Self-proclaimed ‘Dogecoin (CRYPTO: DOGE) killer’  Shiba Inu (CRYPTO: SHIB) experienced a dramatic surge in its token burn rate, skyrocketing over 2500% in a single day.

What Happened: The surge comes as 53.29 million SHIB tokens were permanently withdrawn from circulation.

According to data sourced from Shibburn, throughout 2023, the Shiba Inu community has actively participated in self-induced token depletion practices, ridding the ecosystem of over 76 billion SHIBs by transferring them to irretrievable wallet addresses.

The marketing lead for Shiba Inu, Lucie, took to X to inform the SHIB community about incentives to accrue SHIB and LEASH tokens. Lucie announced arrangements to allocate nearly 90 million Shiba Inu tokens along with an assortment of LEASH tokens in the forthcoming months.