The popular meme cryptocurrency Shiba Inu (SHIB) has seen a remarkable increase in its burn rate overnight. According to Shibburn, a platform that tracks SHIB metrics, the burn rate surged by over 7,000% recently, with millions of SHIB tokens being destroyed.
This spike in activity coincides with the SHIB team’s announcement of an important Web3 upgrade for one of its main Shibarium products, expected to be launched this week.
Shiba Inu (SHIB) Burn Rate Surges 7,334% as Team Prepares for Major Update
Shiba Inu (SHIB) has experienced a dramatic increase in its burn rate, with the metric rising by 7,334% overnight, according to Shibburn. A total of 2,376,919 SHIB coins were burned through five transactions. Among these, the largest burns removed 1,000,000 and 897,397 SHIB from circulation.
Source: X
Despite these efforts, the circulating supply of SHIB remains substantial, currently at 583,409,479,610,457 out of the original one-quadrillion supply. To date, 410,727,776,917,712 SHIB have been destroyed, including a major burn orchestrated by Ethereum co-founder Vitalik Buterin in May 2021, following a donation of half of the SHIB supply from its mysterious creator, Ryoshi.
The impact of these burns on SHIB’s price has been minimal. Recently, despite the large amounts of SHIB being destroyed, the coin’s value declined by 3.33% before making a slight recovery of 1.21%. As of now, SHIB is trading at $0.00001680.
Shiba Eternity Web3 Version Launching This Week on Shibarium Network
On Monday, Lucie, the official SHIB marketing lead, announced on her X account that a new, Web3 version of the popular Shiba Eternity smartphone game will launch this week on the Shibarium network. The timing of the release was confirmed by Angel, a developer from the Shiba Games team.
To access the new version, players will need to stake LEASH tokens, which will provide exclusive entry and align them with the ShibArmy elite. Additionally, users must hold at least one Shiboshi, Sheboshi, or Shiba Eternity Lore non-fungible token to gain access once the game is live.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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