A significant number of Shiba Inu coins have been sent to a “furnace” in an effort to decrease the coins in circulation.
Despite the meme coin Shiba Inu facing a tough market, its community is working diligently to reduce the number of SHIB coins in circulation. In just one day, they managed to burn nearly 90 million Shiba Inu coins.
On another front, Shiba Inu’s Layer-2 blockchain, Shibarium, has achieved a noteworthy milestone, indicating its growing utility and adoption.
SHIB Burn Rate Surges 111%, Millions Gone
Data from the Shibburn wallet tracker, which collects information from Etherscan and shares it on their website, shows that the past 24 hours have been successful for SHIB burners. During this time, they moved a total of 84,187,048 SHIB to wallets where the coins are inaccessible.
As a result, the SHIB burn rate increased by 111.35% compared to the previous day when less than 40,000,000 Shiba Inu tokens were sent to these “inferno” wallets. On October 18, the SHIB burn rate spiked by 208%, as reported by Shibburn.
Up to now, Shibburn has recorded nine burn transactions, with the two largest ones being 29,883,366 SHIB transferred five hours ago and 20,000,000 SHIB transferred 12 hours ago.
Shibarium Achieves Significant Milestone
Data from the Shibariumscan explorer reveals a significant milestone in the total number of transactions, now standing at 3,508,133.
However, the daily transfers on Shibarium have dipped to just 9,760, compared to a recent high of 33,000 three days ago and a peak of 43,850 transactions on September 20.
The number of mined blocks on Shibarium remains at 1,216,076, and the linked wallets count stands at 1,254,787, showing no change in the past week. This week, the SHIB burn rate has been steadily increasing, with a remarkable 400% jump at the start of the week.
The cumulative accounts on Shibarium have risen to 27,460 as of October 19, an increase of nearly 2,500 in just one week.
SHIB Achieves Major Adoption Milestone
Big news in the cryptocurrency world this week involves a partnership between BitPay, a crypto payment gateway, and AMC movie theaters. This collaboration allows you to use cryptocurrencies like Shiba Inu, Bitcoin, XRP, Ethereum, and Dogecoin to buy tickets for Taylor Swift’s Eras Tour movie.
Additionally, the famous carmaker Ferrari has also joined forces with BitPay to accept cryptocurrencies from U.S. customers for their vehicles. Dogecoin co-founder Billy Markus suggested they should accept DOGE too, as BitPay deals with this meme coin. Since BitPay also lists Shiba Inu, it’s likely that you can purchase a Ferrari in the U.S. using SHIB.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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