Web3 Gaming and AI Project SIDUS Burns 6.8B Tokens, Price Increases
The value of SIDUS increased when the project burned 6.8 billion tokens. The Web3 Gaming and AI project has seen the value of its native utility token jump 40% in the past 24 hours. Buying pressure for SIDUS pushed it to its highest level since May 2022.
The price of SIDUS has risen sharply over the past few days, rising to its highest level since May 2022. This comes after the SIDUS HEROES team announced that they have burned their 6.8 billion domestic utility token supply.
The 6.8 billion SIDUS tokens announced on Friday represent 23.13% of the total supply. These tokens were permanently withdrawn from circulation, cutting the total supply to around 22.6 billion.
🔥 Done! We burned 6,826,500,000 $SIDUS tokens – 23.13% of the total supply! 🔥
✔️ Transaction Details:-
Both of our revolutionary votes are over – $SIDUS and $SENATE are very strong, with lots of room for growth! 🚀 pic.twitter.com/dX5tpbtAJT
— STAR HEROES (@galaxy_star) November 23, 2023
After this reduction in supply, buying pressure for SIDUS arose. SIDUS currently has a market cap of $140 million with 17.5 billion SIDUS tokens in circulation.
What is SIDUS?
Sidus is a space-based game, metaverse and Web3 platform powered by AI technology and blockchain. Its SIDUS HEROES ecosystem offers gaming and non-perishable tokens (NFTs) to access gaming and has a dual token system.
SIDUS is the utility token of the SIDUS HEROES ecosystem and the governance token is SENATE, where users must participate in project development and decision-making votes. SIDUS is central to the SIDUS HEROES metaverse, for both in-game and out-of-game activities, including marketplace transactions.
The price of SIDUS increased by 780% in a month.
SIDUS was one of the top gainers in the last 24 hours, trading up over 40% to $0.0078. With a daily trading volume of more than $9 million at the time, it's a performance that has brought cumulative profits to +780% over the past 30 days.
In January 2022, SIDUS hit an all-time high of $0.19, but the bear market hit hard, losing nearly 95 percent. Despite the broader market recovery, the signal in the community (which now has over 27k holders) has remained very low in recent weeks.
Apart from the token burn, another incentive for the price increase could be the project's growing list of partners. Just recently, the team shared a list of business partners and investors that include Animoka Brands, Polygon, OKX Ventures and Hashkey Capital. YouTuber Mr. Beast is also a partner.
