The crypto wallet tracking platform, Shibburn, has reported a significant surge in one of the key metrics for Shiba Inu (SHIB). Overnight, the burn rate of the meme coin demonstrated a massive four-digit increase, with millions of SHIB tokens destroyed.
This development coincides with the SHIB team’s teaser of a crucial Web3 upgrade for one of the main Shibarium products, set to launch this week. According to Shibburn, the Shiba Inu community successfully increased the burn metric by an astounding 7,334%, burning a total of 2,376,919 SHIB coins.
Five burn transactions have been recorded, with the largest two removing 1,000,000 and 897,397 SHIB from the circulating supply. Token burning reduces the number of SHIB in circulation, and currently, the circulating supply stands at 583,409,479,610,457 out of the initial one quadrillion supply.
Shiba Inu Trading Shows Volatility
To date, 410,727,776,917,712 SHIB have been destroyed, with the majority of these coins burned in a significant transfer by Ethereum co-founder Vitalik Buterin in May 2021. The transfer followed SHIB’s enigmatic creator, Ryoshi, gifting Buterin half of the Shiba Inu supply.
Despite the large amounts of SHIB being burned, the price impact remains minimal. The coin experienced a 3.33% decline, followed by a slight rebound of 1.21%, currently trading at $0.00001680.
In another exciting development, the official SHIB marketing lead, Lucie, announced on her X account that a new Web3 version of the popular Shiba Eternity smartphone game is expected to be released on the Shibarium network this week.
This information, shared by the angel developer of the Shiba Games team, indicates that players will need to stake LEASH tokens to access the new game version.
Lucie stated, “It offers players an exclusive entry into the game and aligns them with the ShibArmy elite.” To access the game once launched, users will need to hold at least one Shiboshi, Sheboshi, or Shiba Eternity Lore non-fungible token.
As the Shiba Inu community eagerly awaits the Web3 upgrade and the new game release, the significant burn rate increase highlights the community’s ongoing efforts to enhance the value and utility of the SHIB token.
