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Earlier today, popular wallet tracker Shibburn tweeted an update regarding an amount SHIB meme coins have been getting burned recently By the Shiba Inu community.
The tracking platform reported that the burn rate has increased significantly since yesterday morning, one day after the SHIB team announced the opening of early access to the SHIB Metaverse.
SHIB burn increased by 360%
The aforementioned data source revealed that over the past 24 hours, the pace of SHIB meme coins exiting circulating supply has increased by approximately 360% for a total of 23,726,896 Shiba Inu.
The largest block of coins burned in one move was 22,988,505 SHIB. Over the past week, 3x coins were shoveled into unspendable wallets, leaving the market forever. Although 66,799,664 SHIB were destroyed, the burn rate decreased by 47.37%, according to Shiburn's tweet.
The ultimate goal of coin burning is a significant reduction in circulating supply, which could lead to a significant increase in SHIB prices. So far, nearly half of the initial quadrillion supplies have been burned. This 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 mortgaged.
Related to
SHIB releases Metaverse
Earlier this week, Team SHIB finally arrived Unlock early access to the Metaversea virtual space for SHIB users, which has been in development for several years. The mechanism to enter it involves linking your wallet, purchasing a virtual plot of land with the opportunity to build a house on it, and then creating a virtual avatar to live in the Metaverse.
It has different public pieces of land called hubs, where users can visit to meditate, relax, meet in groups, discuss anything and have a good time in the virtual space.
In today's X post, he leads the mysterious SHIB Voiced by Chitoshi Kusama Proud of the Metaverse team to finally release it.
The team is also preparing to launch the TREAT token, which will be widely used in the Metaverse. Furthermore, the new currency will provide a host of other opportunities for SHIB's military, as it will serve as a "one-stop access card to a more innovative and connected future," including access to a yield farming mechanism, according to SHIB's website.
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