The Shiba Inu cryptocurrency has seen a significant increase in price following a massive spike in token burning activity.
Over 53 million SHIB tokens were removed from circulation within a 24-hour period, sent to 'dead addresses' to reduce the asset's supply and potentially boost its value.
The community behind Shiba Inu is seeking to strengthen its deflationary case by utilizing the Shibarium network to decrease the coin's massive circulating supply.