Burn rate of Shiba Inu increased by over 150 percent

The burn rate of the Shiba Inu, included in the popular meme coins, has increased significantly. In the past day 112,647,175 SHIB coins have been destroyed and more than 15 transactions are reported. This number is increasing. Shiba Inu’s lead developer Shytoshi Kusama has said that he will be sharing a blog post with the meme coin community soon. Speculation has increased since then.

The Shibburn website reports that 208 million SHIBs have been burned and have a burn rate of over 150 percent. A post on the Shib burn Twitter account showed 86,405,616 SHIBs were sent to inactive wallets in a single transaction. Shiba Inu whales, considered to be big holders, have a major stake in these transactions. Larger transactions are usually associated with increased activity of whales as they buy or sell large amounts. An analysis of WhaleStats’ top 100 Shiba Inu holders also revealed an increase in the average balance of this mime coin by about 6.8 percent from crypto whales doing transactions involving billions of SHIB tokens.

Upon publishing this report, the price of the Shiba Inu was down to $0.00001. Recently, travel website Travala announced accepting SHIB as a payment option for booking a number of luxury cars including Ferrari, Rolls-Royce, Lamborghini. Travala said in a post on Twitter that people can use SHIB to book luxury cars on the firm’s website. The firm added support for the Shiba Inu cryptocurrency in December last year, allowing people to pay in SHIB for a range of products and services on the website.

Many big brands have started adding Shiba Inu as a payment option for their products and services. Ticket and hotel booking platform XcelTrip also recently announced the acceptance of payments at SHIB. On this platform, SHIB holders can make full payment for their travel through this meme coin. The firm said that using SHIB, users will get the facility to book for about 23 lakh hotels and more than 450 airlines in more than 70 countries.

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