Shiba Inu (SHIB) burn rate explodes by over 50,000%
Shiba Inu (SHIB), a meme-inspired cryptocurrency, saw its burn rate surge by over 50,000%, resulting in the token supply vanishing in just 24 hours. The burn rate is the rate at which tokens are intentionally destroyed to reduce the total supply and increase the value of the remaining tokens.
According to data from Etherscan, over 1.6 trillion SHIB tokens were burned within a day, causing the token supply to decrease from 394 trillion to just 223 trillion. This increase in burn rate is attributed to the launch of a new burning mechanism, which allows users to burn their SHIB tokens in exchange for a share of a newly created "burn pool."
