Shib launches second-gen NFT "SHEboshis": Temporary rules-adjusted female-themed ERC-404
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Shib launches second-gen NFT "SHEboshis": Temporary rules-adjusted female-themed ERC-404
will receive continuous empowerment, but faces the risk of excessive position concentration.
Navigating Web3 tides with focused insightsText: Nan Zhi, Odaily Planet Daily
In the early hours of today, the Shib team officially launched its ERC-404-based NFT collection SHEboshis. The original plan was to first distribute to holders of the previous-generation NFT Shiboshis, followed by LEASH holders and then a public sale. However, due to a bug in the contract code, minting was prematurely opened at 0.05 ETH. After 12,000 NFTs were minted, the Shib team increased the supply cap from 12,000 to 20,000 and halted further minting.
As of 11:00 AM, Blur market data shows that the floor price of SHEboshis has risen to 0.141 ETH, representing an 182% increase from the initial mint price. Can this second-generation NFT gain sustained support from the Shib ecosystem? What risks are involved? Odaily Planet Daily will analyze the background and future plans of SHEboshis in this article.
Understanding SHEboshis
In October 2021, Shib launched its first-generation NFT series Shiboshis, consisting of 10,000 male characters. In its latest promotional document, Shib stated that this new NFT collection celebrates women and innovation, and represents a strong commitment to the future of NFTs—named SHEboshis.
NFT Utility
According to the documentation, SHEboshis marks the beginning of Shib’s next phase of NFT development. Distribution would have been based on factors such as the number of Shiboshis held and holding duration, categorizing users into different tiers for allocation. Additionally, Leash token holders were to receive priority access. However, both phases were skipped due to the contract bug, leading directly to the public sale.
Since SHEboshis is built using ERC-404 technology, it can be traded in token form and will later be listed on Uniswap and Shibaswap.
What utilities does this series offer? Currently, Shib has disclosed two directions:
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Shib plans to introduce a "mating" mechanism combining Shiboshi and SHEboshis, potentially generating offspring NFTs or tokens. Specific details have not yet been revealed, but the feature is expected to launch this year.
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When launching the first-gen Shiboshis NFTs, Shib announced the upcoming Shiboshi Game, where NFT holders could use their assets in a strategy game. Given that SHEboshis holds a similar status and pricing to Shiboshis, it is expected to participate in this ecosystem as well.
SHEboshis is currently deployed on Ethereum. The official Shib team stated that this move aims to capture Ethereum traffic and, through its upcoming cross-chain NFT functionality, redirect this traffic and momentum to Shibarium.
Presale Fund Allocation
According to Blur data, the current circulating supply of SHEboshis is 14,517. At the public sale price of 0.05 ETH, the project raised approximately 700 ETH. Based on prior documentation, these funds will be allocated as follows:
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10% for token buybacks and burns, distributed as follows: Shib (6%), Bone, Leash, Treat, Shi (1% each);
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10% donated to nonprofit organizations;
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15% donated to the foundation;
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15% allocated to the team;
The remaining 50% will go toward project expenses and treasury reserves. Since the token has not yet launched trading, part of these funds are expected to be used for liquidity pools. Assuming around 350 ETH is allocated, this would place it among the higher-liquidity ERC-404 tokens recently launched, helping stabilize prices and attract larger investments.
Potential Risks
According to @imrjcyka, who claims to be a former member of the Shib team, multiple signs suggest the bug that bypassed the first two distribution stages and triggered the premature public sale was intentional. Leash saw unusual price surges two hours before the public announcement. The vulnerability existed for six minutes after deployment, after which the team increased the supply cap to 20,000 and set the mint price to 1000 ETH—a move suggesting deliberate manipulation.
During the vulnerability window, two wallets batch-minted over 800 and 700 SHEboshis respectively. Current data from Blur shows that the top five addresses collectively hold 17% of the total SHEboshis supply, indicating high concentration and potential sell-off risks.
Conclusion
The current NFT market cap of SHEboshis stands at approximately $7 million. As an official product from the Shib team, it is expected to receive ongoing ecosystem support. Meanwhile, the floor price of the first-gen Shiboshis collection is currently at 0.267 ETH—about 250% higher than that of the second-gen—suggesting relatively low valuation. Prices may rebound following the introduction of ERC-404 trading capabilities.
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