Shiba Inu Token Burn Rate Surges by 20,000% in 24 Hours

According to CryptoPotato, Shiba Inu's token burn rate has experienced a massive increase of approximately 20,000% in the last 24 hours, resulting in the removal of over 260 million tokens. This marks a record high in two months, with the second-best day being October 28, when more than 250 million SHIB were destroyed. Around 41% of Shiba Inu's original 999 trillion total supply has been burned, aiming to enhance the coin's scarcity and value. The advancement of Shiba Inu's layer-2 blockchain solution, Shibarium, is seen as a potential factor for future SHIB price increases. The network officially went live in August and has achieved significant network activity milestones since then, including surpassing 4 million total transactions and nearing 2 million total blocks. Despite the impressive burn rate in the past 24 hours, SHIB's price has not recorded any substantial gains and is 5% down on a weekly basis.