Shiba Inu token burn rate jumps 677% in a day

Over the past 24 hours, the Shiba Inu ecosystem saw 12.76 million SHIB tokens permanently removed from circulation, pushing the burn rate up by 677.42 %. The burn mechanism involves sending tokens to inaccessible addresses, effectively reducing the supply.

Despite the sharp supply contraction, the token’s price continued to slide, trading around $0.000004720 and losing more than 2 % in the same period. The total value of the burned tokens was roughly $60. Analysts note that while a higher burn rate signals increased network activity, it alone is unlikely to lift the price without a corresponding rise in demand.