The Shiba Inu (SHIB) cryptocurrency has seen a significant increase in its burn rate, with over 34 million SHIB coins being removed from circulation. This has led to a surge in the price of SHIB, which increased by 10% overnight. The burn rate metric has risen by an impressive 2,133%. The burn was carried out in three large transfers, with the majority of coins being sent to an unspendable blockchain wallet. Additionally, the creator of SHIB, known as Shytoshi Kusama, has announced that he will be temporarily disappearing from social media to focus on launching a new token and completing important papers. The price of SHIB has experienced some volatility, with a 10% increase followed by a slight retrace. This price action mirrors that of Bitcoin, which also saw a brief spike followed by a minor retrace.



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