Shiba Inu, a well-known meme coin, is making progress in its cryptocurrency journey. It recently announced the launch of the long-awaited ERC-404 token, SHEboshi.
The Shiba Inu crypto community has unveiled the launch of SHEboshi, shining a spotlight on the key details of the claiming process. However, amidst the community’s advancements, the price of Shiba Inu has dropped, presenting a contrasting development.
Shiba Inu Community Unveils SHEboshi NFT Launch
In a significant milestone for the Shiba Inu ecosystem, the Shiba crypto community recently introduced its highly anticipated NFT, SHEboshi, based on the ERC-404 token standard, garnering considerable global attention. With the launch of SHEboshi, the community aims to introduce numerous new features to the Shiba Inu ecosystem and revolutionize Shibarium.
Existing Shiboshi holders are already reaping the rewards of this launch. The community’s initiative to redefine its ecosystem by merging the best aspects of ERC-20 and ERC-721 standards to enhance liquidity and fractional ownership in the NFT space further supports Shiba Inu’s cryptographic journey, fostering market optimism for their token, SHIB.
Despite the monumental launch of SHEboshi and efforts to enhance the meme coin’s tokenomics, Shiba Inu coin experienced significant volatility today, primarily trading in the red as of press time. Derivatives data has sparked speculation, suggesting a potential upcoming consolidatory phase.
SHEboshi Minting Process and Community Initiatives
According to data highlighted by the Shiba Inu crypto community, the SHEboshi minting process will take place on the Ethereum network. This aligns with the experimental nature of the DN404/ERC404 standard, SHEboshi. With availability on both Shibaswap and Uniswap, the project is poised for significant growth.
LUCIE, Shiba Inu’s marketing lead, shared a post indicating that eligible Shiboshi holders have already received SHEboshis, each valued at around 0.14 ETH. LEASH holders are next in line to benefit from this launch.
As the claiming period for Shiboshi holders concludes, LEASH holders will have 24 hours to claim the ERC-404 token. Subsequently, the public sale for SHEboshi will commence, offering the general public an opportunity to participate in this innovative initiative.
Despite these significant developments, the price action of SHIB coin presents a contrasting picture, indicating volatility in the market despite the positive strides made by the project.
Shiba Inu Price Dynamics and Derivatives Data
As of the current writing, the price of Shiba Inu experienced a slight decline of 0.76% over the past 24 hours, with the coin trading at $0.000009696. Derivatives data for the meme coin indicated a decrease in open interest, while volume saw an increase, according to Coinglass’ data. This suggests the possibility of an impending consolidatory phase in the market.
Despite the recent price drop, the increasing burn rate and the rise in daily transactions on Shibarium signal a promising outlook for the meme coin’s token, SHIB. However, the coin’s bullish momentum appears to be tapering off below the psychological level of $0.00001. Nonetheless, with the recent developments within its community, crypto market enthusiasts anticipate a strengthening of prices in the near future.
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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