The burn rate of Shiba Inu (CRYPTO:SHIB) tokens has spiked dramatically by 5,569% in the past 24 hours, marking a notable increase amid a broader crypto market downturn.

Data from Shibburn indicates nearly 12 million SHIB tokens were burned, driven primarily by a single wallet making significant transactions to the burn address.

Despite the positive sentiment among investors sparked by the burn rate surge, SHIB's price has dropped by 9.18% in the last day and 18% over the week, contrasting sharply with the increased burning activity.