Shiba Inu burn rate jumps 2,349%, but only $5 worth of SHIB destroyed

Shiba Inu’s daily burn rate soared 2,349% in the past day, yet the total value of tokens burned amounted to just $5, according to data compiled by Shibburn, a tracking platform dedicated to monitoring SHIB token burns. Over the past 24 hours, SHIB holders destroyed 1.10 million tokens, but the sharp percentage spike reflects the extremely low level of burning activity previously rather than a meaningful reduction in supply. Such dynamics can create the impression of dramatic changes when previous token destruction volumes were minimal. In the context of cryptocurrency, token burns reduce the supply by sending coins to an address from which they cannot be retrieved.

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