The broader crypto market has witnessed a massive surge in the Shiba Inu burn rate, with the metric skyrocketing by 2,296% in just one day. This remarkable surge reflects the community’s desire to decrease the overall supply of Shiba Inu and possibly induce a price increase. With Shiba Inu showing signs of a strong revival, this could spark a new bullish phase for the popular meme coin.

Shiba Inu Burn Rate Skyrockets 

The Shiba Inu burn mechanism is vital to its deflationary strategy, which aims to trigger token scarcity by permanently removing SHIB tokens from circulation. According to new data from the  Shibburn, a burn portal specifically for the SHIB ecosystem, burn rates have increased by a whopping 2,050.95% in the last 24 hours. 

This massive surge in the Shiba Inu burn rate has resulted in 1.28 billion SHIB tokens being permanently removed from circulation. Such a significant increase in token burns is often linked to the community, as members of the Shiba Inu ecosystem have constantly advocated for larger token burns. 

Following Shibburn’s burn update on X (formerly Twitter), it can be seen that millions of tokens are being sent to dead wallets every hour. This surge in burn rate marks a significant milestone in the SHIB community’s efforts to reduce supply and potentially boost the value of the meme coin.  

Among the most significant contributors to this recent spike in SHIB burn rate is Shibtoshi, the founder of SquidGrow, a utility meme coin. Lola,

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Author: Scott Matherson