Shiba Inu's (#SHIB ) burn rate has increased frequently recently, with millions or even billions of tokens being burned in a single day. The following are a few of the $SHIB burn rate peaks mentioned in the #cryptonews search results:
18 September 2023: Shibburn.com reports that 56,163,173 SHIB tokens were burned in the last 24 hours, an astounding increase of 101.20%.
September 21, 2023: The Shiba Inu community increased the burn rate by 317.41% over the previous day, burning a staggering 130,529,064 (130.52 million) #crypto tokens.
On June 9, 2023, more than 4 trillion SHIB tokens were transferred to #Binance , and in the previous day, the burn rate for SHIB rose by more than 40%.
August 23, 2023: A burn rate spike of over 1000% was caused by the burning of over 1 billion tokens in the previous day alone.
October 19, 2023: Less than 40,000,000 Shiba Inu tokens were transferred to "inferno" wallets on Wednesday, increasing the SHIB burn rate by 111.35%.
October 24, 2023: Shiba Inu (SHIB) Burn Rate Soars 567% with 121,210,538 SHIB tokens were burnt overnight
The Shiba Inu community's efforts to cut down on the amount of SHIB in circulation are what cause the spikes in SHIB burn rates. The increase in value of SHIB could result from a reduction in the supply of SHIB caused by the burn rate spikes.
It's crucial to keep in mind that SHIB is a very volatile #cryptocurrency and that its price may change considerably in the future.
