Shiba Inu’s (CRYPTO: SHIB) burn rate shot up exponentially in the last 24 hours amid a sharp increase in the transactions on the layer-1 blockchain, Shibarium. What Happened: Around 7.7 million SHIB tokens were kicked out of circulation, according to data from Shibburn, marking an astounding 13458.99% jump. Coin burning happens when a cryptocurrency token is intentionally sent to an unusable wallet address to remove it from circulation. This is done to create scarcity and boost its demand and market value. As of this writing, about 410.72 trillion SHIBs have been burned. Why It Matters: The ju…
