Meme coin Shiba Inu fans had been eagerly awaiting the launch of Sheboshis which is the project’s latest foray into non-fungible tokens (NFTs) but excitement is laced with caution as scammers attempt to exploit the anticipation. However, a significant surge in the SHIB burn rate adds a positive note to the narrative potentially boosting investor confidence.
Sheboshis, launched with the DN404 standard, marks a shift towards hybrid tokens offering both uniqueness and shared ownership. This innovative approach aims to bring liquidity and fractional ownership to the NFT space.
However, amidst the buzz, scammers are trying to capitalize on the hype. ShibArmy Scam Alerts, a verified Twitter account dedicated to protecting Shiba Inu users, has flagged fraudulent Sheboshi accounts posing as legitimate ones to steal funds or personal information.
According to Shiba Inu team member Lucie, the Sheboshis claim process will occur in three phases. The first phase, which starts this weekend, will offer a free claim (excluding gas fees) to Shiboshi holders for a 48-hour period. In the second phase, LEASH holders will have exclusive access for 24 hours at a minting price of 0.05 ETH. Finally, the public mint will open for 0.05 ETH until the collection sells out.
SHEboshis will be tradeable on Uniswap and ShibaSwap, with plans to bridge to Shibarium, the project’s upcoming Layer 2 blockchain. The point to note is that the proceeds from SHEboshi sales will contribute to SHIB burns, further reducing the circulating supply. This aligns with the recent surge in burn rate, which reached a staggering 4,115% in the past 24 hours, incinerating over 86 million SHIB tokens.
The launch of Sheboshis has generated both excitement and challenges for the Shiba Inu community. However, the market has been facing a downturn with a 5% drop in the last 24 hours. Despite this, there has been a slight recovery with a 0.95% increase to $0.000009627. The trading volume has decreased by 11% to $189,155,031, but there is still optimism surrounding a potential rebound, driven by the significant increase in the Shiba Inu burn rate.
Increase in burnrate has revitalized the SHIB community and could potentially pave the way for price growth. With SHIB hovering around the $0.00001 resistance level, this development could be crucial in propelling the token toward its desired targets.
Lucie recently drew attention to the ecosystem’s growth and its dedication to promoting the development of its native tokens. Furthermore, the latest financial reports show a positive trend in the SHIB ecosystem with gradual gains in its key tokens.
