- Shiba Inu announces sale of 10,000 randomly generated NFTs available for sale on ShibaSwap.
- Buyers will be able to name their Shiboshis by burning SHIB tokens, further reducing the tokens in circulation.
- Dogecoin millionaire Glauber Contessoto currently holds nearly $2 million worth of DOGE tokens and is reluctant to sell.
Analysts have noted declining interest in Shiba-Inu-themed cryptocurrencies: Dogecoin and Shiba Inu token. However, the latest developments in the Shiba Inu ecosystem are set to drive scarcity in the circulating tokens.
Shiba Inu jumps on the latest crypto trend, announces launch of NFTs
Shytoshi Kusama, developer and leader of the Shiba Inu token ecosystem, announced the launch of 10,000 NFTs on decentralized exchange ShibaSwap. The collection of randomly generated NFTs is named “Shiboshis.”
The new product release in the Shiba Inu ecosystem is only available for LEASH holders. The sale ends within 24 hours.
Further, each buyer has the ability to change the name of the Shiboshi they buy by burning SHIB. Shytoshi refers to SHIB, BONE and LEASH tokens as the “Shib Token Trifecta.” The announcement drops hints of another launch in the gaming or play-to-earn ecosystem.
Shiboshis are coming. Learn more about them, why you might want some $LEASH for the drop, and why I'm so pumped about @NOWPayments_io making Shib available in this new MEDIUM! https://t.co/gQhIdUJqVN
— Shytoshi Kusama (@ShytoshiKusama) September 24, 2021
With further burning of SHIB, proponents expect a drop in the circulating supply of SHIB tokens, implying an upward climb in the token price.
Alongside SHIB, analysts are bullish on Dogecoin. The Shiba-Inu-themed cryptocurrency produced several millionaires. Glauber Contessoto, a Dogecoin millionaire with nearly $2 million worth of DOGE, is not keen on selling his holdings.
Contessoto is a long-term holder and argues that DOGE price will increase in the future. The millionaire is of the opinion that capitalizing on the dips is key.
There is a drop in the social interest surrounding DOGE and SHIB. Social engagement of DOGE, considered a metric for identifying the demand of the token, has noted a 90% drop since May 2021.
Despite the drop, the ecosystem updates are expected to trigger a rally in Dogecoin and Shiba Inu. Over 660,000 holders in the SHIB network are awaiting an update in October 2021. The launch of Shiboshis is the first step in the direction of new updates in the SHIB network.
SHIB ranked in the top 10 trending coins in Asia last week, based on data from CoinGecko, a crypto data-provider platform.
FXStreet analysts have evaluated the SHIB trend and predicted that there is one last chance for the token to break out. Addresses that purchased SHIB in the past 30 days are currently sitting on unrealized losses, if the price drops further, the downside target is $0.00000300.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ethereum price to outpace Bitcoin price as ETH jumps over key hurdle where BTC fumbles
Ethereum (ETH) price is working on its recovery after it dipped to a two-week low on Thursday. While Bitcoin price has failed to make a similar move and head back above $26,500, Ethereum is outpacing Bitcoin and has been able to push above $1,800.
Bitcoin price retreats as US core PCE inflation comes hotter than expected
Bitcoin price declined in response to April's US core PCE inflation data, which came higher than anticipated. The knee-jerk reaction from market participants increased the selling pressure on the asset, pushing it below $26,400.
Cardano founder says CIP-1694 upgrade will be a “wake-up call” for crypto
Cardano, one of Ethereum’s main competitors, is gearing up for further decentralization through its Improvement Proposal (CIP-1694), which is expected to bring the Ethereum-killer altcoin into a new era of governance with decentralization in its decision-making.
PEPE price action puts traders on the edge of their seats as pennant gets filled
PEPE price is entering the very last possible stage before finally determining whether bulls or bears have the winning hand in this poker game showdown.
Bitcoin: BTC delays inevitable crash to $25,000
Bitcoin price is delaying a crash that has been brewing for roughly two weeks. A failure to push higher could result in a steep correction next week. The troubling macroeconomic conditions could be key in catalyzing and trigger a nosedive for BTC holders.