Shiba Inu’s Burn Rate Torches 1866%—What’s Going On?

Over 42 million Shiba Inu (CRYPTO: SHIB) tokens were pulled out of circulation Sunday, putting additional deflationary pressure on the popular dog-themed meme coin.

What happened: The burn rate blasted 1866% in the last 24 hours, resulting in a supply squeeze of 42.122 million SHIB tokens, according to Shibburn, the coin’s official burn tracker.

As per the latest available data, over 137 million SHIB were burned in the last week, reflecting an increase of 13.78%.

Full story available on Benzinga.com