Shiba Inu (CRYPTO:SHIB) has witnessed an extraordinary 72,453% increase in its burn rate, with over 17 million SHIB tokens sent to a burn address in a single day.

The surge, driven by significant transactions from key wallets, aims to reduce circulating supply and potentially boost token value.

Notably, Ethereum (CRYPTO:ETH) founder Vitalik Buterin's initial burn of a substantial portion of SHIB tokens in 2021 set the stage for ongoing community-driven burns, totaling over 700 billion tokens to date.

While immediate price impacts remain uncertain, continued acceleration in burn rates could pave the way for future price appreciation as supply decreases.