Singer of Swift Rivers
Creature — Merfolk Shaman
Flash
When this creature enters, put a shield counter on another target creature you control. (If it would be dealt damage or destroyed, remove a shield counter from it instead.)
You may cast Merfolk spells as though they had flash.
Illustrated by
The Lost Caverns of Ixalan Commander#66RareEnglishLegality
Rulings
If a permanent that would be dealt damage has more than one shield counter on it, that damage is prevented and only one shield counter is removed.
"Shield" is not an ability that creatures have and shield counters are not keyword counters. If a creature with a shield counter loses its abilities, the shield counter will still protect it as normal.
A creature with a shield counter on it may still be destroyed by state-based actions if it has damage marked on it equal to its toughness or has been dealt unpreventable damage by a source with deathtouch.
Removing a shield counter in this way isn't the same as regenerating a creature.
If a permanent with a shield counter is dealt unpreventable damage, that damage will be dealt and a shield counter will still be removed.
Shield counters don't prevent players from sacrificing creatures.