#USCryptoWeek According to data from Shibburn, the burn rate of Shiba Inu 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 occurs right 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 surged, the data over 7 days shows a contrasting picture.

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