Shiba Inu Token Burn Rate Skyrockets by Over 5,000%
The Shiba Inu (SHIB) token experienced explosive growth in both price and token burn activity over the past 24 hours. The token's burn rate skyrocketed by 5,223.98% with 401 million SHIB tokens permanently removed from circulation.
This drastic increase completely altered the weekly burn landscape, pulling the total burned tokens over the last seven days to 457 million SHIB, up by 816.02% week-over-week.
Despite the eye-catching burn rate, analysts pointed out that these burns remain negligible compared to SHIB's massive total supply of 589 trillion tokens.
The removal of hundreds of millions of tokens, though substantial in pure numbers, is a minor reduction overall.
The significant percentage increase in burns appeared to have an outsized psychological effect on the community and traders.