Shiba

Burn

Bitcoin

Shiba Inu

<img width="800" height="533" src="https://cdn.thebittimes.com/images/2023/09/30/5c051202ce30ab705ed9a6340cf95f85.webp" class="webfeedsFeaturedVisual wp-post-image" alt="" decoding="async" style="display: block; margin: auto; margin-bottom: 5px;max-width: 100%;" link_thumbnail="1" srcset="https://cdn.thebittimes.com/images/2023/09/30/5c051202ce30ab705ed9a6340cf95f85.webp 800w, https://cdn.thebittimes.com/images/2023/09/30/5c051202ce30ab705ed9a6340cf95f85.webp 450w, https://cdn.thebittimes.com/images/2023/09/30/5c051202ce30ab705ed9a6340cf95f85.webp 750w, https://cdn.thebittimes.com/images/2023/09/30/5c051202ce30ab705ed9a6340cf95f85.webp 768w" sizes="(max-width: 800px) 100vw, 800px"> 
In a surprising turn of events, the <a rel="noopener noreferrer nofollow" title="burn rate" href="https://thebittimes.com/tag/burn-rate.html">burn rate</a> of the meme-inspired <a rel="noopener noreferrer nofollow" title="CRYPTOCURRENCY" href="https://thebittimes.com/tag/cryptocurrency.html">CRYPTOCURRENCY</a> <a rel="noopener noreferrer nofollow" title="Shiba Inu" href="https://thebittimes.com/tag/shiba-inu.html">Shiba Inu</a> ($<a rel="noopener noreferrer nofollow" title="SHIB" href="https://thebittimes.com/tag/shib.html">SHIB</a>) has skyrocketed by an astonishing 940% within 24 hours. This surge in the <a rel="noopener noreferrer nofollow" title="burn rate" href="https://thebittimes.com/tag/burn-rate.html">burn rate</a> translates to over 164 million <a rel="noopener noreferrer nofollow" title="SHIB" href="https://thebittimes.com/tag/shib.html">SHIB</a> tokens being sent to “<a rel="noopener noreferrer nofollow" title="dead wallets" href="https://thebittimes.com/tag/dead-wallets.html">dead wallets</a>,” effectively removing them from the <a rel="noopener noreferrer nofollow" title="circulating supply" href="https://thebittimes.com/tag/circulating-supply.html">circulating supply</a>. 
According to data obtained from the burn tracking platform Shibburn, these substantial burns took place across 50 transactions, with one particularly noteworthy transaction incinerating a staggering 100 million SHIB tokens, significantly contributing to the surge in burn rate. 
This surge in burn rate coincides with heightened activity in the Shiba Inu ecosystem’s layer-2 scaling solution, known as Shibarium. The network has recently witnessed a surge in transaction levels, achieving a new all-time high shortly after its reactivation. 
Data from Shibarium network explorer Shibariumscan reveals that the Shibarium network’s transactions have surpassed the two million mark earlier this month, currently standing at 3.2 million transactions, with over 860,000 blocks being processed on the network. 
Despite the concerted efforts within the Shiba Inu community to burn SHIB tokens, the cryptocurrency’s price has yet to experience the anticipated surge. Some analysts believe that Shiba Inu’s price may increase as adoption grows. As a result, the project’s team has been actively pursuing partnerships to enhance SHIB’s utility. 
Notably, last year, the esteemed 162-year-old Swiss luxury watchmaker TAG Heuer began accepting SHIB and DOGE as payment options, among ten other cryptocurrencies. This move broadened the utility of SHIB in real-world transactions, as TAG Heuer is renowned for its luxury watches and fashion accessories. 
Moreover, in recent developments, blockchain payments system FCF Pay announced that customers of financial giant HSBC can now use various cryptocurrencies, including Bitcoin ($BTC), $XRP, and Shiba Inu ($SHIB), to pay their mortgage bills and loans. This integration of SHIB into mainstream financial services further highlights the growing adoption of cryptocurrencies in everyday transactions. 
The Shiba Inu community continues to closely monitor developments within the ecosystem, including burn rates and utility-enhancing partnerships, in anticipation of potential price movements in the future. 
&nbsp; 
The post $SHIB Burn Rate Skyrockets by 940% as Shibarium Transactions Keep Rising appeared first on BitcoinWorld. 
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/shib-burn-rate-skyrockets-by-940-as-shibarium-transactions-keep-rising-tbt64610.html">https://thebittimes.com/shib-burn-rate-skyrockets-by-940-as-shibarium-transactions-keep-rising-tbt64610.html</a>

$SHIB Burn Rate Skyrockets by 940% as Shibarium Transactions Keep Rising

TheBitTimes

Other articles published on Sep 29, 2023

Trading Legend John Bollinger Indicates Potential Surge for Bitcoin

Three Arrows drama unfolds as founder Su Zhu faces jail time in Singapore

Weed and crypto behind record electricity theft in England and Wales

AVAX Price Analysis: Will Avalanche Sail Smooth To $12?

Buenos Aires Aims for a Privacy-Based Blockchain Solution

CCL Stock: Is Carnival Stock Price Taking Reversal From 200 EMA?

Join our free newsletter for daily crypto updates!