The Burn Rate of Shiba Inu (SHIB) Surges, Removing Over 164 Million Tokens from Circulation
The burn rate of the meme-inspired cryptocurrency Shiba Inu (SHIB) has skyrocketed by more than 940% in the past 24 hours. This means that over 164 million SHIB tokens have been sent to dead wallets and effectively taken out of circulation. The burns occurred in 50 transactions, with one major transaction burning a total of 100 million SHIB tokens, contributing to the surge in burn rate.
Shibarium Transaction Levels Hit New All-Time High
At the same time, the layer-2 scaling solution of the Shiba Inu ecosystem, Shibarium, is experiencing a significant increase in transaction levels. After being reactivated recently, Shibarium’s network has now processed over 3.2 million transactions and more than 860,000 blocks. This represents a new all-time high for Shibarium, indicating growing usage and activity within the network.
Price of SHIB Hasn’t Surged Despite Burning Efforts
Despite the community’s efforts to burn SHIB tokens, the price of the cryptocurrency has not seen a significant surge as some expected. However, analysts believe that as adoption grows and more partnerships are formed, Shiba Inu’s price could rise. To facilitate this growth in utility, the project team has been actively partnering with various entities. For example, Swiss luxury watchmaker TAG Heuer started accepting SHIB payments last year. Additionally, FCF Pay announced that HSBC customers can now use cryptocurrencies such as Bitcoin (BTC), XRP, and Shiba Inu (SHIB) to pay their mortgage bills and loans.
Hot Take: Shiba Inu’s Burn Rate Surges, but Price Remains Stable
The burn rate of Shiba Inu (SHIB) has experienced a significant surge, with over 164 million tokens being removed from circulation. Despite these burning efforts, the price of SHIB has not seen a substantial increase. However, as adoption continues to grow and partnerships are formed to enhance its utility, there is potential for the price to rise in the future. The recent surge in Shibarium transaction levels also indicates increasing usage within the ecosystem. It will be interesting to see how these developments impact the overall value and perception of Shiba Inu in the crypto market.
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