In what comes as a monumental achievement for the Shiba Inu ecosystem, the Shiba crypto community recently unveiled the launch of its much-awaited NFT, SHEboshi, an ERC-404 token standard, nabbing significant attention globally. With the launch of this NFT, the Shiba crypto community eyes the integration of a plethora of new features within the Shiba Inu ecosystem while also revolutionizing Shibarium.
Meanwhile, previous Shiboshi holders already seem to be benefitting from this launch. The community’s bid to redefine its ecosystem, merging the best ERC-20 and ERC-721 standards to bring about liquidity and fractional ownership in the NFT space, further aids Shiba Inu’s cryptographic venture, propelling market optimism for their token, SHIB.
However, even with the monumental launch of SHEboshi, an effort to jack up the meme coin’s tokenomics, the Shiba Inu coin traded with quite the volatility today, primarily floating in the red as of press time. The derivatives data further sparked speculation, signaling that a potential consolidatory phase might be imminent.
SHEboshi: A Revolutionary Measure
According to the data spotlighted by the Shiba Inu crypto community, the SHEboshi minting process will occur on the Ethereum network. This comes primarily in alignment with the highly experimental nature of the DN404/ERC404 standard, SHEboshi. With its availability on both Shibaswap and Uniswap, the project is already set on tracks to greater heights.
Furthermore, coinciding with a post shared by LUCIE, Shiba Inu’s marketing lead, eligible Shiboshi holders have already received SHEboshis, each worth around 0.14 ETH. LEASH holders are poised next in line to benefit from this launch.
As the claiming period for all Shiboshi holders concludes, LEASH holders will be eligible to claim the ERC-404 token for the next 24 hours. Following this, the public sale for SHEboshi will commence, facilitating the opportunity for the general public to be a part of this revolutionary measure.
However, SHIB’s price action contrasts with the abovementioned noteworthy development.
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Shiba Inu Price Falls
As of writing, the Shiba Inu price noted a drop of 0.76% over the past 24 hours and is currently trading at $0.000009696. The derivatives data for the meme coin showcased a drop in open interest, whereas volume jumped, per Coinglass’ data. This hinted that a potential consolidatory phase might be imminent.
Analysis by CoinGape Media suggests that amid the increasing burn rate and the surge in Shibarium’s daily transactions, the meme coin’s token SHIB is all set for a notable recovery. The meme coin portrays a waning bullish momentum below the $0.00001 psychological level. Moreover, with its community’s recent developments, crypto market enthusiasts expect to see bolstered prices soon.
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