Shiba Inu's burn rate has surged by 579% in the last 24 hours, leading to nearly 10 million tokens being destroyed. Over the past week, 57.6 million tokens have been burned.

The burning mechanism is designed to manage SHIB's supply and potentially increase its value through scarcity. Shiba Inu has a maximum supply of 999,982,363,413,352 tokens, with over 40% already sent to a null address.

This process involves both automatic and manual burns. Recently, the Shiba Inu team introduced a new mechanism to automate the burning process. Currently, Shiba Inu's price is slightly down daily but has increased by 9% over the past week, trading at around $0.00002401.

Shiba Inu is not alone in using a burning mechanism. Binance Coin (BNB) and Floki Inu (FLOKI) are also adopting similar strategies. BNB conducts quarterly burns funded by Binance's profits, aiming to reduce the total supply to 100 million BNB. The latest burn occurred in April, destroying 1,944,452.51 tokens.

The Floki DAO recently decided to burn over 15 billion FLOKI tokens, with the decision passing by 99.84%. This move coincided with a significant price increase for FLOKI, which is up 15% weekly and 37% monthly, pushing its market cap close to $2 billion, making it the fifth-largest meme coin and the 59th largest cryptocurrency overall.