#Shiba Inu Burn Rate Skyrockets Over 68,000% in 24 Hours, Community Leads Massive $SHIB Burns Latest data from Shibburn reveals an unprecedented increase in #Shiba Inu (SHIB) token burn rates, thanks to the coordinated efforts of the Shiba Inu community. In just 24 hours, seven different wallet addresses burned 7.6 million #SHIB tokens, increasing the burn rate by a massive 68,316%.

Upon further inspection, a wallet identified as '0x60' burned approximately 4.3 million $SHIB tokens in a single transaction. The total burning contribution of this wallet in the last day exceeded 5 million SHIB and it stood out as an important player in this increase.

Another significant contribution came from a wallet identified as '0xc6'; This wallet burned 1.5 million #SHIB tokens an hour before the reported data, but a smaller amount than the first wallet.

As a result of these combined efforts, approximately 410.7 trillion #SHIB tokens have been removed from circulation, with 589.2 trillion SHIBs still remaining in circulation. This ongoing reduction is intended to create scarcity, which has the potential to increase the token's price in the long term, but immediate market impacts remain minimal.

Interestingly, despite significant burning activities, the market price of $SHIB did not show a corresponding increase. Over the last 24 hours, the price of SHIB decreased by 0.5% to $0.00002325. This decline is part of a broader ongoing downward trend, with SHIB's value falling by around 6% over the past week.