Shiba Inu Team to Burn SHIB via NFT SHEBoshi
Date: 2024-02-17 Author: Dima Zakharov Categories: BUSINESS
Rising SHIB Value and Decreasing Burn Rate
In the past 24 hours, the popular meme coin SHIB, the native token of the Shiba Inu blockchain, has experienced a 2.1% increase in value. However, according to Shibburn data, during the same period, the token burn rate has dropped by over 50%.
Solution: Burning SHIB Tokens via SHEBoshi NFTs
To address this issue, the Shiba Inu team is working on a new initiative to burn SHIB tokens using proceeds from SHEBoshi. SHEBoshi, the latest NFT project from the Shiba Inu team, introduced in honor of Valentine's Day, supports existing NFT Shiboshis.
Differences Between NFT Shiboshi and NFT SHEBoshi
Unlike NFT Shiboshis, NFT SHEBoshi will be issued as ERC-404 tokens. The team will allocate 50% of the proceeds to the Shiba Inu treasury, while the remaining 50% will be divided among the fund, team, and burning reserve.
Community's Positive Reception
The Shiba Inu team plans to allocate 6% of the 50% share to burning SHIB tokens. Each BONE, LEASH, TREAT, and SHI token will have a burn rate of 1%. Needless to say, this news has been positively received by the community.
Hope for Price Increase
Meanwhile, Lucy, the head of the Shibarium ecosystem marketing department, reported that the Shiba Inu token is listed on over 130 exchanges. This has reignited hope within the community for a price surge.
Milestone: 1 Million Transactions
On February 15, the Shibarium network recorded 1 million transactions, further encouraging supporters of the meme coin.
