SHIB Burn Rate Spikes 111% as Shibarium Hits Crucial Milestone

Despite the negative market performance of its beloved meme coin, the Shiba Inu community is striving hard to continue its efforts to reduce the circulating supply of SHIB. Since yesterday morning, they have manage to dispose of almost 90 million Shiba Inu.

In the meantime, the Layer-2 blockchain of Shiba Inu, Shibarium, has reached a significant new milestone, which shows its utility and adoption keep expanding fast.

Burn rate jumps 111%, millions of SHIB gone

According to data shared by the Shibburn wallet tracker, which collects data on Etherscan and then posts it on their website, the past 24 hours have been successful for SHIB burners. Over this span of time, they have managed to transfer a total of 84,187,048 SHIB to dead-end wallets.

Due to this, the SHIB burn rate has gone up by 111.35% compared to Wednesday, when less than 40,000,000 Shiba Inu tokens were transferred to "inferno" wallets. On Oct. 18, the increase of the SHIB burn rate constituted 208%, according to Shibburn.

So far, Shibburn has registered nine burn transactions, where the two largest ones carried 29,883,366 SHIB five hours ago and 20,000,000 SHIB 12 hours ago.

Shibarium hits big new milestone

Data shared by the Shibariumscan explorer shows that the Layer-2 blockchain has reached a major new milestone in terms of total transaction count. By now, this metric has reached 3,508,133.

However, the number of daily transfers on Shibarium has dropped to a low of 9,760 compared to a recent surge to 33,000 three days ago. On Sept. 20, a peak of 43,850 transactions was registered.

The number of mined blocks on Shibarium so far remains at 1,216,076, while the number of linked wallets is equal to 1,254,787. This metric has not changed over the past week. Overall, this week, the SHIB burn rate has been on the rise, also showing a 400% jump on Monday at the very start of the week.

According to the same source, the number of cumulative accounts on Shibarium has risen to 27,460 today, Oct. 19 – that is almost 2,500 growth within a week.

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SHIB takes big adoption step

Important news that spread in the crypto media this week was the fact that thanks to the collaboration of BitPay crypto payment gateway and the AMC chain of movie theaters, Shiba Inu (and other cryptocurrencies, such as Bitcoin, XRP, Ethereum, Dogecoin) are now accepted for the purchase of tickets to see Taylor Swift's Eras Tour movie.

Ferrari automobile making legend has also announced a collaboration with BitPay to begin accepting cryptocurrencies for its cars from U.S. customers. Dogecoin cofounder Billy Markus tweeted that they should also accept DOGE, since BitPay works with this meme coin. But it also has Shiba Inu on the list, so most likely, a Ferrari in the U.S. can be bought with SHIB now too.