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Crypto News

Amid Massive Token Burn, Shiba Inu Team Announces Update On “SHIB The Metaverse”

According to a recent blog post release, the Shiba Inu team has been working on a new “SHIB The Metaverse” project to create a genuinely immersive experience deserving of the Shiba Inu community.

SHIB: The Metaverse, as described on the website, is “the culmination of Shiba Inu history as a community, virtually displayed, in a layer of beautiful visuals that showcase their innovation and unity with a place to truly call home.”

Within the SHIB Metaverse project, the Shiba Ecosystem will flourish, and when all the phases are implemented, all tokens—$SHIB, $LEASH, $BONE, and $SHIBOSHIS—will be significant players.

The project’s development is poised to attract excellent “partnerships” and crucial community resources. The team confirms the project will allow users to explore benefits and interact with a Shiba Inu Universe like never before. 

According to the announcement, the goal is to present a unique, enjoyable, and exciting way for users to generate prizes, collect game resources, and make passive revenue. Users will also be given access to a private area where they may create and manage their projects.

Notably, users will experience “calming sensations, meditation, natural beauty, and spiritual connections to the world,” as described in the blog post.

Currently, There are a total of 100,595 lands that will be unlocked over time for bid or purchase. According to the website, only 32,124 of the 36,431 lands that will be shown during the first initial phase will be for sale.

Shiba Inu Team Continues Token Burn

The Shiba Inu community has continued massive token burn throughout this year. Overall, a total of 410,379,496,937,856 $SHIB are recorded to be burnt from the initial total supply, according to the Shiba Inu tracker Shibburn.

In just 12 hours ago, a total of 297,483,549 $SHIB was burnt, according to the tracker’s recorded transactions. Shiba Inu has a circulating supply of 549,063,278,876,302, which shows a considerable number left despite the continuous ongoing token burn.

This is targeted to reduce the supply, thereby increasing the asset’s value. For now, we believe token burn isn’t what will ignite another bull run for $SHIB, as it needs more adoption and some use cases to get it there. The team is already putting in the effort to bring about the kind of adoption and use case the project needs to scale further.

Shiba Inu Price Action

The Shiba Inu price today is $0.000012, with a 24-hour trading volume of $322,920,739. $SHIB price is up 0.08% in the last 24 hours, with a current market cap of $6,693,048,760.

According to data from CoinMarketCap, Shiba Inu declined from its 12th position ranking to 14th position, below Polygon (MATIC) and DAI, which is at 12th and 13th, respectively.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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