Shiba Inu (CRYPTO:SHIB) has experienced a staggering 72,453% increase in its burn rate within just 24 hours, with over 17 million tokens permanently removed from circulation.

This dramatic acceleration, tracked by Shibburn, primarily stems from significant transactions by two wallets, notably burning 99% of the tokens.

The purpose behind these burns is to reduce the token supply drastically, aiming to drive up SHIB's value by increasing scarcity.

Despite ongoing community efforts since Ethereum (CRYPTO:ETH)  founder Vitalik Buterin's notable burn in 2021, the sheer volume of remaining tokens suggests a gradual impact on price, signaling potential optimism for a future price surge if burn rates continue at this accelerated pace.