The Shiba Inu community achieved a significant milestone as the burn rate soared by an astonishing 7,334%, with several million SHIB coins destroyed. The crypto wallet tracking platform Shibburn reported this dramatic rise. Overnight, the burn rate showcased a massive four-digit increase. This event coincided with the SHIB team hinting at a crucial Web3 upgrade for one of the main Shibarium products, set to launch this week.
Key Burn Transactions
Notably, the SHIB army managed to burn a total of 2,376,919 SHIB coins, significantly boosting the burn metric. The increase resulted from five burn transactions, with the largest among them removing 1,000,000 and 897,397 SHIB from circulation. By burning tokens, the circulating supply of SHIB decreases over time. However, despite these efforts, the current circulating supply remains substantial at 583,409,479,610,457 from the initial one quadrillion supply.
To date, a total of 410,727,776,917,712 SHIB have been destroyed, with the majority of these trillions of coins burned in a single massive transfer by Ethereum co-founder Vitalik Buterin in May 2021.
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This transfer followed the enigmatic SHIB creator Ryoshi presenting Buterin with half of the Shiba Inu supply. Interestingly, the Shiba Inu price rarely responds to SHIB burns, regardless of the quantity destroyed. This time, the coin declined by 3.33% before making a small upward move, rising by a mere 1.21%. Currently, the meme cryptocurrency trades at $0.00001680.
Upcoming SHIB Game Upgrade
The SHIB community eagerly awaits a new Web3 version of the Shiba Eternity smartphone game, set to release on the Shibarium network this week. SHIB marketing lead Lucie announced this on her X account, crediting the timing to the Shiba Games team’s angel developer.
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To access the new game version, players must stake LEASH tokens. Lucie stated, “It offers players an exclusive entry into the game and aligns them with the ShibArmy elite.” Upon the game’s launch, users must hold at least one Shiboshi, Sheboshi, or Shiba Eternity Lore non-fungible token to access it.
This requirement ensures that members of the ShibArmy gain entry to the upgraded game, strengthening the community’s engagement and loyalty. By keeping the community informed and engaged, the SHIB team continues to foster a robust and active ecosystem, driving both participation and innovation within the Shiba Inu project.
