Popular dog-themed memecoin Shiba Inu (CRYPTO: SHIB) recorded a significant jump in its burn rate in the last 24 hours, although the community remained unimpressed.
What happened: About 15.08 million SHIB tokens were kicked out of circulation, according to the official burn tracker, Shibburn, marking a surge of 772% over the last 24 hours.
As is well known, coin burning is the process of purposely sending a cryptocurrency token to an unusable wallet address to remove it from circulation. This is done to generate scarcity and increase the market value of the token.
As of this writing, nearly 410.728 trillion SHIB tokens have gone up in smoke.
Despite the substantial increase in burn rate, many members …
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