Lead Developer Revealed SHIB Burn - 10,000 NFTs will burn Shiba Inu Coin (Explained) - The Comprehensive Minds

Lead Developer Revealed SHIB Burn - 10,000 NFTs will burn Shiba Inu Coin (Explained)

 Lead Developer Revealed SHIB Burn

Shiba Inu

The wait is finally over and We are back with two price-impacting updates for Shiba Inu Holders. The first one is acceptance of Shiba Inu by NowPayments, Now anyone can accept Shiba Inu on their online and physical stores. 


And second is the burn process introduces by Shytoshi Kusama. How does this all work?. How will this boost the price of Shiba Inu Coin?. These questions will be answered today. Further, We will also explain the process of Shiba Inu token burning introduces by the lead developer, Shytoshi. 


Shiba Inu almost lost its hype in August but is back again with so much greatness and the biggest listings ever in this month. In September, we got the Binance listing. In the same week, Coinbase acknowledged and listed Shiba Inu on its platform. 


These two major catalysts boosted Shiba Inu's price by more than 40% in just a few days. Not only this, This listing helped Shiba Inu to get more than 100,000 holders in just 1st week of listing. Currently, the Shiba Inu coin has more than 665,000 holders and increasing daily. 


Shiba Inu became the most discussed cryptocurrency crossing Bitcoin, Ethereum, and XRP. The list of Shiba Inu greatness is never-ending... However, the price of Shiba Inu is gradually increasing as major platforms started accepting Shiba Inu and gave more social hype.

 

Heading toward two major updates for today, we have NowPayments acceptance of Shiba Inu. Recently, NowPayments confirmed their biggest partnership with Shiba Inu. If you didn't know about what NowPayment is, Let me quickly brief it for you. 


Nowpayments.io is a crypto payment gateway allowing all kinds of eCommerce to accept crypto as a payment or donation globally. The service has 70+ cryptos and fiat conversion available. It is fully non-custodial, doesn't hold any limits, and has the most competitive fees on the market. 



How can this help Shiba Inu? 


Nowpayments

In the official announcement, it is clear that they collaborated with Shiba Inu to accept Shiba Inu as a payment method. Using this. Online & physical stores can accept Shib payments. Possibility of Shib Payroll. Charities can accept Shiba Inu. Enables Online streamers to accept Shiba Inu. They also added links to their website. 


They acknowledged the coin as The Shiba Inu token is one of the hottest coins of 2021. Accept Shib as payment on your website and get your share of the coin's hype. NOWPayments offers an easy-to-integrate solution for deploying a Shib payments gateway. 


We all know that price of currency increases with the increase of acceptance. If Shiba Inu will be accepted in a maximum number of stores, the number of holders and transactions will increase. Resulting in a jump in the price of Shiba Inu. 


This is not the first time that any online Crypto payment gateway accepted this, You can also buy goods from Amazon, eBay, Alibaba, and Shopify using Shopping.io. The lead developer of the Shiba Inu ecosystem, Shytoshi Kusama also mentioned this official partnership with NowPayments in his medium post. 


In his post, he gave some major updates and upcoming projects coming for Shiba Inu. We will not discuss it all but the important ones which can seriously hit the price of Shiba Inu. He mentioned "Today, you can spend Shib in a variety of locations worldwide. 


Shytoshi Kusama

The spending of Shib by businesses that support the original vision of Ryoshi is a grand example of Utility via Usage. This usage of Shib keeps it as a powerful and useful currency worldwide. You can currently use shopping.io to pay for things on Amazon with Shib, but with our new NOW payments partnership, you can integrate and accept Shib at any Shopify, WooCommerce, and a host of other digital locations with a short install of a widget! 


This means you can accept Shib in physical locations, Shib payroll, and much much more!" This looks like a good sign and real-world usage of Shiba Inu. This is equally important for currency to have real usage. Acceptance of Shiba Inu in the real world will increase the number of holders and payments, so the price. 



What are these NFTs on which Shiba Inu developers are working on? How will this help Shiba Inu to burn millions of tokens out of its circulating supply? 


To understands this, let me quickly brief you about what NFTs are? NFTs are designed to give you something that can't be copied: ownership of the work. Though the developers can still retain the copyright and reproduction rights, just like with physical artwork. 


Physical money and cryptocurrencies are "fungible," meaning they can be traded or exchanged for one another. Non-fungible tokens aren't like your normal cryptocurrencies. NFTs aren't interchangeable. We all know that Shiba Inu has a massive token supply which is the only reason why the price is not boosing by thousands of percentage. 


Every Shiba holder was requesting the developers to come up with an Autoburn algorithm to cut the tokens out from the circulating supply. Shytoshi Kusama revealed the plan of burning the tokens using the upcoming 10,000 NFTs. He named these NFTs Shiboshis. But any owner who purchases this can rename them. The glance of this can also be seen on the homepage of ShibaSwap



How can anyone burn the supply of tokens? How can you buy these NFTs and give them your name?


How can you buy these NFTs and give them your name?

According to a Medium post done by Shytoshi, He mentioned: "I am proud to announce the name for our 10,000 NFTs: Shiboshis!. Shiboshis are 10,000 cute, randomly generated NFTs only available via ShibaSwap. 


As I mentioned above, each product we release somehow integrates into the Shib Token Trifecta and in this case, Shiboshis will only be available for Leash holders during the first 24 hours. Moreover, as the NFTs are purchased, each buyer has the ability to change the name of the NFT by burning Shib. 


Through this burning process, we see one of many burn mechanisms that are in the near future for Shib. Finally, at release, the Shiboshi roadmap will explain how we plan to expand on Shiboshis and use these unique NFTs to grow the Shib Token". 


So it is clear that you can rename them by burning Shib which will help Shiba Inu to boost its price. This is a very smart initiative from Shiba Inu developers. Further, Shytoshi mentioned that Shiboshis to be ready within the next two weeks. What are your thoughts about this?. Are you planning to buy Shiboshis NFTs?. Do let us know in the comment sections below. 



Will burning shib tokens help Shiba Inu to raise the price?


Definitely Yes, Burning tokens will push tokens out from the token supply and will create scarcity. This scarcity will increase the token price depending on the frequency and quantity of token burn. What price can we expect for the Shiba Inu coin in this last quarter of 2021? 


Price will increase definitely as the coin is becoming more practical. As per Crypto analysts, Shiba Inu will be exceptionally bullish in this last quarter as we have major upcoming catalysts like NFTs, Auto-Burn, Robinhood listing, Own Blockchain, and much more. So, a price pump can be expected in this last quarter and few zeroes can easily be cut from the price of Shiba Inu. 



Disclaimer: Before ending this, kindly note that prices of cryptocurrencies frequently change, so by the time you read this article, it might have changed to a whole new value. The information provided in this article does not constitute investment advice, financial advice, trading advice, or any other sort of advice, and you should not treat any of the content as such. The content in this article is for educational purposes only and hence should not be considered as financial advice. Do conduct your own due diligence and consult your financial advisor before making any investment decisions

6 comments:

  1. Well, it's... Interesting. I don't know how many people are willing to blow their money to rename something, or If it's all that exciting. The Shiba ecosystem sure is interesting and unique. I hold a 850 million $Shib, so rock on.

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