Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Dog-themed cryptocurrency Shiba Inu (SHIB) has seen a 347% rise in burn rate over the last 24 hours, with millions of SHIB burned.

According to the most recent data, the Shiba Inu daily burn rate has increased by 347%, with millions of SHIB tokens being sent to dead wallets, which can no longer be accessed or spent.

Shibburn's X handle reports in its most recent hourly update that 27,760,703 tokens have been burned in the last 24 hours, representing a 347.32% surge in the daily burn rate.

The surge in Shiba Inu's burn rate comes at a time when the broader cryptocurrency market is experiencing fluctuations, with Shiba Inu no exception. At the time of writing, SHIB was up 1.58% in the last 24 hours to $0.00001661.

Shiba Inu has ticked higher since rebounding from lows of $0.0000126 on July 5. Since this date, Shiba Inu has marked five out of six days in the green, reaching intraday highs of $0.00001688 in today's trading session.

Anticipation builds in Shiba Inu community

Anticipation is growing in the Shiba Inu community following Shiba Inu lead Shytoshi Kusama's recent announcement.

The Shiba Inu community is gearing up for the imminent launch of the TREAT token. Speaking about this, the Shiba Inu lead stated in an X post: "As you may know, Shib is home to a variety of tokens, including Shib, Bone, Leash, and our upcoming unreleased token: TREAT. Each token has its own utility and governance, and TREAT is the access token to all the advanced features of our systern, in contrast to Leash, which is about exclusivity, or Bone, which focuses on technology."

The global "Treat Yourself" tour was also announced by the Shiba Inu lead. The tour began with the IVS in Kyoto and will continue with stops at important events, such as the Blockchain Futurist Conference in Toronto, before culminating in the highly anticipated ShibaCon 2024 in Bangkok.