The Shiba Inu (SHIB) community has been actively reducing the supply of their meme coin through a massive burn initiative. In the past 24 hours, the burn rate has more than doubled, with a staggering 19.6 million tokens being removed from circulation. This significant increase in token burns coincides with a recovery in market sentiment, suggesting that positivity is returning to the market.

According to Shibburn, a website tracking SHIB token burns, the daily burn rate has seen a remarkable 101% increase. The 19.6 million tokens burned in the past day surpass the previous day's total of around 10 million. This accelerated burn rate is a continuation of last week's trend, with 11 transactions contributing to the significant reduction in supply.

One wallet was responsible for the largest burn transaction, sending 8.5 million tokens to the dead wallet. The same wallet also burned an additional 1 million and 2 million tokens across two other transactions, accounting for over 50% of the total burned tokens. Other notable contributors to the burn initiative include a single address that burned 7.1 million tokens across three transactions and another wallet that burned 1.1 million tokens across two transactions.

While the daily burn rate has seen a significant increase, the weekly burn rate has fallen short of the previous week's total. According to Shibburn's data, 96.97 million tokens have been burned in the past 7-day period, representing a 48.34% decline from the previous week.

The surge in token burns suggests that investors are actively working to reduce the supply of SHIB, which could lead to increased demand and, in turn, drive up the price of the meme coin. As market sentiment continues to recover, it remains to be seen whether this trend will persist and what impact it will have on the future of SHIB.