Dog-themed cryptocurrency Shiba Inu SHIBUSD has seen its burn rate skyrocket by 495% in the last 24 hours, with 14,052,230 SHIB burned
The burning rate of dog-themed cryptocurrency Shiba Inu (SHIBUSD) has surged 495% in the last 24 hours, data from Shibburn X showed.
A total of 14,052,230 SHIB were burned in the past 24 hours, according to the crypto tracking platform.
The current increase in the burn rate suggests that the Shiba Inu community remains actively involved in reducing SHIB’s total supply. Token burns are seen as a long-term strategy to enhance scarcity and potentially drive price appreciation.
However, in the last seven days, the Shiba Inu burn rate has fallen 89.36%, with only 59,809,225 SHIB burned.
At the time of writing, Shiba Inu's price was trading in red, reflecting the broader market trend. While burns contribute to reducing supply, demand and market factors might dictate price movement.
Shiba Inu was trading 1.31% lower in the last 24 hours at $0.00001274. Bitcoin (BTCUSD) and other major tokens fell as Thursday’s rise was met by profit-taking during early Friday trading,
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