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

In a surprising turn of events, the burn rate of the meme-inspired CRYPTOCURRENCY Shiba Inu ($SHIB) has skyrocketed by an astonishing 940% within 24 hours. This surge in the burn rate translates to over 164 million SHIB tokens being sent to “dead wallets,” effectively removing them from the circulating supply.

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.

 

The post $SHIB Burn Rate Skyrockets by 940% as Shibarium Transactions Keep Rising appeared first on BitcoinWorld.

Comments

Post a Comment

Popular posts from this blog

Decentralized Exchanges Win USDC Depegging

Image
In a time when banks are having trouble, decentralized exchanges are doing very well. The collapse of Silicon Valley Bank (SVB) last week and the ripple effect that followed seemed to help de centralized exchanges, as trading activity rose to levels not seen since November 2022. According to the most recent data from DeFiLlama, the daily trading volume on de centralized exchanges has increased by a staggering 255.36% over the past week and is getting closer to $60 billion, a level last seen four months ago. On March 11, investors rushed to move money, which caused the number to reach almost $25 billion. All of the top de centralized exchanges were in the green, and most of them saw gains of more than 100%. The leaderboard shows that Uniswap is by far the largest de centralized exchange, with $31.69 billion worth of trades over the past week. On March 11, it had nearly $12 billion in trades, which was the most ever in a single day. High volumes also show
Read more

Bitcoin (BTC) Set For $35000, Ethereum (ETH) Above $2000 As US CPI Inflation Falls

Image
The market forecast reveals annual CPI inflation for June fell to 3.1%, marking the 12th consecutive month of falls. It is the lowest since March 2021. Also, core CPI inflation decreased to 5% from 5.3% in May. However, the monthly CPI for June rises 0.3% against 0.1% last month. advertisement Wall Street analysts also estimated a massive fall in CPI inflation. Bloomberg, Citi, HSBC, UBS, and Nomura expect CPI at 3%, while Goldman Sachs, BMO, Barclays, Morgan Stanley, TD Securities, and CIBC estimated inflation to fall to 3.1%. Meanwhile, JPMorgan, RBC, and Visa forecasted annual CPI at 3.2%. The headline inflation falling to 3-3.2% will bring further upside move in the stocks and crypto markets. JPMorgan’s analysts said inflation is likely to fall below the consensus estimates and compel the Fed to shift to a dovish outlook. The CME FedWatch Tool shows a 90% probability of a 25 bps hike to be announced during the FOMC meeting on July 26. However, the US dollar
Read more

Ethereum Is In A Range And Struggling Below The High Of $1,880

Image
Jul 29, 2023 at 11:11 // Price Author Coin Idol Ethereum price (ETH) has remained trapped between the moving average lines. Long-term analysis of the Ethereum price: bearish The moving average lines have not been broken by either the bulls or the bears. If the moving average lines are broken, the largest altcoin will trend. According to the price indicator, the altcoin will fall above $1,800 and then resume its uptrend. In other words, if the resistance at $1,920 and the 21-day line of SMA are broken, the largest altcoin will show a trend. Ether will rise
Read more