The Shiba Inu cryptocurrency is back in the news again. It announced the launch of an NFT collection related to fast food. The NFT is for the Eat Welly burger, and it will be available on its network. The collection has 10,000 NFT and each NFT has a different attribute combination. Though this launch has created a lot of excitement, market analysts still take a bearish outlook on SHIB prices.
This fast food NFT went live on June 9th, 2022 in the first phase. The minting of the NFTs is already under way and is expected to be don in stages. Called the “Eat Wellys” the NFT collection was designed by @chico_rata. A total of 140 attributes are distributed among the NFTs in different combinations.
Why is this collection so special? It is the first to be directly tied to a real business. Investors can buy this NFT on the OpenSea platform. Once the NFT mint started on June 9th, Shiboshi and LEASH holders minted their Welly NFTs, their holdings were locked in the staking process. In the last 12 hours of phase 1, SHIB and BONE holders got an exclusive invitation to mint their Welly NFTs. The second phase is expected to start when the first one is done. Phase 3 is going to be a public sale of this NFT.
Even though there is a lot of excitement around this NFT, analysts have a bearish outlook with regard to SHIB prices. They expect a 20% drop and analysts are sure they see a descending triangle of the chart. The current value of SHIB is $0.000008715, after the price dropped more 15.2% in the last day.