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In the last 24 hours, the Shiba Inu (SHIB) burn rate has surged by an astonishing 28,145%, with millions of SHIB sent to dead wallets.

According to the SHIB burn X handle, in the past 24 hours, a total of 96,434,994 SHIB tokens have been burned in two transactions, representing a 28,145.27% increase.

Shiba Inu prices surged during Thursday's trading session, reaching a high of $0.00001455, coinciding with the SHIB burn rate surge. This demonstrates the market's initial positive reaction to the burn rate increase. However, it was short-lived, as the price slightly retreated. At the time of writing, SHIB is trading at $0.00001411, down 0.42% in the last 24 hours.

The slight retreat suggests that while the burn rate increase was a positive development, the market may be waiting for further catalysts or confirmation of sustained upward momentum. While the burn rate increase seemed to boost SHIB's price, the retreat suggests that other market factors are also at play, influencing SHIB's price action.

After declining for three days in a row, Shiba Inu began to rebound from lows of $0.00001338 on Aug. 27. The recovery extended into two consecutive days before bulls encountered resistance. The Shiba Inu price currently faces a battle between bulls and bears as the market faces profit-taking.

Shiba Inu launches developer portal

Shiba Inu recently announced the Shiba Inu Developer Portal, a key initiative to give back to its community of developers. This portal is intended to provide Web3 and Web2 developers with the tools they require to accelerate dApp development on Shibarium.

The Shiba Inu ecosystem continues to evolve, and recent developments have brought LEASH, the Shiba Inu's "Doge Killer" coin, into sharp focus.

Earlier this week, Shiba Inu leader Shytoshi Kusama revealed the critical role that LEASH will play within the future Shiba State. LEASH holders are positioned as essential moderators and system protectors, putting LEASH at the center of Shiba Inu's growing governance structure.