Over the past 24 hours, Shiba Inu (SHIB), the popular canine-themed cryptocurrency, has experienced a significant increase in its burn rate. According to the Shibburn platform, the burn rate soared by over 348%, with a total of 21,508,945 SHIB tokens sent to unspendable blockchain wallets during this period.

Recent burn transactions included various amounts at different times: 120,000 SHIB were burned 13 hours ago, followed by 21,315,658 SHIB, and another 64,495 SHIB 23 hours ago. The previous day saw two burns of 28,791 SHIB and 100,000 SHIB, while two days ago, 296,433 SHIB and 1,000,000 SHIB were burned. Three days ago featured multiple transactions ranging from 53 SHIB to 2,500,000 SHIB.

This spike in burn activity coincides with the three-year anniversary of Ethereum co-founder Vitalik Buterin burning 410 trillion SHIB. The SHIB community, known as the SHIB Army, continues to conduct burn events to reduce the circulating supply and potentially increase the value of the remaining tokens.

As of the latest data, the total burn from the initial supply of Shiba Inu stands at 410,726,512,305,470 SHIB, with a maximum supply capped at 999,982,356,876,276 SHIB. The current total supply is 589,273,487,694,529 SHIB, of which 583,156,322,204,448 SHIB is circulating, and 6,117,165,490,081 SHIB is staked (xSHIB).

At press time, Shiba Inu is priced at $0.00002393, reflecting a 3.46% decline over the past 24 hours. Its market capitalization is $14,127,179,757, down 3.21%, with a 24-hour trading volume of $491,448,040. Shiba Inu has seen a 4.10% price decline, underperforming the global cryptocurrency market, which is down 0.80%.