SHIB Burn Rate Soars 1,064% Following Two Impressive Milestones
The SHIB army began the new week after the woeful results of the past week, with the SHIB burn rate showing a massive rise, as per data released by shibburn.com. Meanwhile, on the Ethereum network, Shiba Inu whales have added over $1 million of the meme token to their portfolio.
SHIB Scores Massive Burn Rate Hike
The SHIB community is getting busier as it removes about 23,823,149 SHIB from circulation. Accordingly, this shoots up the meme coin burning rate by 1,064%.
However, the amount of tokens burned in supply is from a single transaction, according to the Twitter post from the burn tracking system. This appears to be an all-time high compared to the previous SHIBs burned on Saturday and Sunday, which amounted to only 2,045,478 SHIB.
On the whole, the Shib burn activities have been going differently than expected in recent times. On-chain data shows that last week’s record was the lowest for the meme coin, as 99,774,731 SHIB were destroyed.
Experts noted that the bear market impacts the low amount of coins destroyed. In addition, the FTX crash has pushed the broader crypto market into a tight corner, with the exchange filing for bankruptcy due to liquidity issues.
Meanwhile, the Shiba Inu Twitter community has recorded another win, with its followers on the social media platform reaching 3.6 million on Friday.
Another impressive win for the meme network is an increase in SHIB wallet holders. According to WhaleStat, the number of wallets containing meme coins has spiked to 1,243,804.
SHIB Metaverse Announces New Project
According to reports, the metaverse initiative of the meme digital asset has a new project. Accordingly, the SHIB Metaverse unveiled a Tech Trench Hub, a concept art ecosystem containing adventurous spaces alongside exceptional architectural designs and natural water bodies.
According to the SHIB Metaverse, the new virtual environment aims to depict the ancient immersive trench, which developers remodeled into a hyper-modern space.
Meanwhile, the architectural designs inspire some of the world’s leading universities and innovative schools. Some universities are Yale University and Princeton University in the United States, Rolex Learning Center in Switzerland, and others.
The SHIB Metaverse Hub is the first among the meme virtual networks and is poised to play a leading role in the ecosystem’s expansion in the future. Moreover, the hub is intended to provide users with a modern view of and connection with cultural histories integrated with SHIB’s creation and journey as a project.
The team noted that the SHIB community’s feedback on the Metaverse project is vital for its evolution. Furthermore, the concept artwork will bring out the best in the digital representation of the platform on which the message is expressed.
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