Shiba Inu Insights: Surging SHIB Burns and Exciting ERC-404 NFT Developments”
According to data unveiled by the Shibburn tracking site, there has been a significant surge in SHIB burns over the past week. Similarly, a recent tweet from the mentioned source indicates a rise in daily SHIB burns as well.
Rising Rate of SHIB Burns
A recent tweet from Shibburn reveals that in the past week, a total of 102,040,474 SHIB has been sent to blocked-end wallets, resulting in a 160% increase in the burn rate. As for daily burns, there is approximately a 40% increase, with 1,530,193 SHIB burned since yesterday morning.
This week, the daily SHIB burn rate has mostly been in the red, making this a rare moment where an uptick is observed in the green zone.
Meanwhile, the SHIB team continues testing the automatic burning mechanism on the Shibarium testnet, known as Puppynet. Initiated in January, this test marks a new era in SHIB burn operations, although the new mechanism is yet to be implemented on the main Shibarium network.
So far, a total of 410,708,406,779,693 SHIB has been burned out of the circulating supply, as reported by the Shibburn website.
Upcoming ERC-404 NFTs: Novel and Exciting
Lucie, a member of the Shiba Inu team, shared a tweet about the upcoming release of the new SHE-boshis NFT collection crafted according to ERC-404 standards.
These Sheboshis were announced before Valentine’s Day and are specifically dedicated to women, celebrating them and creating a strong future for NFTs. Once launched, Sheboshis will be tradeable on Uniswap and ShibaSwap, with plans to integrate them into Shibarium in the future.
Lucie likened the ERC-404 NFTs to Bitcoin Ordinals in its early days. She mentioned that with ERC-404 NFTs, value is tied to distinctive symbols in real-time, observable through charts. While gas fees may be higher, it also means “larger investments, leading to more significant market movements.
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Lucie added that ERC-404 transforms NFTs into more than just digital art by adding value and “breaking the mold.” She reminded the community that Sheboshis have not been minted yet, cautioning against potential scam schemes.
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