning Shiba Inu.
Shiboshis contribute to Shiba Inu burns
After the sale of the Shiboshi collectibles in October 2021, proponents began changing the names of their NFTs for personalization reasons. This resulted in a massive burning campaign that brought about the focus on the NFT project.
This euphoria quickly dissipated after the massive renaming ended, leading to a shift in focus. However, on-chain data confirms that the project has continued to quietly burn Shiba Inu tokens, with the latest burn transaction recently brought to the attention of pseudonymous SHIB community members.
Remarkable, this transaction involved the burning of 1,882,892 (1.883 million) SHIB tokens on March 13. The burn was due to the renaming of Shiboshi #3484, which was purchased on the same day of the renaming. Significantly, the investor involved purchased the NFT for 0.23 ETH, which is currently worth $857.
However, the number of burns involving Shiboshis has reduced as most investors have retained their collectibles, reducing the need for renaming. Shytoshi Kusama, the lead developer of Shiba Inu, noted that he sees the Shiboshi NFT project as a way to earn passive income.
The Shiba Inu ecosystem team has also introduced SHEboshis, a similar collection project using the newly introduced ERC-404 standard. The team aims to also burn Shiba Inu with a portion of the proceeds from the sale of SHEboshi.