SIDUS (SIDUS) price has skyrocketed in the past 24 hours, reaching its highest level since May 2022. The surge in the price of the native utility token comes after the SIDUS HEROES team announced that they had burned an astounding 6.8 billion tokens, accounting for 23.13% of the total supply. The tokens were permanently removed from circulation, reducing total supply to about 22.6 billion.
Buying pressure for SIDUS was strong following the reduction in supply. The token now has a market cap of $140 million and 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 is one of the biggest gainers in the last 24 hours, with its price rising by over 40% to reach its highest level since May 2022. The daily trading volume in this period was over $9 million, resulting in cumulative gains of 780% over the last 30 days.
SIDUS reached an all-time high of above $0.19 in January 2022 but lost nearly 95% of that value during the bear market. Though the broader market has since recovered, the token remained largely stagnant until an uptick in community activity in recent weeks. This could also be due to the project’s growing list of partners, which includes Animoca Brands, Polygon, OKX Ventures, Hashkey Capital, and YouTuber Mr. Beast.