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The short-term Shiba Inu (SHIB) burn rate has accelerated  as the meme cryptocurrency faces increased price volatility. Specifically, the rate surged 612% in the past 24 hours, with over 3.24 million SHIB tokens permanently removed from circulation, according to data retrieved by Finbold from Shib Burn on January 22. SHIB 24-hour burn rate. Source: Shib Burn The continued burning of tokens generally aims to increase SHIB’s value by making it more appealing.  Picks for you Trading expert says Bitcoin price could hit this target by March 2025  31 mins ago U.S. economist blasts Bitcoin 'a meme coin’ 3 hours ago Crunch join...

The Shiba Inu burn initiative was first revealed in July 2021. It was when the Shiba Inu development team announced that they would be burning a significant portion of their SHIB tokens. The Shiba Inu burn was designed to reduce the overall supply of SHIB tokens in circulation, increasing the value of each remaining token. However, the burn rate has been fluctuating, with certain days posting good numbers and others posting plummeting rates. Also read: Baby Doge Coin vs. Floki Inu? Who Put Out the Best Performance in 2023? The burn rate that shot up by 430% yesterday has slumped. According to the details from Shibburn, the burn rate has dropped by -91.74% in the last 24 hours. During this period, only 1.9 million SHIB were sent to dead wallets. Source: Shibburn Shiba Inu price drops following the drop in burn rate According to CoinMarketCap data, the price of SHIB has dropped over the last 24 hours and is trading at $0.00001309 at press time. The whole m...