As a seasoned researcher with a penchant for all things cryptocurrency, today’s news about Shibburn’s report on the surge in SHIB burn rate has caught my attention. Having closely followed the SHIB community’s developments over the years, I must admit that their dedication to reducing coin supply is truly commendable.
This morning, Shibburn – a well-known wallet tracker – posted an update on Twitter about the quantity of SHIB meme tokens that have been recently destroyed by the Shiba Inu community.
According to the monitoring system, there’s been a substantial rise in the burn rate since this morning, following the SHIB team’s announcement yesterday about the commencement of early access to the SHIB Metaverse.
SHIB burns increase by 360%
According to the information provided earlier, it’s been found that in the last 24 hours, the rate at which SHIB meme coins are being removed from the circulating supply has significantly increased by approximately 360%. This increase resulted in a total of 23,726,896 Shiba Inu coins leaving the supply.
22,988,505 tokens of the most popular meme coin, Shiba Inu (SHIB), were permanently removed from circulation in a single transaction last week. This action, known as “burning,” involved transferring 3x times the amount to non-spendable wallets, effectively taking it out of market circulation forever. However, despite this massive destruction of 66,799,664 SHIB tokens, the rate at which tokens are being burned has decreased by approximately 47.37%, as reported in a tweet from Shibburn.
HOURLY SHIB UPDATE$SHIB Price: $0.0000218 (1hr -0.27% ▼ | 24hr 1.43% ▲ )
Market Cap: $12,835,572,449 (1.27% ▲)
Total Supply: 589,257,100,476,541TOKENS BURNT
Past 24Hrs: 23,726,896 (359.38% ▲)
Past 7 Days: 66,799,664 (-47.37% ▼)— Shibburn (@shibburn) December 27, 2024
The main purpose behind the incineration of Shiba Inu coins is to significantly decrease the number of coins available for circulation. This could theoretically cause a significant rise in the value of each coin. Currently, approximately half of the initial trillion-unit supply has already been destroyed, which equals 410,742,899,523,458 coins. There are still 584,158,144,524,778 Shiba Inu coins in circulation, with 5,098,955,951,762 of them being staked.
SHIB releases Metaverse
This week, the Shiba Inu (SHIB) team unveiled early access to their long-awaited project, the Metaverse – a digital realm designed specifically for SHIB users. To gain entry, you’ll need to connect your wallet and purchase a piece of virtual real estate, where you can construct a house and even design your own virtual character for navigating this digital world.
These spaces, referred to as ‘hubs’, are areas of publicly accessible virtual land. Users can come here for peaceful meditation, socializing with others, engaging in discussions, or simply enjoying themselves within this digital environment.
Today’s X post finds Shytoshi Kusama, the mysterious leader of the SHIB project, expressing his sense of accomplishment as the Metaverse team successfully unveils their long-awaited launch.
The team is also readying the release of the TREAT token, designed for extensive usage within the Metaverse. Furthermore, this fresh token will unlock various other benefits for the Shiba Inu community, acting as a “ticket to an advanced and interconnected future,” including entry to yield farming functions, as stated on the Shiba Inu website.
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2024-12-28 16:21