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'Shib Army' Looks To Capitalize On The Shiba Inu Hype With NFT Sale

May 11, 2021 1:01 am
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'Shib Army' Looks To Capitalize On The Shiba Inu Hype With NFT Sale

Fans of SHIBA INU (SHIB), a token that styles itself as Dogecoin (DOGE) killer, have jumped on the non-fungible token art bandwagon.

What Happened: “SHIB ARMY is the biggest and strongest army in the world,” reads the description of the self-styled SHIB ARMY on Rarible, an NFT marketplace.

“We will not stop fighting until we reach the moon! HELP SUPPORT THE SHIB MOVEMENT BY PURCHASING NFTS,” it says. 

See also: How to Buy Shiba Inu (SHIB)

SHIB ARMY put 250 animated copies on sale of an artwork titled “SHIB ARMY” for 0.001 Ethereum (ETH), which is equivalent to $3.78 as of press time as ETH traded 5.7% lower at $3,784.49.

Screenshot Of "Shib Army," An NFT Artwork On Sale At Rarible.com

As for the coin that the fans support, it is up a whopping 2,161.05% on a seven-day trailing period. SHIB traded 143.9% higher at $0.000035.

DOGE, now the fourth-largest coin by market capitalization, traded 12.4% lower at $0.46. The apex cryptocurrency, Bitcoin (BTC), was down 7.35% at $54.871.32 at press time.

Why It Matters: As of press time, all 250 NFT art pieces sold by SHIB ARMY were available for bidding. 

As per the SHIB ARMY description on Rarible, “after purchasing you will officially be commissioned into the SHIB ARMY!”

A key factor in the propulsion of SHIB is the role played by Chinese investors, who are swayed by their domestic social media momentum.

SHIB is an ERC-20 token that has locked 50% of its total supply to Uniswap (UNI) and the remaining 50% was burned to Ethereum’s founder Vitalik Buterin.

As Shiba Inu finds momentum, many, including Binance CEO Changpeng Zhao, have sounded caution. "I am/we are neither for or against them," Zhao said on SHIB and DOGE. "Just providing a neutral market place."

"Don't buy coins you don't understand," the Binance CEO added.

Photo by Maja Dumat on Flickr

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