The recent launch of SHEboshi NFTs, associated with the popular meme coin Shiba Inu (SHIB), has taken the non-fungible token field by storm. Within a remarkably short period, all 20,000 collectibles were claimed, leading to a rapid sell-out in less than three hours post-launch. This unprecedented success showcases the growing interest and demand for NFTs within the Shiba Inu community.
The distribution strategy for SHEboshi NFTs involved three stages: free claim for Shiboshis holders, exclusive access to LEASH holders, and a planned public minting phase. However, due to the overwhelming response, the public minting phase had to be canceled. Initially priced at 0.05 ETH each, the floor price of SHEboshi NFTs has now surged to 0.175 ETH on the OpenSea platform, reflecting a significant increase in value. This price appreciation has resulted in the total value of SHEboshi collectibles exceeding $10 million.
This success story with SHEboshi NFTs is not the first instance of Shiba Inu-related NFTs gaining widespread popularity. In 2021, the team behind the meme coin launched 10,000 Shiboshi NFTs, representing “lovable creatures,” which also witnessed a surge in demand and value. However, the initial hype around these collectibles gradually diminished, leading to a significant decline in their prices by over 70% in Q2 2022. Currently, the floor price for Shiboshi NFTs stands at around 0.172 ETH, marking an 85% drop from the all-time high levels observed in November 2021.
The rapid sell-out and subsequent price appreciation of SHEboshi NFTs highlight the continued interest and enthusiasm for NFTs within the Shiba Inu ecosystem. This success not only demonstrates the strong community support for such initiatives but also underscores the evolving nature of the NFT market. As the popularity of Shiba Inu-related NFTs continues to grow, it will be interesting to observe how these digital collectibles fare in the ever-changing landscape of the crypto industry.