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In the past week, Shiba Inu (SHIB) experienced a remarkable surge in its burn rate, witnessing a 47,872.88% increase and the incineration of 28.1 million tokens. A single transaction accounted for the majority of this burn, eliminating over 27 million SHIB tokens. This sudden rise in burn activity could be attributed to heightened community engagement with the network. Alternatively, it might be a reaction to a significantly lower burn rate on the preceding day.

 

 

Despite the substantial increase in burn rate, SHIB’s token price has concurrently declined, registering a 3.6% drop in the weekly charts. It is noteworthy, however, that SHIB continues to show positive momentum in the monthly charts.

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