The rate at which tokens of the meme-inspired cryptocurrency Shiba Inu ($SHIB) are being burned has surged by 100% earlier this week to reach 61 million SHIB in just 24 hours, at a time in which Ethereum ($ETH) whales joined the movement and helped burn tokens.
According to data from o Shiba Inu burn tracker Shibburn, Shiba Inu’s burn rate rose well over 100% in the last 24-hour period after a total of 61.1 million SHIB tokens were burned in 13 transactions in just 24 hours.
The burning cycle stood out to market observers as there were whales on the cryptocurrency’s community contributing to the effort, with two separate Ethereum wallets burning a total of 45.7 million tokens in their transactions.
Shiba Inu tokens are burned when they are sent to so-called dead wallets, which are wallets on the Ethereum network no one has access to, meaning the tokens are effectively removed from circulation as they are unrecoverable.
The SHIBArmy has for long championed token burns as a way to reduce the meme-inspired cryptocurrency’s circulating supply and make circulating tokens more valuable as a result, if demand is maintained or moves up. Late last year, the Shiba Inu community has already burned a total of 410 trillion tokens.
The meme-inspired cryptocurrency’s community has organized several methods to generate revenue and burn SHIB, including through an Amazon affiliates program and through music playlists the community listens to.
Notably, the median hold time that users on the Nasdaq-listed cryptocurrency exchange Coinbase hold onto the meme-inspired cryptocurrency Shiba Inu ($SHIB) before either selling it or moving it to an external address, has now surpassed the six-month mark.
The typical hold time for Shiba Inu investors on the platform is now 190 days, above the typical hold time of other major cryptocurrencies including Bitcoin ($BTC), Ethereum ($ETH), Cardano ($ADA), and Solana ($SOL).
Shiba Inu investors are likely HODLing onto their assets as even after the project’s founder departed, developers and the community kept on running Shiba Inu, and new popular solutions are being launched soon.
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