Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Popular Shibburn tracking platform has spread the word about a significant increase in the SHIB burn rate that took place over the past two hours, pushing this metric’s reading high into the green zone.

In the meantime, the Shiba Inu price has continued declining since Saturday, going farther down from the $0.00002140 price peak reached on that day.

SHIB burns show 320% spike

The above-mentioned data source shared that over the last 24 hours, the SHIB burn index jumped to the 320.33% level within approximately two hours. This was achieved thanks to the overall burns of 10,312,196 SHIB conducted by the meme coin’s community over the last 24 hours.

The largest batch of meme coins was burned in the past two hours, with 6,942,069 SHIB locked in unspendable wallets in a single transaction. The second biggest burn transfer carried 3,316,000 SHIB, while overall, so far only four burn transactions have been made.

The initiator of the recent transactions, which transferred 6,942,069 SHIB to an unspendable wallet, is unknown. However, the comments under that tweet on the Shibburn account hint that it may have been the SHIB team, and the burn was made on Shibarium automatically.

The innovation announced back in January now conducts all SHIB burns automatically by converting BONE tokens into Shiba Inu and then sending them to dead-end wallets.

SHIB metaverse update

On Sunday, Lucie shared some news to show how things with the SHIB metaverse are proceeding. She reminded the community that the team will “finally launch Shib the Metaverse in the foreseeable future.”

Lucie hinted that all of the recent posts about the Shiba State and projects to be launched soon or in the works, such as TREAT, the layer-3 solution, or projects that have been rolled out already - Shiboshis and the SHIB Marketplace - are all going to come together in the SHIB Metaverse.

Lucie tweeted that “the SHIB ecosystem is gearing up to take things to the next level with its upcoming metaverse.” This place will be “the beating heart of the SHIB community, where user-generated content, ideas, and collaboration thrive.” She said that it would be correct to think about the metaverse as “the ultimate HQ for SHIB holders,” where they will not be limited by the physical world but will have the virtual universe for the taking.