SHIB Burn Rate Soars 1020% as 21M Tokens Incinerated Overnight

Shiba Inu's daily burn rate surged by over 1020% in the last 24 hours, according to the Shibburn website. The site reports that 20.95 million SHIB tokens were sent to dead wallets, where they cannot be accessed or spent.

This significant increase in burn rate follows a period of relatively flat activity. Prior to this spike, Shiba Inu's daily burn rate had fallen from over 40 million SHIB on August 23 to around 5 million SHIB. It then dropped further to 2,551,224 SHIB on August 29 before rising sharply by 1020%.

Looking at the bigger picture, a total of 85.48 million SHIB was burned in the last seven days, representing a weekly burn rate decrease of 46.20%. In the last 30 days, however, 607.34 million SHIB has been burned.