Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Earlier today, the popular wallet tracker Shibburn published a tweet with an update regarding the amount of SHIB meme coins recently burned by the Shiba Inu community.
The tracking platform reported that the burn rate has significantly increased since last morning, a day after the SHIB team announced the opening of early access to the SHIB Metaverse.
SHIB burns increase by 360%
The aforementioned data source revealed that over the past 24 hours, the pace at which SHIB meme coins have been leaving the circulating supply has increased by nearly 360% with a total of 23,726,896 Shiba Inu.
The largest meme coin lump burned in a single move was 22,988,505 SHIB. For the past week, 3x coins were shoveled to unspendable wallets, leaving the market forever. Despite the fact that 66,799,664 SHIB got destroyed, the burn rate has dropped by 47.37%, according to the Shibburn tweet.
The ultimate goal of burning the coins is the substantial reduction of the supply in circulation, which may potentially lead to a large SHIB price increase. So far, nearly half the initial quadrillion supply has been burned. That constitutes 410,742,899,523,458 SHIB with 584,158,144,524,778 SHIB still in circulation, of which 5,098,955,951,762 SHIB have been staked.
SHIB releases Metaverse
Earlier this week, the SHIB team finally opened early access to Metaverse, a virtual space for SHIB users, which had been in development for several years. The mechanism of entering it includes connecting one’s wallet and buying a plot of virtual land with an opportunity to build a house on it and then also creating a virtual avatar for living in the Metaverse.
It contains various public plots of land called hubs, where users can visit to meditate, relax, meet in groups and discuss anything and have a good time in the virtual space.
In today’s X post, the enigmatic SHIB lead Shytoshi Kusama expressed pride of the Metaverse team for finally launching it.
The team is also preparing to launch the TREAT token, which will be widely used in the Metaverse. Besides, the new token will provide a bunch of other opportunities for the SHIB army, serving as “your all-access pass to a more innovative and interconnected future,” including access to the yield farming mechanism, according to the SHIB website.
Dan Burgin
U.Today Editorial Team
