In the past 24 hours, there has been a significant increase in the burning of Shiba Inu (SHIB) tokens. A total of 8.6 billion SHIB tokens were permanently removed from circulation, representing a remarkable 160,598% increase in the burn rate compared to the previous day.  HOURLY SHIB UPDATE$SHIB Price: $0.00001052 (1hr -0.34% ▼ | 24hr 3.55% ▲ )Market Cap: $6,218,140,254 (3.82% ▲)Total Supply: 589,319,479,746,918 TOKENS BURNTPast hour: 275,256 (1 transaction) Past 24Hrs: 8,617,471,779 (160598.18% ▲)Past 7 Days: 8,646,904,065 (1.24% ▲) — Shibburn (@shibburn) December 17, 2023 The burning of tokens is a mechanism used to reduce the total supply of a cryptocurrency, creating scarcity and potentially increasing the value of the remaining tokens. The Shiba Inu project, inspired by the popular Shiba Inu dog meme, has a vibrant community and its native token, SHIB, is used in various ways within its decentralized finance platform, ShibaSwap.  It is important to note that while token burning can create scarcity, its impact on the token’s price depends on factors such as market demand and overall utility. As of the time of writing, SHIB is trading at around $0.0000105, showing a 3.23% increase in the past 24 hours. Source: CRYPTOGLOBE