‘Collectible NFTs’ Fail to Advance SHIB Advantages: An Exercise in Absurdity?

  • Shiba Inu has announced the release of its limited edition collectible NFTs to expand the SHIB utility.
  • The limited collectible will be the original holder of the Shoboshi NFT.

shiba inu [SHIB] Create a unique strategy to pique public interest by announcing plans to create NFTS collectible items and physical items for NFT holders.

Read Shiba Inus [SHIB] Price forecast 2023-24

On January 10, Shibtoken announced a partnership with Buggati along with news of the imminent release of the collection. with the address tFirst Shiboshi NFT, the collection will also be available as a tangible item, which is in line with the goal of some fashion companies to provide customers with the best of both worlds.

The group continues as the Shiba Inu finds use

As a fork of the Uniswap UNI token, the Shiba Inu is a digital token developed in August 2020. SHIB has a unique feature – 10% of the total token amount is burned with each transaction. Burning will gradually reduce the total supply of tokens.

However, the price action was not affected positively despite the burns that occurred in the meantime. Unusability has also been an issue, which a thriving ecosystem can help with. Also, if Shibarium is ever launched, the SHIB token could get the benefit its owners have been claiming.

A decent amount of SHIB tokens accumulate, according to data from Dune Analytics, despite the token’s apparent lack of usefulness. The upward trend in the level of accumulation was visible in the chart below.

Source: Dune Analytics

However, the observed number showed that the number of daily active users was very low. This is to be expected, as there is no practical use of the meme coin, and the primary motivation for each transaction is to aggregate it.

How many SHIBs can you get for $1?

SHIB’s uptrend thwarted?

On the daily time scale, SHIB is observed to be in an upward trend for a few days. But it has already lost more than 5% of its gains at the time of writing. The price of the token was around $0.00008. If the price trend continues downward, the support near $0.00007 should continue.

price of shiba inu (sheep)

Source: TradingView

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