The burn rate of Shiba Inu (SHIB) has skyrocketed by over 940% in the past 24 hours. This surge in burn rate resulted in over 164 million SHIB tokens being sent to dead wallets and removed from circulation.
The burns occurred in 50 transactions, with one significant transaction burning 100 million SHIB tokens, contributing to the overall increase in burn rate. Meanwhile, the Shiba Inu ecosystem’s layer-2 scaling solution, Shibarium, has experienced a significant rise in transaction levels since its reactivation.
The network has processed over 3.2 million transactions and more than 860,000 blocks. Despite the burning efforts, the price of SHIB has not seen a significant surge. However, analysts believe that as adoption grows and partnerships are formed, SHIB’s utility may increase, potentially impacting its price.
Notably, luxury watchmaker TAG Heuer has started accepting SHIB and other cryptocurrencies as payment options, and HSBC customers can now use various cryptocurrencies, including SHIB, to pay their mortgage bills and loans through blockchain payments system FCF Pay.
Source: CRYPTOGlOBE
