The Shiba Inu ($SHIB) cryptocurrency has witnessed an extraordinary increase in its token burn rate, surging by 7,686,774.46%.
This spike occurred after an astounding 8.3 billion SHIB tokens were eliminated in just one day.
Data from Shibburn, a Shiba Inu burn tracking platform, indicates that although only six transactions were involved, they collectively removed $75,000 worth of tokens, equating to 8.3 billion SHIB, by sending them to so-called dead wallets.
The reason behind this sudden surge in token burning remains a mystery. However, it coincides with an overall upswing in the cryptocurrency market, highlighted by Bitcoin’s recent ascent over the $40,000 threshold, a peak it hadn’t reached since May 2022.
Shiba Inu’s community adopts a unique approach to increase the token’s value by transferring tokens to uncontrolled addresses, effectively taking them off the market.
This reduction in circulation, coupled with rising demand, could theoretically boost the token’s price.
Analysts speculate that Shiba Inu’s value might climb as its adoption widens. In line with this, the Shiba Inu team is forging partnerships to enhance SHIB’s utility.
Notably, last year, the 162-year-old luxury watchmaker TAG Heuer began accepting SHIB and other cryptocurrencies for payments. TAG Heuer is renowned for its watches, fashion accessories, eyewear, and mobile phones.
In another significant development, blockchain payments system FCF Pay announced that HSBC customers can now use cryptocurrencies, including Bitcoin ($BTC), $XRP, and Shiba Inu ($SHIB), to pay their mortgage bills and loans.
This move represents a notable step towards broader crypto integration in mainstream financial services.