Token/coin burning is becoming increasingly popular among crypto projects. When coins are burnt, they are either destroyed or removed from circulation, thus reducing the supply. By making a coin scarcer, its price increases, benefiting investors as a whole.
The second largest meme coin, Shiba Inu, is expected to undertake a massive burn in the coming weeks. Although Shiba Inu is not new to the deflationary technique, this particular burn is predicted to be the biggest in the network’s history.
When is the SHIB Metaverse?
Ryoshi, the founder of Shiba Inu, has explained that the burn will prepare the network for its own metaverse. At the moment, there are 589,736,561,989,744 SHIB.
At the request of Guardians of Shib, he has hinted that The Shiba Inu Core Devs (SICD) are working towards developing Shiba Inu’s own metaverse, known as “Oshiverse.” The anonymous developer stated:
“We are working on so many aspects of Shiba Inu including Shibarium, Shi, Shibanet, The Decentralized Shiboshi Game, Incubator and much more that won’t become evident until the near future.”
Shiba Inu into Blockchain Gaming
According to Shytoshi Kusama, one of Shiba’s lead developers, the project is looking to turn its focus towards blockchain gaming.
Shytoshi Kusama says that Shiba Inu is working on a project termed the “future of gaming,” which will be an industry game-changer.
He went on to reveal that Shiba has gotten help from game developer and former VP of Technology at Activision, William David Volk, to build a game better than those of other metaverses. The game would be built on Shibarium, a layer-2 network that is a work in progress.
On the Flipside
- Despite developments on the network, SHIB continues to underperform, and is currently down by more than 61% from its ATH at the time of writing.
Why You Should Care
Building a metaverse will increase the use cases available to Shiba Inu – a move which could help the price of SHIB to rally.