The burn rate of the meme-inspired cryptocurrency Shiba Inu ($SHIB) has recently skyrocketed by a staggering 7,686,774.46% after over 8.3 billion SHIB tokens were burned in a single day.
According to data from Shiba Inu burn tracking platform Shibburn, over the last 24-hour period there were only six transactions burning tokens, but in total over $75,000 worth of the meme-inspired cryptocurrency, or 8.3 billion tokens, were sent to dead wallets.
It’s currently unclear what led to the surprising surge in Shiba Inu’s burn rate, but it came at a time in which the price of various cryptocurrencies started surging with the flagship cryptocurrency Bitcoin recently surpassing the $40,000 mark for the first time since May 2022.
Shiba Inu’s community burns token by moving them to addresses that no one controls – so-called dead addresses – to remove them from circulation and effectively reducing its available supply on the market. If met with stronger demand, the price could theoretically rise as a result.
Some analysts believe that Shiba Inu’s price could rise as adoption grows, and as such the team behind the project has been moving forward with partnerships to allow SHIB’s utility to grow.
Last year 162-year-old Swiss luxury watchmaker TAG Heuer started accepting SHIB and DOGE payments, along with ten other cryptoassets for payments. The firm “designs, manufactures and markets watches and fashion accessories, as well as eyewear and mobile phones manufactured under license by other companies and carrying the TAG Heuer brand name.”
Earlier, blockchain payments system FCF Pay announced that customers of the popular financial behemoth HSBC are now able to pay their mortgage bills and loans using numerous cryptocurrencies, including Bitcoin ($BTC), $XRP, and Shiba Inu ($SHIB).
Featured image via Unsplash.
