The token burning rate of Shiba Inu ($SHIB ) has increased by nearly 500% in the last 24 hours, and over 30 million tokens have been destroyed. This significant increase in the burn rate is intended to reduce the vast supply of SHIB and make the asset scarcer and more valuable over time. The program includes both manual and automatic burning, with the "converter token mechanism" introduced earlier this year to automate the entire system.

The sudden increase in burn rate could be a reason why the price of $SHIB increased by 7% on a daily scale. Other contributing factors may include the resurgence of the cryptocurrency market and the further development of the layer-2 scaling solution Shibarium. Daily transactions on the network are up 800% today; wallet addresses approached 1.4 million and total blocks exceeded 3.7 million. Launched in August last year, Shibarium aims to provide a scalable, efficient and low-cost transaction environment for SHIB transactions and decentralized applications in the Shiba Inu ecosystem.