Shiba Inu's burn rate has surged by 579% in the past 24 hours, resulting in nearly 10 million tokens being destroyed. This strategic approach aims to manage SHIB's supply and stimulate potential value appreciation through scarcity. Over 40% of the maximum supply of 999,982,363,413,352 tokens have already been sent to a null address. The burning process involves both automatic and manual burns.

Shiba Inu's price is slightly down daily but shows a positive trend on a weekly scale, trading at approximately $0.00002401, a 9% increase compared to last Monday.

Shiba Inu is not the only crypto project using a burning mechanism. Binance Coin (BNB) and Floki Inu (FLOKI) are notable examples. BNB conducts quarterly burns to reduce the total supply to 100 million BNB. The latest action resulted in 1,944,452.51 tokens being burned. Floki DAO recently decided to destroy over 15 billion assets, coinciding with a significant price increase for the meme coin. FLOKI's market capitalization is nearing the $2 billion mark.