Shiba Inu Burn Rate Jumps Over 270% In A Single Day: Taylor Swift Effect?

The burn rate of Shiba Inu (CRYPTO: SHIB) has experienced an incredible surge of over 270% within the past 24 hours. Over the course of this period, a whopping 48 million SHIB tokens were burnt and permanently removed from circulation.

What Happened: According to data from IntoTheBlock, the SHIB addresses that are profiting from holding SHIB tokens have risen from 7% to the current level of 9%.

In another development for SHIB, tickets for the film “Taylor Swift: The Eras Tour” can now be purchased using SHIB along with Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), Dogecoin (CRYPTO: DOGE).

Will The SEC Finally Approve Long-Awaited Bitcoin Spot ETF? Ask industry experts directly at Benzinga’s Future of Digital Assets event happening in NYC on Nov. 14, 2023. Be a part of the discussions where you won’t just be a passive spectator. Don’t let this chance slip away – secure early bird discounted tickets now!

See More: A Stay At The Floating Palace From James Bond’s ‘Octopussy

Why It Matters: It is noteworthy that “Taylor Swift: The Eras Tour” has already achieved remarkable success by accumulating an astounding $100 million in presales even before its premiere. 

The integration of cryptocurrencies into the film’s ticket payment system is made possible due to the partnership between crypto payment service provider BitPay and the theater chain AMC, established early last year.

This development comes as SHIB’s price has surpassed the crucial support level at $0.0000070. 

Price Action: At the time of writing, SHIB was trading at $0.00000711, up 0.96% in the last 24 hours, according to Benzinga Pro.

Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?

Image created via photos on Shutterstock