Shiba Inu, the popular memecoin, has experienced a significant token burn, with over 100 million SHIB burned in the last 24 hours. This marks a 1,300% increase from the previous day’s burn rate. The purpose of this program is to reduce the overall supply of SHIB and potentially increase its value over time. So far, 41% of the initial supply has already been burned and sent to an inaccessible address.Despite the impressive burn rate, SHIB’s price has been on a downward trend, falling by 4% in the last 24 hours and 3% on a weekly basis. This decline is in line with the broader crypto market downturn. However, there is hope for future price support with the launch of the Shibarium layer-2 solution. This solution aims to improve speed and lower transaction costs, potentially setting Shiba Inu apart from its competitors in the memecoin realm.In October, Shiba Inu saw almost 1.5 million tokens burned, with the record day being October 28 when over 250 million SHIB were removed from circulation. The successful execution of the burning program is seen as a bullish element that could trigger a price rally for the coin.Overall, despite the token burn and efforts to increase value, SHIB’s price has been affected by the broader crypto market downturn. However, the launch of the Shibarium layer-2 solution and the continued burning of tokens may provide future price support for Shiba Inu.