The post Shiba Inu Burn Rate Soars by 940%: Shiba will reach $0.10 soon? appeared on BitcoinEthereumNews.com.

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…

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Filed under: News - @ September 15, 2024 6:04 pm