The Shiba Inu (CRYPTO:SHIB) token has witnessed an unprecedented 12,000% increase in its burn rate, totaling 11.9 million tokens burned recently.

This surge in burning activity, facilitated by a single transaction removing 5.1 million tokens to a dead wallet, aims to reduce SHIB's circulating supply and potentially boost its value over time.

Despite these efforts, SHIB's price fell by 11% amid broader market downturns affecting major cryptocurrencies like Bitcoin (CRYPTO:BTC) and Ethereum (CRYPTO:ETH).

Significant whale activities, including substantial SHIB deposits on Coinbase, suggest ongoing market volatility and potential sell-off pressures, complicating the impact of the burn strategy on SHIB's immediate market performance.