The recent surge in the Shiba Inu (CRYPTO:SHIB) burn rate has sparked significant attention within the cryptocurrency community, with over 300% increase noted in the past 24 hours.

This initiative aims to diminish the supply of SHIB tokens in circulation, thereby potentially boosting its value.

Shibburn data reveals a staggering uptick, with over 298 million SHIB tokens incinerated in a single day, fueling optimism among enthusiasts.

Three substantial burn transactions, totaling over 295 million SHIB, have contributed to this surge, highlighting the community's commitment to the token's scarcity.

Despite questions about the burn comparison with rival tokens like Floki Inu, Shytoshi Kusama affirms the burns are conducted for the community's benefit, emphasising Shiba Inu's decentralised nature.