Shiba Inu has announced the launch of its limited physical collectible NFTs to augment SHIB utility.
The limited collectible is for the genesis of Shogoshi NFT holders.
Shiba Inu [SHIB] has devised a unique strategy to capture the interest of its audience by announcing plans to create collectible NFTS and physical items for its genesis NFT holders.
Read Shiba Inus [SHIB] Price Forecast 2023-24
On January 10, Shibtoken announced a partnership with Buggati alongside news of the collection’s imminent release. titled the history of Shiboshi NFT, the collection will also be available as a tangible item, which is consistent with some fashion companies’ goal to offer customers the best of both worlds.
We can’t wait to share some exciting moments with you in this first collaboration #Shiboshis partnership established to get physical items and collectible NFTs into the hands of our most dedicated and supportive @Shibtoken‘s NFT genesis holders
2/7 🧵 pic.twitter.com/XrKa5zWhNi
— Shib (@Shibtoken) January 10, 2023
Accumulation continues as Shiba Inu finds utility
Shiba Inu, a fork of the Uniswap token UNI, is a digital token developed in August 2020. SHIB has a distinctive feature: 10% of the total token amount is burned with each transaction. Due to the burning, the total supply of the token will gradually decrease.
However, the price movement has not been favorably affected despite the burns that have occurred over time. The lack of usability has also been an issue, which could help a thriving ecosystem. Moreover, if Shibarium ever launches, the SHIB token could get the utility its owners have been asking for.
According to data from Dune Analytics, a fair amount of SHIB tokens are being collected, despite the token’s apparent lack of utility. The graph below shows an upward trend in the accrual level.
Source: Dune analysis
However, the observed figure showed that the number of daily active users was quite low. This is to be expected since there is no practical use for the meme coin and the primary motivation for any transaction is collecting it.
How many SHIBs can you get for $1?
SHIB uptrend broken?
On a daily time scale, SHIB was observed to trend upward for several days. However, at the time of writing, it had already lost more than 5% of its profits. The price of the token was about $0.00008. If the price trend continues to fall, the support level should remain near $0.00007.
Source: TradingView
This post ‘Collectable NFTs’ Don’t Amplify SHIB Utility: An Exercise In Futility?
was published first on https://ambcrypto.com/collectible-nfts-fail-to-bolster-shib-utility-an-exercise-in-futility/
