$BTC 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 single-day increases in recent times.

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

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

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