The Shiba Inu ($SHIB) community has reason to celebrate as the token’s price soars to its highest point since March 14th, accompanied by a staggering 1,632% increase in the burn rate in the past 24-hour period.

Shiba Inu is a decentralized cryptocurrency project inspired by the popular internet meme of the Shiba Inu dog breed. It was created as an alternative to Dogecoin on the Ethereum blockchain.

The Shiba Inu ecosystem comprises three unique tokens, each serving a different purpose. $SHIB, the primary token, functions as a decentralized, community-driven currency accessible to millions worldwide. Launched in late 2020 on the Ethereum blockchain, SHIB has gained global recognition and can be used as payment at numerous locations, either directly or through third-party intermediaries.

According to data from TradingView, on crypto exchange Coinbase, at 4:04 p.m. UTC on March 1, the $SHIB price surged to an intraday high of $0.1152, which is the highest it has been since March 14.

Currently, $SHIB is trading at around $0.0000114, up 6.74% in the past 24-hour period (and up 39.88% in the year-to-date period).

As of 8:20 p.m. UTC on March 1, $SHIB burn tracker Shibburn is reporting that in the past 24-hour period, the $SHIB burn rate was up an impressive 1,632.49%, with over 207 million $SHIB tokens burned in the past 24-hour period (and 410.63 trillion $SHIB tokens burned so far).

Source: Shibburn

The burn rate mechanism was introduced in 2021 after Ethereum creator Vitalik Buterin burned 90% of his $SHIB holdings and donated the rest to charity. The Shiba Inu community has since continued the practice, gradually taking $SHIB out of circulation.