Posted on October 1, 2023
The meme-driven cryptocurrency, Shiba Inu ($SHIB), has taken the crypto space by storm as its burn rate surged by an impressive 940% in a mere 24-hour window. This dramatic upswing means that a massive 164 million SHIB tokens have met their end in “dead wallets”, effectively subtracting them from the supply in circulation.A Brief on Shiba Inu Coin
For the uninitiated, Shiba Inu, or SHIB, commenced as an alternative to the popular Dogecoin. However, with time and community backing, it has carved its niche. Dubbed as a decentralized meme token, SHIB is making significant inroads in the cryptoverse.
Delving into the Burn
Shibburn, a platform dedicated to tracking SHIB burns, provides data indicating that this monumental burn spread across 50 transactions. Standing out among them was one particular transaction that eradicated a whopping 100 million SHIB tokens – a significant factor in the rapid burn rate escalation.
Interestingly, this burn rate surge isn’t isolated. It’s happening in tandem with increased action in the Shiba Inu ecosystem’s layer-2 scaling mechanism, Shibarium. The network recently marked a surge in transactional activity, hitting a fresh all-time peak soon after coming back online.
Shibariumscan, the go-to Shibarium network explorer, dishes out numbers that tell a fascinating story. The Shibarium network has already crossed the two million transaction threshold this month, currently clocking in at 3.2 million transactions. Alongside, over 860,000 blocks have been processed by the network.
SHIB’s Price and Adoption
Despite the community’s aggressive SHIB token burning, the cryptocurrency hasn’t seen the expected price uptick. However, some market watchers are of the opinion that as SHIB’s adoption broadens, its price may follow suit. On this front, the Shiba Inu team has been tirelessly chasing partnerships to bolster SHIB’s real-world applicability.
Highlighting this is the recent move by TAG Heuer, a 162-year-old Swiss luxury watchmaking giant, which has integrated both SHIB and DOGE into its payment options, alongside eight other cryptocurrencies. TAG Heuer’s foray into accepting SHIB for its luxury offerings is testament to the token’s expanding utility.
In another significant stride towards mainstream acceptance, blockchain payment infrastructure FCF Pay revealed that HSBC customers can now settle their mortgages and loans using a suite of cryptos including Bitcoin ($BTC), $XRP, and, of course, Shiba Inu ($SHIB). Such incorporations underline the deepening entrenchment of cryptos, like SHIB, in conventional financial transactions.
With these advancements, the Shiba Inu community is keenly watching the ecosystem, hopeful for potential price surges in the foreseeable future.
Will Shiba Inu Hit the $0.10 Mark Soon?
Given the current trajectory and ecosystem developments, Shiba Inu has potential. However, predicting if and when SHIB will touch the 10-cent mark requires considering numerous market factors, and even then, the crypto market’s volatility means nothing is set in stone.$SHIB
