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Here’s Why Shiba Inu’s SHEboshis Sold Out in Just Three Hours

DailyCoinDailyCoin2024/02/23 20:16
By:DailyCoin
  • SHIB devs employed an experimental ERC-404 inscription method.
  • LEASH holders rushed to mint their SHEboshis, prompting a sellout.
  • The digital collectible set is now five times up from the original floor price.

Shiba Inu’s latest digital collectible project, SHEboshis, has exceeded expectations, completely selling out in less than three hours since the first phase of minting. Initially, the SHEboshi digital collectible set was divided into three phases.

The top priority in this was the original Shiboshis NFT holders, who got the chance to claim a free SHEboshi NFT. The feminine counterpart of the original Shiboshis NFT collection has made waves among Shibarians for quite a few reasons.

What Makes SHEboshis Collectibles Special?

Firstly, the SHEboshis pay homage to women on the blockchain, striving for empowerment and leadership in the cryptosphere. Secondly, these digital collectibles employ an experimental inscription protocol of ERC-404, which aims to inject an appropriate amount of liquidity onto Shibarium once the Ethereum-based SHEboshis set is bridged to Shiba Inu’s Layer-2 blockchain.

We’re SOLD OUT!
Thanks to everyone for the amazing support! 🎀
We're now adding liquidity to UniSwap 👀 pic.twitter.com/XUa9C3olue

— THE SHEBOSHIS (@sheboshis) February 22, 2024

As the free claim window opened for 48 hours with a snapshotted list of Shiboshis NFT owners, most holders eligible for free claims didn’t pass on the opportunity to get one. When this mint window was closed, DogeKiller (LEASH) holders could mint one SHEboshi for 0.05 Ether (ETH), not counting the gas fees.

SHEboshis off the LEASH: No Third Minting Phase?

As Shiba Inu’s Marketing Lead, Lucie S, affirmed, the SHEboshis digital collectible set was sold out just five minutes into the second phase. While the initial minting price of a SHEboshi was pegged at $0.05 Ether (ETH), the collection’s official OpenSea page now shows the floor price boosted five times – 0.25 ETH.

This signifies that SHEboshis took the Shiba Inu community, known as SHIB Army, by storm. While the developers planned a third phase for the public mint, the demand exceeded the supply before the third phase could occur. However, digital art enthusiasts can still acquire a SHEboshi second-hand on OpenSea .

Understand your $SHEB :

DN404 standard combines ERC-721 (NFT) and ERC-20 (token). @sheboshis #Sheboshis #Shiboshis pic.twitter.com/I4eTFFFqJr

— 𝐋𝐔𝐂𝐈𝐄 | Shibarium ⛓️ (@LucieSHIB) February 23, 2024

Following the news, Shiba Inu’s LEASH grew by 13% to approach $400 but got rejected at the price range to witness a market correction down to $287. Meanwhile, Shiba Inu’s main token, SHIB, hasn’t seen any major impact yet, as the #19 seated canine coin continues to hover below the confluent resistance level of $0.00001.

On the Flipside

  • Shiboshis, the counterpart digital collectible set, also picked up on the SHEboshi hype and soared by 37% in floor price to reclaim 0.2399 ETH, equivalent to over $700.
  • The third phase of SHEboshis mint would have been the most crucial for Shiba Inu (SHIB) burns, as 6% of the revenue was allocated towards burning SHIB, while another 2% was devoted towards burning BONE and LEASH.

Why This Matters

Testing out new scalability protocols like the ERC-404 is crucial to staying at the forefront of innovation and expanding the utility cases for on-chain digital collectibles.

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Disclaimer: everything in the article represents the author's point of view and has nothing to do with this platform. This article is not intended to be used as a reference for making investment decisions.

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