The burn rate of Shiba Inu ($SHIB), the cryptocurrency inspired by the Shiba Inu dog meme, has experienced a remarkable surge of more than 940% in the past 24 hours.
This surge signifies that a staggering 164 million SHIB tokens have been sent to inactive wallets, effectively reducing the total circulating supply.
According to data from Shibburn, a platform that tracks token burns, these burns occurred through a total of 50 transactions.
One particularly significant transaction contributed to the burning of 100 million SHIB tokens, significantly boosting the burn rate.
This surge in burn rate coincides with the growing activity on Shibarium, the layer-2 scaling solution for the Shiba Inu ecosystem.
Shibarium has recently reached an all-time high in transaction levels, a remarkable achievement shortly after the network’s reactivation.
Data from Shibariumscan, a network explorer for Shibarium, reveals that the network witnessed over two million transactions earlier this month, now standing at an impressive 3.2 million transactions. Furthermore, more than 860,000 blocks have been processed on the network.
Despite the community’s efforts to burn SHIB tokens, the cryptocurrency’s price has not experienced the expected surge.
Some analysts believe that Shiba Inu’s price may rise with increased adoption. Consequently, the project’s team has been actively pursuing partnerships to enhance SHIB’s utility.
As previously reported by CryptoGlobe, TAG Heuer, a 162-year-old Swiss luxury watchmaker, began accepting SHIB and DOGE payments, among ten other cryptocurrencies.
TAG Heuer is renowned for designing, manufacturing, and marketing watches, fashion accessories, eyewear, and mobile phones.