TL;DR

Shiba Inus burn rate surged by 2,800% in the past 24 hours. Despite increased burn efforts and advancements in the layer-2 scaling solution, Shibarium, SHIBs price remains down, reflecting the overall market correction.

SHIBs Burning Efforts

Shiba Inus burn rate exploded by 2,800% in the past 24 hours, resulting in almost 8 million tokens removed from circulation. Data shows that over 50% of the amount was destroyed in a single transaction approximately 17 hours ago. 

The burning program aims to reduce the tremendous supply of the meme coin and create potential value appreciation through scarcity. SHIB has a maximum supply of 999,982,363,413,352 tokens, with more than 41% already sent to a null address.

The mechanism is rather complicated and involves both automatic and manual burns. If you want to learn more about it, feel free to read our dedicated guide here. Not long ago, the team behind the meme coin introduced a transformative token mechanism to automate the entire system.

However, its worth noting that SHIB remains deep in the red, plummeting by 3% on a daily scale and 6% weekly (per CoinGeckos data). Its pullback coincides with an overall market correction, where Bitcoin (BTC) tumbled to as low as $67,500, while Ethereum (ETH) neared the $3,500 mark. 

The fluctuation in the burn rate might have been caused by someone moving to liquidate their position during times of market uncertainty and increased volatility.