Shiba Inu, the popular dog-themed cryptocurrency, has witnessed a significant spike in its burn rate. Over the past 24 hours, the burn rate surged by a remarkable 772.63%, according to Shibburn.com. This dramatic increase resulted in the burning of 15,089,691 SHIB tokens in the last day alone.
Shiba Inu’s burn mechanism is designed to reduce its total supply, thereby increasing scarcity. As of the most recent data, over 410 trillion tokens have been burned from the initial supply, leaving a circulating supply of around 583.49 trillion tokens. Additionally, 5.77 trillion tokens have been locked into xSHIB staking, which further limits the available supply.