Web3 gaming and AI project SIDUS burns 6.8B tokens, price skyrockets

SIDUS price skyrockets as project burns 6.8 billion tokens.
The Web3 gaming and AI project has seen the price of its native utility token jump 40% in the past 24 hours.
Buying pressure for SIDUS has pushed it to its highest level since May 2022.

Sidus (SIDUS) price has risen sharply in the past few days, rising to its highest level since May 2022. This comes after the SIDUS HEROES team announced they had burned a staggering 6.8 billion of the native utility token’s supply.

The announcement on Friday revealed the 6.8 billion SIDUS tokens, accounting for 23.13% of the total supply. These tokens have permanently been removed from circulation, cutting total supply to about 22.6 billion.

🔥 It’s done! We’ve burned 6,826,500,000 $SIDUS tokens – 23.13% of the total supply! 🔥

✔️ Transaction details: https://t.co/ew5O7CgeG8

Both our revolutionary votes are over – $SIDUS and $SENATE are much stronger, with a lot of space for growth! 🚀 pic.twitter.com/dX5tpbtAJT

— SIDUS HEROES (@galaxy_sidus) November 23, 2023

Buying pressure for SIDUS rose after this reduction in supply. Sidus (SIDUS) currently has a market cap of $140 million, with a circulating supply of 17.5 billion SIDUS tokens.

What is SIDUS?

Sidus is a space-based gaming, metaverse and Web3 platform powered by AI technology and blockchain. Its SIDUS HEROES ecosystem offers play-to-earn gaming and non-fungible tokens (NFTs) and features a dual token system.

SIDUS is the utility token of the SIDUS HEROES ecosystem, while the governance token is SENATE, which users need to participate in project development and decision-making votes. SIDUS is central to the SIDUS HEROES’ metaverse, both for in-game and out-of-game functionalities, including marketplace transactions.

SIDUS price up 780% in a month

Sidus (SIDUS) is one of the biggest gainers in the past 24 hours, trading more than 40% up as its price reached highs of $0.0078. With a daily trading volume of over $9 million in the period, it’s a performance that brings cumulative gains over the past 30 days to +780%.

SIDUS reached an all-time above $0.19 in January 2022, but lost nearly 95% of that as the bear market took a toll. Despite a broader market recovery, the token remained largely down until an uptick in community (which is now above 27k holders) in recent weeks.

Apart from the token burn, another catalyst to the price surge could be the project’s growing list of partners. Just recently, the team shared its list of business partners and investors that includes Animoca Brands, Polygon, OKX Ventures and Hashkey Capital. YouTuber Mr. Beast is also a partner.