Dogecoin killer Shiba Inu ready to rally after launching 10,000 NFTs on ShibaSwap
- 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.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
