The burn rate of the meme-inspired cryptocurrency Shiba Inu ($SHIB) has surged by over 940% over the last 24-hour period, which means that over 164 million SHIB tokens have were sent to dead wallets and effectively removed from the circulating supply.
According to data from burn tracking platform Shibburn, these burns occurred in a total of 50 transactions, with a major transaction seemingly burning a total of 100 million SHIB tokens to help the burn rate surge.
The rising burn rates comes at a time in which the Shiba Inu ecosystem’s layer-2 scaling solution, Shibarium, is seeing its transaction levels hit a new all-time high just a brief period after the network was reactivated.
According to data from Shibarium network explorer Shibariumscan, the Shibarium network has seen its transactions surpass the two million mark earlier this month to now stand at 3.2 million, with over 860,000 blocks being processed on the network.
Despite the community’s efforts to burn SHIB, the price of the cryptocurrency hasn’t surged as some expected. Some analysts believe that Shiba Inu’s price could rise as adoption grows, and as such the team behind the project has been moving forward with partnerships to allow SHIB’s utility to grow.
As CryptoGlobe reported, last year 162-year-old Swiss luxury watchmaker TAG Heuer started accepting SHIB and DOGE payments, along with ten other cryptoassets for payments. The firm “designs, manufactures and markets watches and fashion accessories, as well as eyewear and mobile phones manufactured under license by other companies and carrying the TAG Heuer brand name”
Earlier this month, blockchain payments system FCF Pay announced that customers of the popular financial behemoth HSBC are now able to pay their mortgage bills and loans using numerous cryptocurrencies, including Bitcoin ($BTC), $XRP, and Shiba Inu ($SHIB).
Featured image via Unsplash.