Shiba Inu (SHIB) Burn Rate Explodes Nearly 500% in a Day, But There Is a Catch

In the past 24 hours, Shiba Inu’s team and community burned almost 2.7 million SHIB, a 492% increase from the previous day. The burn mechanism, introduced in 2022, is intended to reduce the token’s supply and potentially create scarcity; more than 410.8 trillion tokens have already been sent to a null address, with Vitalik Buterin contributing a significant portion. The newly burned amount was worth only about $13. SHIB’s price had fallen nearly 30% since January 1 as investor interest cooled.