According to U.Today, the Shiba Inu (SHIB) community has witnessed a significant increase in the burn rate of its tokens. The crypto wallet tracking platform Shibburn reported that the burn rate surged by 7,334%, with a total of 2,376,919 SHIB coins destroyed overnight. This development comes as the SHIB team prepares to launch a crucial Web3 upgrade for one of its main Shibarium products this week.
The Shiba Inu community has been actively involved in reducing the circulating supply of SHIB tokens through burn transactions. Five burn transactions were noted, with the largest ones removing 1,000,000 and 897,397 SHIB from circulation. Despite these efforts, the circulating supply of SHIB remains substantial, with 583,409,479,610,457 tokens still in circulation out of the initial one quadrillion supply. To date, a total of 410,727,776,917,712 SHIB have been destroyed, with a significant portion burned by Ethereum co-founder Vitalik Buterin in May 2021.
The price of Shiba Inu has shown little impact from the burn activities. The coin experienced a 3.33% decline, followed by a minor 1.21% increase. At the time of writing, SHIB is trading at $0.00001680.
In addition to the burn rate news, the SHIB team is set to release a new Web3 version of the popular Shiba Eternity smartphone game on the Shibarium network this week. Lucie, the official SHIB marketing lead, announced on her X account that players will need to stake LEASH tokens to access the new version of the game. This upgrade offers players exclusive entry and aligns them with the ShibArmy elite. To access the game, users will need to hold at least one Shiboshi, Sheboshi, or Shiba Eternity Lore non-fungible token.
