The Shiba Inu community has been reporting a sharp increase in the burn rate of SHIB tokens following recent updates. This significant development also coincides with the anticipated SHIB Metaverse launch.
Over the past 24 hours, the burn rate of SHIB tokens has increased by close to 360%, clearly demonstrating the community’s determination to reduce the circulating supply.
“The community’s dedication to our vision is driving these incredible burn rates,” said Shytoshi Kusama, lead developer on the SHIB team, commenting on the increase.
SHIB Burn Rate Increased by 360%
The Shibburn tracking platform reports that a total of 23,726,896 SHIB tokens have been burned in the last 24 hours. This increase comes after the SHIB team gained early access to the Metaverse launch; this sandbox aims to provide an interactive experience for the SHIB community.
Notably, the largest single burn transaction was 22,988,505 SHIB, highlighting the strong community participation. Over the past week, 66,799,664 SHIB tokens were sent to wallets that were not allowed to spend, thus removing them from circulation. While there was a significant increase in the overall burn rate, it is also noteworthy that the burn rate decreased by 47.37% during the same period.
This burn strategy aims to reduce the supply of SHIB in the markets and allow it to gain value. To date, nearly half of the initial supply of approximately 410 trillion SHIB tokens have been burned, with more than 5 trillion of the remaining 584 trillion SHIB staked by active users.
The SHIB team has launched early access to its anticipated SHIB Metaverse, where users can purchase virtual land plots, build their own homes, and upgrade their avatars. This virtual environment provides a space where users can socialize, interact, and earn profit from their investments.
Within the Metaverse, users will have access to various community hubs designed for relaxation and interaction, further enriching their experience. “We are excited to welcome our community to this revolutionary space,” said Shytoshi Kusama, emphasizing the team’s commitment to creating an inclusive and interactive platform.
Additionally, the SHIB team plans to launch the TREAT token to facilitate transactions in the Metaverse. This digital asset will provide users with opportunities to participate in an innovative ecosystem and offer increased participation rewards through yield mechanisms.
The Shiba Inu ecosystem continues to grow with community energy and innovative technologies. The recent SHIB burns and Metaverse launch clearly demonstrate the SHIB army’s collective desire to increase the value and usability of the token. As the community continues to embrace these changes, the long-term outlook for SHIB looks promising.