Shiba Inu ($SHIB), a meme-driven cryptocurrency, has taken the crypto market by storm, with its burn rate increasing by an incredible 940% in a single 24-hour period. This significant increase means that 164 million SHIB tokens have ended up in “dead wallets,” thereby removing them from the supply in circulation.
Shiba Inu Coin Overview
For the uninitiated, Shiba Inu, or SHIB, began as a competitor to the popular Dogecoin. However, with the passage of time and the support of the community, it has carved out a niche for itself. SHIB, also known as a decentralised meme token, is making big advances in the cryptoverse.
Exploring the Burn
Shibburn, a platform dedicated to tracking SHIB burns, reports that this massive burn was split among 50 transactions. One transaction in particular stood out, eradicating a staggering 100 million SHIB tokens – a significant element in the quick burn rate growth.
Surprisingly, this increase in burn rate is not isolated. It’s happening in tandem with rising activity in Shibarium, the Shiba Inu ecosystem’s layer-2 scaling mechanism. The network recently experienced a surge in transactional activity, reaching a new all-time high shortly after resuming operations.
Shibariumscan, the go-to Shibarium network explorer, generates figures that tell an intriguing story. The Shibarium network has already surpassed the two million transaction mark this month, with 3.2 million transactions presently recorded. In addition, the network has processed over 860,000 blocks.
Price and Adoption of SHIB
Despite the community’s active SHIB token burning, the cryptocurrency’s price has not increased as planned. However, some market observers believe that as SHIB use grows, its price will follow accordingly. On this front, the Shiba Inu team has been relentless in its pursuit of collaborations to expand SHIB’s real-world application.
TAG Heuer, a 162-year-old Swiss luxury wristwatch powerhouse, has recently added both SHIB and DOGE into its payment choices, along with eight other cryptocurrencies. TAG Heuer’s acceptance of SHIB for its luxury offerings demonstrates the token’s growing utility.
FCF Pay, a blockchain payment infrastructure, said that HSBC clients can now settle their mortgages and loans using a suite of cryptos including Bitcoin ($BTC), $XRP, and, of course, Shiba Inu ($SHIB). Such incorporations highlight the growing use of cryptos, such as SHIB, in traditional financial operations.
With these improvements, the Shiba Inu community is keeping a close eye on the ecology, hoping for potential price increases in the near future.
Will Shiba Inu reach $0.10 soon?
Shiba Inu has promise given its existing trajectory and ecosystem changes. However, projecting whether or not SHIB will reach the 10-cent barrier necessitates taking into account several market aspects, and even then, the volatility of the crypto market means nothing is certain.
Shiba Inu Burn Rate Soars A Potential Leap to $0.10 on the Horizon?,Shiba Inu Burn Rate Soars A Potential Leap to $0.10 on the Horizon?