The floor price for the native non-fungible tokens (NFTs) of the Shiba Inu ($SHIB) ecosystem is now above 1.2 ETH, after over $20 million worth of these tokens were traded on the popular decentralized NFT marketplace OpenSea.

According to the platform’s data, 3,300 owners of the Shiba Inu NFTs, known as Shiboshis, have already traded over 5,000 ETH worth of the tokens after these were launched earlier this month.

As CryptoGlobe reported, the developers behind the Shiba Inu coin announced their NFT token sale in mid-October, with plans to create a total of 10,000 Shiboshis that users were initially able to purchase with $LEASH, before being able to do so with a combination of both $ETH and $LEASH.

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Each wallet could only mint a total of 10 NFTs, with each costing between 0.1 and 0.3 ETH. The entire collection was minted in less than 35 minutes and soon after the price of the Shiba Inu-themed tokens started surging.

The popularity of Shiba Inu’s NFTs has been surging along with the price of the cryptocurrency itself. According to data from CryptoCompare, the price of Shiba Inu’s token has moved up over 600% in the last three months over a retail trading frenzy that was bolstered by the cryptocurrency’s massive circulating supply being confronted with significant token burns.

The cryptocurrency’s trading volume has surged to rival that of Ethereum after a supporter asked Tesla and SpaceX CEO Elon Musk, who has been a vocal supporter of rival meme-inspired cryptocurrency Dogecoin ($DOGE) how much SHIB Musk was holding.

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Musk replied with one word, “none,” leading to a significant crash in the price of the cryptocurrency, which at one point was down more than 10%. Musk was then asked about another meme-inspired cryptocurrency, Floki Inu, to which he replied he only bought BTC, ETH, and DOGE.

Some token pools on Shiba Inu’s ShibaSwap exchange also implemented a burning system to destroy tokens and permanently remove them from circulation. According to available data, SHIB whales have been influencing the cryptocurrency’s price, as when whale transactions above $100,000 occur, prices rise.

DISCLAIMER

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The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

IMAGE CREDIT

Featured image via Unsplash


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