Popular memecoin Shiba Inu (SHIB) has garnered attention due to a significant increase in its token burn rate. According to Shibburn, the altcoin's burn rate surged by approximately 570% on May 22, indicating a substantial reduction in SHIB supply. This development could positively impact SHIB's price, boosting investor optimism. Recent data shows a 569.50% increase in the token burn rate over the last 24 hours, with 12.70 million SHIB burned and removed from circulation through various transactions. This notable burn rate increase highlights the community's efforts to reduce supply and potentially enhance the value of SHIB.