The burn rate of the popular meme-inspired cryptocurrency Shiba Inu ($SHIB) has recently surged more than 250% in just 24 hours after 23 large transactions removed from circulation more than 47.9 million SHIB tokens.

According to data from Shiba Inu burn monitoring service Shiburn, a total of 47,950,727 SHIB tokens were burned over 24 hours in a total of 23 transactions and effectively removed from the cryptocurrency’s circulating supply, raising the burn rate nearly 260% over the previous 24-hour period.

The burn, however, equals little over $330 and is set to have little impact on the cryptocurrency’s total circulating supply. Despite the community’s efforts to burn SHIB, the price of the cryptocurrency hasn’t surged as some expected.

The cryptocurrency’s community burns token by moving them to addresses that no one controls – so-called dead addresses – to remove them from circulation and effectively reducing its available supply on the market. If met with stronger demand, the price could theoretically rise as a result.

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.