The rate at which tokens of the meme-inspired cryptocurrency Shiba Inu ($SHIB) are being burned has surged by over 150% to reach 5.1 million SHIB in just 24 hours, at a time in which the number of users in the SHIBArmy has kept on growing.
According to data from Shiba Inu burn tracker Shibburn, Shiba Inu’s burn rate has surged over 150% over the past 24-hour period, at a time in which the cryptocurrency industry has been enduring a bear market for over a year.
Shiba Inu tokens are burned when they are sent to so-called dead wallets, which are wallets on the Ethereum network no one has access to, meaning the tokens are effectively removed from circulation as they are unrecoverable.
The SHIBArmy has for long championed token burns as a way to reduce the meme-inspired cryptocurrency’s circulating supply and make circulating tokens more valuable as a result, if demand is maintained or moves up. Late last year, the Shiba Inu community has already burned a total of 410 trillion tokens.
The meme-inspired cryptocurrency’s community has organized several methods to generate revenue and burn SHIB, including through an Amazon affiliates program and through music playlists the community listens to.
Notably, the median hold time that users on the Nasdaq-listed cryptocurrency exchange Coinbase hold onto the meme-inspired cryptocurrency Shiba Inu ($SHIB) before either selling it or moving it to an external address has now surpassed 210 days.
The cryptocurrency exchange notes on its page that a long hold time “signals an accumulation trend” while a short hold time “indicates increased movement of tokens.” Shiba Inu’s typical hold time on the exchange has notably kept on rising since the feature was added.
Also read: How Much Shiba Has Been Burned? A Look at $SHIB token Burn Schedule
As CryptoGlobe reported, SHIB has been adding over 600 new holders per day so far this month as the SHIBArmy grows. Blockchain data shows that its number of holders has grown from around 1.251 million earlier this month to over 1.258 million.
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