Shiba Inu Burn Rate Skyrockets, Eliminating Millions of Tokens

According to CryptoPotato, Shiba Inu's burn rate has significantly increased, eliminating approximately 86 million tokens from circulation. The burn rate has jumped by over 8,500% in the past 24 hours, aiming to reduce the massive circulating supply of SHIB and potentially making it more valuable in the future. Data from Shibburn reveals that more than 41% of the asset's maximum supply has already been destroyed through a combination of manual and automated burns. Every time a transaction is made on the network, a certain percentage of the transaction fee is transferred to a null address. Last month, the Shiba Inu team introduced a transformative token burning mechanism to automate the entire system. The recent spike in burn rate coincides with the resurgence of Shibarium, with total transactions on the network exceeding 360 million. The successful execution of the burning mechanism and further development of Shibarium may positively impact SHIB's price. In the past 24 hours, the price has risen 2.5%, and nearly 5% on a two-week scale, according to CoinGecko's data.