Shiba Inu and Rival Floki Token Communities Burn Millions of Tokens to Boost Value, SHIB NFT Project Brings Items into Metaverse
• The Shiba Inu (SHIB) community burned over 12 million tokens on January 2nd, reducing supply to around 581 trillion tokens. This brings the total burn rate to 300%.
• Rival memecoin FLOKI saw a 600% daily burn rate with over 218 million tokens removed from circulation.
• The burns aim to boost investor value and control inflation. Vitalik Buterin previously burned 90% of his SHIB tokens.
• A new SHIB NFT project will allow users to mint NFTs from physical items, bringing them into the metaverse.
• Despite controversy around the Shibarium metaverse rollout, SHIB saw higher 2021 trading volume than XRP, MATIC, and ETH.