Shiba Inu Burn Rate Explodes 1,300%, What Does This Mean for SHIB Price?

More than 100 million SHIB were sent to an address that no one was able to access in the last 24 hours.

Shiba Inu has experienced a significant token burn, with over 100 million SHIB burned in the last 24 hours, marking a 1,300% increase over the previous day's burn rate. This program is part of the SHIB supply reduction strategy , with already 41% of the initial supply burned, in an effort to increase the value of the coin over time. Despite the burn, the price of SHIB fell 4% daily and 3% weekly, in line with the broader slowdown in the

crypto market, although the launch of the Shibarium layer 2 solution may provide future price support.

The most recent recording data

The popular memecoin – Shiba Inu – has  witnessed  the burning of over 100 million tokens in the last 24 hours. The number represents an increase of approximately 1,300% in relation to the burning rate of the previous day.

Shiba Inu Burn in October

As CryptoPotato recently reported, memecoin saw nearly 1.5 million tokens destroyed during the previous month. The record day was October 28th, when more than 250 million SHIB were withdrawn from circulation

The successful execution of the burning program was touted as a bullish element that could trigger a rally in currency prices. Another factor contributing to a future increase could be the advancement of the Shibarium layer 2 scaling solution.

The project adopted such a practice to reduce the overall supply of SHIB and potentially make the asset more valuable over time. According to Shibburn, more than 41% of the initial supply has already been sent to an address that no one has been able to access.

Despite the increasing number of fires today, SHIB is falling in resonance with the entire cryptocurrency market. It's down about 4% in the last 24 hours (according to CoinGecko data) and 3% weekly