Shiba Inu Continues to Burn Tokens with Shiboshis

The Shiba Inu (SHIB) project has continued to record a token burn through the Shiboshis non-fungible token (NFT) project.

Shiboshis is a project within the Shiba Inu ecosystem. The project seeks to burn SHIB tokens to generate unique collectible NFTs. The NFTs in this collection are created to represent the spirit of the Shiba Inu community and generate more value for the entire ecosystem by reducing the supply of SHIB.

Like most meme coins, SHIB is plagued with the problem of high supply. This supply tends to affect price, which explains why meme coins are priced low. Through Shiboshis, the SHIB community hopes to grow the project’s value and tokenomics.

SHIB Token Burn on Shibarium Slows Down

The Shiba Inu community has been championing for different avenues to burn SHIB tokens including its Shibarium network.

According to the Shiba Inu community, the Shibarium network presents an ideal platform for the token to continue with token burns. As of December 2023, 33 billion SHIB tokens were burned on Shibarium in four different transactions.

This year, the Shibarium platform increased the amount of token burns to 56 billion after two more burn transactions happened on the platform. With only six transactions, the Shiba Inu project has continued to burn tokens, with the ecosystem now exploring the launch of an automated burn mechanism.

However, the hype around the burn process on Shibarium has since cooled down. This burn process has now shifted from the Shibarium network to Shiboshis. According to on-chain-transactions, burns by Shiboshis have continued to increase.

Shiboshis Are Now Leading the Burn Process for SHIB

As burn activity on the Shiba Inu network has slowed down, investors have now recognized increasing burn activity on the blockchain, enabled by Shiboshis.

This is really surprising that Shiboshis still burn #shib 🔥
Long time didn't see that🙂#Shibarium #shib #bone #leash #crypto #ShibaSwap #ShibTheMetaverse #btc pic.twitter.com/ZIEAeKQdxY

— SHIBKIND 🔥 (@SHIBKIND) March 14, 2024

The burn process involving Shiboshis involves investors giving up their digital collectibles. However, during the ongoing bull market, investors have been less willing to let go of their digital collectibles, which is affecting the burn process.

Shiboshis present an opportunity for holders to generate passive income. Therefore, with the rising cryptocurrency prices, investors are willing to hold on to their digital assets. Moreover, the value of SHIB has been gaining gradually, negating the urgent need to burn tokens.

Shiba Inu currently has a circulating supply of 589 trillion tokens, which is still a significant amount. The sale of Shiboshis collectibles happened in October 2021, and given that a majority of SHIB token burns have happened on the Shibarium network, Shiboshis have done little to reduce the supply of the second-largest meme coin by market capitalization.