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Shiba Inu Burn Rate Skyrockets 8,000% Despite Volatile Crypto Market

According to a report by The Daily Hodl, $SHIB burn tracker Shibburn reported a 7,900% increase in burn rate on Friday, with 43 million tokens burned in a single day. Over 410 trillion SHIB tokens have so far been burned, i.e. permanently removed from the supply, or sent to an inaccessible Ethereum address.

The burn rate mechanism was introduced in 2021 after Ethereum creator Vitalik Buterin burned 90% of his $SHIB holdings and donated the rest to charity. The Shiba Inu community has since continued the practice, gradually taking $SHIB out of circulation.

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