Shiba Inu, the popular dog-themed cryptocurrency, has witnessed a significant spike in its burn rate. Over the past 24 hours, the burn rate surged by a remarkable 772.63%, <a href="http://shibburn.com/" target="_blank" rel="nofollow noopener">according</a> to Shibburn.com. This dramatic increase resulted in the burning of 15,089,691 <a href="https://www.cryptoknowmics.com/news/vitalik-buterin-burns-6-billion-worth-of-shib-tokens/" target="_blank" rel="noopener">SHIB tokens</a> in the last day alone.

Shiba Inu’s burn mechanism is designed to reduce its total supply, thereby increasing scarcity. As of the most recent data, over 410 trillion tokens have been burned from the initial supply, leaving a circulating supply of around 583.49 trillion tokens. Additionally, 5.77 trillion tokens have been locked into xSHIB staking, which further limits the available supply.
<h3>Impact on Shiba Inu Market Movements</h3>
The increase in burn rate comes amid broader market activity. Last week, the price of Shiba Inu rose ahead of the Federal Reserve’s decision to cut interest rates, part of a market-wide rally that benefited several cryptocurrencies. However, despite the surge in burn rate, SHIB's price has slightly decreased.

At the time of writing, Shiba Inu is trading at $0.00001468, marking a 0.46% dip in the last 24 hours. The token’s market cap stands at $8.65 billion, reflecting a small decline of 0.47%. SHIB’s trading volume also dropped by 7.46%, reaching $190.74 million.

As the token burn continues, many investors are watching closely to see if the reduced supply will drive future price increases.

<em><strong>Disclaimer: </strong></em>The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Shiba Inu Burn Rate Surges by 772%, Over 15 Million Tokens Burned

Shiba Inu’s burn rate surged 772%, with over 15 million tokens burned. Will this increased scarcity affect SHIB's market performance?

Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more
than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

Shiba Inu Burn Rate Surges by 772%, Over 15 Million Tokens Burned

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