The Shiba Inu burn rate has experienced a significant surge, with a remarkable increase in activity leading to a spike of over 1,100% in burned tokens within just one day.

Significant Increase in Burn Rate

As per Shibburn, the official platform for monitoring daily SHIB token burns, the Shiba Inu burn rate has surged by 1,166%, showcasing a growing willingness among investors to burn their tokens.

Over the past 24 hours, a total of 35.29 million tokens were burnt, marking a substantial deviation from the previous day’s numbers. Of particular note is the rise in the number of burn transactions recorded during this period.

Data from Shibburn reveals 12 burn transactions by holders in the last day, a positive shift from the weekly average of six transactions. Notably, burns were distributed across various transactions rather than being concentrated in a select few.

For instance, the largest burn transaction involved over 10 million tokens sent to the burn address, followed by seven transactions moving between 2 million and 5.5 million tokens each. The remaining transactions entailed smaller token volumes.

This surge in burn rate follows an upward trend initiated earlier in the week. On June 18, Bitrabo reported a 5,569% spike in the Shiba Inu burn rate, following a period of subdued burn performances, indicating a positive shift.

On the flip side, in terms of daily trading volume, Shiba Inu is underperforming relative to its burn rate. The daily volume has decreased by 14.22%, currently standing at $270 million. Additionally, the price shows daily losses of 0.71% and a 15.17% decline over the past week.