TL;DR
Shiba Inu’s SHIB token burning rate increased significantly by about 500% in the last 24 hours, as part of efforts to decrease its supply and enhance value.
The rise in SHIB’s price by 7% can be attributed to this increased activity, the general uplift in the cryptocurrency market, and other factors.

The second-largest meme coin – Shiba Inu (SHIB) – has once again witnessed a substantial resurgence in its burning program. Data shows that the burn rate has soared by approximately 500% in the last 24 hours, resulting in over 30 million tokens destroyed.
The mechanism aims to reduce the tremendous supply of SHIB and make the asset scarcer and more valuable in time. 
The program is rather complicated and includes both manual and automatic burns. Earlier this year, the team behind the project introduced “a transformative token mechanism” to automate the entire system.
The latest spike in the burn rate might be one reason why the meme coin’s price is up 7% on a dail

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