Krutika Adani
Over 300 million SHIB tokens have been burned in the past week, marking a 1,000% increase in the burn rate.
In the past 24 hours alone, there has been a 6,700% spike in SHIB burns, removing an additional 27 million tokens from circulation.
Despite these burns, the total number of tokens burned is still small compared to Shiba Inu's vast supply.
Despite the significant token burns, no corresponding increase in address activity has been observed, with both seven-day and daily active addresses remaining steady.
Shiba Inu's price continues to trend downward, dropping 1.7% recently, indicating that the burn surge has not positively impacted the token's market value.