According to Shibburn, which tracks SHIB burns, the SHIB burn rate suddenly exploded by 7,900% on Friday, with 43 million tokens burnt in one day. At press time, over 410 trillion SHIB tokens have been permanently burned from the supply.
The Shiba Inu community began burning tokens in 2021, when Ethereum co-founder Vitalik burned 90% of his SHIB holdings and donated the rest to charity. Since then, SHIB has slowly withdrawn from supply through the burn mechanism.