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Shiba Inu's burn rate surged by 7,334%, fueled by the burn of millions of SHIB coins, as excitement mounts for the imminent Web3 update of "Shiba Eternity."
SHIB Burn Rate Surges Overnight
The news of a rise in one of the most important Shiba Inu indicators was circulated via the crypto wallet tracking platform Shibburn.
According to U.Today, several million meme coins were burned overnight, resulting in a burn rate that reached four figures. At the same time, the SHIB team was dropping hints that one of Shibarium's flagship products will be getting a major Web3 upgrade this week.
The Shiba Inu army managed to increase the burn metric by 7,334% after burning 2,376,919 SHIB coins, according to Shibburn.
With the two biggest burn transactions removing 1,000,000 and 897,397 SHIB from circulation, there have been a total of five burn transactions recorded.
SHIB Burn Impact Analysis
The total supply of SHIB is depleted over time as tokens are burned. The initial quantity of the second largest meme-inspired coin by market capitalization size was one quadrillion, but there is currently a circulating supply of 583,409,479,610,457.
After mysterious SHIB creator Ryoshi gave Vitalik Buterin half of the supply, the bulk of the remaining 410,727,776,917,712 SHIB were burned in a single huge transfer by Ethereum cofounder Buterin in May 2021.
No matter how many Shiba Inu coins are burned, their value is rarely affected by the fire. This time, the coin fell by 3.33 percent before making a faint ascent of 1.2 percent. Metacoin is trading hands at $0.00001680 as of this writing.
Major Update for 'Shiba Eternity' This Week
On Monday, Lucie, the official SHIB marketing lead, said on her X account that the Shibarium network is anticipated to release a new Web3 edition of the popular "Shiba Eternity" smartphone game this week.
The Shiba Games team's angel developer provided the "this week" timing that she mentioned. In order to unlock the new game version, players must wager LEASH tokens. To paraphrase Lucie:
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