The Shiba Inu community has shown its commitment to reducing the circulating supply of its native token, SHIB, once again. This ongoing effort, known as a burn initiative, aims to increase the value of SHIB by making it scarcer.
While Shibarium, Shiba Inu’s layer-2 solution launched in 2023, has become a prominent contributor to the token burn initiatives, the Shiboshis NFT project, introduced in October 2021, continues to do its part to aid the burn process, albeit less noticeably.
Shibarium Takes Center Stage in SHIB Burning Efforts
Many within the Shiba Inu community believe Shibarium offers the most effective platform for large-scale SHIB burns. This conviction stems from the significant number of tokens the layer-2 network has burned since its relaunch in August 2023. Shibarium eliminated 33 billion SHIB tokens through just four transactions by December 2023. This figure has grown to 56 billion SHIB following two additional burn transactions completed in 2024.
Given Shibarium’s ability to facilitate such substantial burns in a limited timeframe, it is understandable why the community has increasingly focused on this blockchain solution. The Shiba Inu development team is also exploring the implementation of an automated burn mechanism within Shibarium, potentially further streamlining the SHIB incineration process.
Shiboshis NFTs: A Silent Contributor to SHIB Burns
While Shibarium has captured significant attention regarding SHIB burns, the Shiboshis NFT project shouldn’t be overlooked. A unique feature of this initiative allows NFT holders to personalize their collectibles by renaming them. However, each name change incurs a 100 USD fee, with the entirety of this cost directed towards burning SHIB tokens.
After the launch of Shiboshis in October 2021, a wave of name changes by NFT holders resulted in a notable SHIB burn campaign, drawing widespread community interest. However, this initial enthusiasm subsided as the mass renaming activity tapered off.
Nevertheless, on-chain data reveals that Shiboshis NFTs have continued to contribute to SHIB burns, albeit at a less frequent pace. A recent example highlighted by members of the SHIB community involved a burn transaction of 1.883 million SHIB tokens on March 13, 2024.
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This specific burn stemmed from the renaming of Shiboshis NFT #3484, purchased on the same day. Notably, the investor responsible for this burn acquired the NFT for 0.23 ETH, equivalent to roughly $768 currently.
The decreased frequency of SHIB burns through Shiboshis name changes can be attributed to a shift in investor behavior. Many holders have opted to retain their NFTs, reducing the need for renaming. However, with SHIB dominating the meme coin market, the community has to speed up token burns to help SHIB cement itself at the top of the meme coin market.
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