The burn rate of the popular meme-inspired cryptocurrency Shiba Inu ($SHIB) has recently surged more than 250% in just 24 hours after 23 large transactions removed from circulation more than 47.9 million SHIB tokens.<\/p>\n
According to data from Shiba Inu burn monitoring service Shiburn, a total of 47,950,727 SHIB tokens were burned over 24 hours in a total of 23 transactions and effectively removed from the cryptocurrency\u2019s circulating supply, raising the burn rate nearly 260% over the previous 24-hour period.<\/p>\n
The burn, however, equals little over $330 and is set to have little impact on the cryptocurrency\u2019s total circulating supply. Despite the community\u2019s efforts to burn SHIB, the price of the cryptocurrency hasn\u2019t surged as some expected.<\/p>\n
The cryptocurrency\u2019s community burns token by moving them to addresses that no one controls \u2013 so-called dead addresses \u2013 to remove them from circulation and effectively reducing its available supply on the market. If met with stronger demand, the price could theoretically rise as a result.<\/p>\n
Some analysts believe that Shiba Inu\u2019s price could rise as adoption grows, and as such the team behind the project has been moving forward with partnerships to allow SHIB\u2019s utility to grow.<\/p>\n
As CryptoGlobe reported, last year 162-year-old Swiss luxury watchmaker\u00a0TAG Heuer started accepting SHIB and DOGE payments, along with ten other cryptoassets for payments. The firm \u201cdesigns, manufactures and markets\u00a0watches\u00a0and\u00a0fashion accessories, as well as\u00a0eyewear\u00a0and\u00a0mobile phones\u00a0manufactured under\u00a0license\u00a0by other companies and carrying the TAG Heuer brand name\u201d<\/p>\n
Earlier this month, blockchain payments system FCF Pay announced that customers of the\u00a0popular financial behemoth HSBC are now able to pay their mortgage bills\u00a0and loans using numerous cryptocurrencies, including Bitcoin ($BTC), $XRP, and Shiba Inu ($SHIB).<\/p>\n