Shiba Inu NFTs Boom While SHIB Loses 15%

Shiba Inu burn rate spike
Shiba Inu NFTs

YEREVAN ( – The Shiba Inu ecosystem is stirring the Non-Fungible Token (NFT) market, particularly with its Ethereum layer-2 blockchain, Shibarium. As the memecoin evolved into the metaverse, gaming, and decentralized finance (DeFi) applications, let’s take a closer look at Shiba Inu NFTs and the SHIB token price.

Shiba Inu NFTs
Shiba Inu (SHIB) price. Source: CoinStats

Team Posts a Guide For Shiba Inu NFTs

Shibarium has emerged as a central platform for a variety of NFTs. Among the notable NFT collections that have been launched on Shibarium are Colonel Coup and Shib Dream NFT. Moreover, the Shiba Inu team has released a comprehensive guide for community members on purchasing Shibarium-based NFTs.

This guide outlines the prerequisites, such as holding Ethereum and Shiba Inu ecosystem assets (SHIB, BONE, or LEASH), and the process of adding the Shibarium network to users’ Web3 crypto wallets.

Notably, the guide emphasizes platforms like Mantra Protocol for NFT purchases, with prices ranging from 10 to 10,000 BONE tokens. This initiative underscores the ecosystem’s efforts to make NFT acquisition more accessible and user-friendly​​.

ColonelCoup: A Flagship NFT Project

As mentioned, one of the most anticipated projects within this ecosystem is the ColonelCoup NFT project. Touted as the official mascot of the Shib CoOP, a collective of developers, investors, and creatives, ColonelCoup aims to further enrich the SHIB metaverse.

The project’s mint date announcement generated considerable excitement, marking it as one of the earliest NFT collections on Shibarium. Each NFT in the ColonelCoup collection is priced at 5 million SHIB, showcasing the unique offerings of the Shiba Inu ecosystem.

Shiba Inu NFTs
ColonelCoup NFT Collection. Source: X

This project exemplifies the ecosystem’s expansion into new digital realms and its continuous innovation within the cryptocurrency and NFT markets​​. But what about SHIB? Has the token price benefitted from the NFT market expansion?

SHIB Price Lags Behind

SHIB token traded at $0.00000915 on Jan 8, after a 15% year-to-date drop. Furthermore, the token’s trading volumes in the previous week increased compared to late December, indicating a sell-off wave.

Shiba Inu NFTs trading volumes. Source:
Shiba Inu trading volumes. Source: Messari

Meanwhile, the market sentiment is somewhat bearish with a Fear & Greed Index score of 71 (Greed), indicating mixed expectations for its near-term performance​. Additionally, SHIB price depends on larger players in the market, such as Bitcoin and Ethereum.

Shiba Inu (SHIB) price. Source:
Shiba Inu (SHIB) price. Source: TradingView

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