#BinanceTurns8 According to data from Shibburn, the Shiba Inu burn rate has surged by 1,900% in just 24 hours. Over 13.5 million tokens have been burned – marking one of the largest increases in a single day recently.

However, this burn event comes at a time when the overall market is showing signs of a bearish reversal and memecoins like SHIB are under greater pressure.

Although the burn rate in 24 hours has skyrocketed, data over the past 7 days shows a contrasting picture.

Notably, the weekly number of tokens burned has decreased by nearly 20%, with just over 552 million SHIB removed from circulation.

In fact, this decline indicates that the long-term momentum of the token burning process is weakening. This is also a factor limiting the ability to create a sustainable price increase effect for SHIB.