Shiba Inu's burn rate increased by 579% in the last 24 hours, and almost 10 million tokens were destroyed. 🔥 The burn mechanism is a strategic approach to manage the supply of SHIB and create potential value increase through scarcity. The maximum supply of Shiba Inu is 999,982,363,413,352 tokens, of which more than 40% have already been sent to null.

Although the Shiba Inu's price drops slightly on a daily basis, it is in the green on a weekly scale. It is currently trading at approximately $0.00002401 (a 9% increase from the figure observed last Monday). 💹

Shiba Inu is not the only crypto project to adopt the burning mechanism. Binance Coin (BNB) and Floki Inu (FLOKI) are some examples of this. The team behind BNB performs quarterly burns. This process involves taking back and permanently destroying a portion of assets from the market, financed by a portion of Binance's profits. The ultimate goal is to reduce the total supply to 100 million BNB.

On the other hand, Floki DAO (decentralized autonomous organization that manages the meme coin Floki Inu) recently decided to destroy more than 15 billion assets. This initiative coincided with a significant green wave for the price of the meme coin. FLOKI is up 15% on a weekly scale and 37% on a monthly basis. The asset's market cap is approaching the $2 billion mark, making it the fifth-largest and 59th-largest cryptocurrency in its space.