The rate at which tokens of the meme-inspired cryptocurrency Shiba Inu ($SHIB) are being burned has skyrocketed by 3,000% earlier this week to reach 200 million SHIB in just 24 hours, at a time in which Ethereum ($ETH) whales are accumulating the cryptocurrency.
According to Shiba Inu burn tracker Shibburn, as first reported by Watcher Guru, Shiba Inu’s burn rate rose 2936.73% on Monday, September 12 after the meme-inspired cryptocurrency’s users sent over 200 million tokens to wallets no one has control over, effectively removing the tokens from circulation.
Most of the tokens were seemingly burned in a single transaction, after a whale contributed to the SHIBArmy’s burning efforts to reduce the cryptocurrency’s circulating supply. A lower supply met with growing demand could help the cryptocurrency’s price rise.
Ethereum blockchain data shows that whales have been accumulating the cryptocurrency as well, with two different whales purchasing over 700 billion SHIB, worth over $8.6 million, over the weekend. One of these whales created a new wallet to add in 541 billion tokens, worth over $6.6 million.
As CryptoGlobe reported, mysterious Shiba Inu whale moved its 3.37 trillion token stash in a large transaction that caught the attention of the SHIBArmy for its size late last week. It isn’t known what entity is behind the transaction.
Also read: Who Created Shiba Inu ($SHIB)?
Notably, the median hold time that users on the Nasdaq-listed cryptocurrency exchange Coinbase hold onto the meme-inspired cryptocurrency Shiba Inu ($SHIB) before either selling it or moving it to an external address, has now surpassed the six-month mark.
The typical hold time for Shiba Inu investors on the platform is now 183 days, above the typical hold time of other major cryptocurrencies including Bitcoin ($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.
These include Shibarium, a layer-2 blockchain to which SHIB tokens could be migrated for lower transaction fees, and SHIB: The Metaverse, a Shiba Inu-themed metaverse from which users have already started buying land.
Moreover, developers are also working on Shiba Eternity, a trading card game highly expected by the community, which had its first sneak peek at the gameplay after Kusama announced the first successful test for Vietnam players on iOS devices.
Featured image via Pixabay