Shiba Inu (SHIB) has seen a dramatic increase in its burn rate over the past 24 hours, with a whopping 28,145% surge. This resulted in millions of SHIB tokens being sent to dead wallets, effectively removing them from circulation.

According to the SHIB burn tracker, a total of 96,434,994 SHIB tokens were burned in just two transactions. This significant burn did trigger a positive initial reaction in the market, with SHIB prices reaching a high of $0.00001455. However, the price increase was short-lived and has since retreated slightly. Currently, SHIB is trading at $0.00001411, down 0.42% in the last day.

This slight retreat suggests that while the burn rate increase is a positive development for SHIB, the market may be waiting for further confirmation of sustained momentum before a significant price increase. While the burn initially boosted the price, it appears other market factors are also influencing SHIB's price action.

Looking beyond the burn, there are other positive developments within the Shiba Inu ecosystem. After a three-day decline, SHIB began to rebound from lows of $0.00001338 on August 27th. The price recovery extended for two days before hitting resistance, indicating a potential battle between bulls and bears in the market, with some investors taking profits.

On a positive note, Shiba Inu recently launched its Developer Portal. This initiative aims to give back to the developer community by providing the tools necessary to accelerate dApp development on Shibarium, the Shiba Inu's layer-2 blockchain solution.

Furthermore, recent developments have brought LEASH, the "Doge Killer" coin associated with Shiba Inu, into focus. Shiba Inu leader Shytoshi Kusama revealed LEASH's critical role within the future Shiba State. LEASH holders will act as essential moderators and system protectors, placing LEASH at the center of Shiba Inu's evolving governance structure.