According to data from Shibburn, the burn rate of Shiba Inu (SHIB) tokens has surged by 947% in the past 24 hours, with over 164 million tokens sent to an inaccessible wallet. The Shiba Inu team has implemented a burning program to reduce the coin's circulating supply, potentially making SHIB more scarce and valuable over time. The asset has a total supply of 999,992,188,828,143 tokens, with 41% already destroyed.
Despite the significant increase in Shiba Inu's burn rate, the token's price has remained relatively flat over the past two weeks and is down 10% on a one-month basis, according to CoinGecko data. Some analysts and experts believe the coin may rally once mass adoption and additional Shibarium utilization are in place. Notably, Swiss luxury watchmaker Tag Heuer has already accepted SHIB as a payment method, and Texas residents can pay their solar panel bills in various digital assets, including the memecoin. The layer-2 scaling solution Shibarium has also passed through several development stages and recently surpassed three million total transactions.
