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Despite diversifying its focus, the Shiba Inu community remains committed to its token burning strategy, as seen in the continuous burns through the Shiboshis NFT project and the heightened interest in Shibarium for executing burns.
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SHIB Price Prediction as SHIB Burns Continue
The community’s dedication to reducing SHIB’s circulating supply has led to the exploration of various methods, with Shibarium emerging as a prime channel. Since the last quarter of 2023, Shibarium has impressively incinerated 33 billion SHIB tokens over four transactions, a number that has since escalated to 56 billion SHIB across six transactions as of this year. This substantial activity underlines why Shibarium has captured the community’s focus, complemented by plans to integrate an automated burning feature.
Meanwhile, the Shiboshis NFT project, launched on October 14, 2021, provides an alternative burn mechanism. By renaming Shiboshis NFTs for a $100 fee, entirely dedicated to burning SHIB tokens, community members have directly contributed to the burn campaign.
Shiba Inu Price Analysis: Burn Strategy Effective?
Recent on-chain data reveals the ongoing effectiveness of this strategy, with a notable transaction on March 13 burning 1,882,892 SHIB tokens through the renaming of Shiboshi #3484. The NFT, purchased and renamed on the same day, involved an investment of 0.23 ETH, equivalent to $857.
While the initial enthusiasm for NFT renaming has waned, resulting in fewer burns from this avenue, the introduction of SHEboshis, a new NFT project following the ERC-404 standard, suggests continued efforts to leverage collectibles for token burns. This initiative not only aims to reduce SHIB’s supply but also offers investors a chance for passive income, according to Shiba Inu lead developer Shytoshi Kusama.
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Author: Crypto Daily
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