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.

Image Credit

Featured Image via Unsplash

During an incredible rise, the Shiba Inu coin is seeking a slot among the top ten largest cryptocurrencies.

Retail investors in the #SHIBarmy have fueled a 125% increase in the meme coin in the previous seven days.

In terms of market valuation, it’s around $7 billion behind its predecessor, dogecoin.

Shiba Inu coin is on its way to becoming one of the top ten cryptocurrencies, thanks to an army of retail traders who are pushing the token to unprecedented heights.

The hashtag #SHIBarmy trended on Twitter as supporters of the coin congratulated it on closing the gap with dogecoin as the tenth-largest cryptocurrency by market capitalization.

With over 9,000 tweets, the hashtag #SHIBDELETEAZERO trended on Twitter.

“We’re one step away from taking over!” wrote “The Shiba Boy,” echoing similar views expressed by others in the “SHIB army.”

According to CoinMarketCap data, the cryptocurrency named after the meme-famous breed of dog has gained 125.35% in the last seven days.

The cryptocurrency surged 42% to $0.00006291 at 10:24 a.m. in New York on Wednesday, October 27, the most recent day of the rally.

The increase has put the coin within striking distance of the token that inspired it, dogecoin, which is presently ranked 10th with a market cap of around $31 billion.

According to the data, the Shiba Inu coin is roughly $7 billion away from that.

Thousands of retail traders demanded that Robinhood add Shiba Inu trading to its crypto platform, which sparked investor excitement.

On Robinhood’s third-quarter earnings call, CEO Vlad Tenev told investors that the company was comfortable with the current coins offered and was waiting for more regulatory clarity.

Read Also: Dogecoin Price Prediction: Analysts Expect Massive Increase Amid Wide Doge Adoption

You can use crypto to buy regular goods and services, although many people invest in cryptocurrencies as they would in other assets, like stocks or precious metals.

While cryptocurrency is a novel and exciting asset class, purchasing it can be risky as you must take on a fair amount of research to fully understand how each system works.

Cryptocurrency is decentralized digital money, based on blockchain technology.

You may be familiar with the most popular versions, Bitcoin and Ethereum, but there are more than 5,000 different cryptocurrencies in circulation.

There is a range of great cryptocurrencies, ranging from Bitcoin and Ethereum to Dogecoin and Tether, making it difficult to get started in the world of crypto.

These are the top 10 cryptocurrencies by market capitalization, or the total worth of all coins currently in circulation, to help you gain your bearings as monitored real-time by the Coin Market.

1. Bitcoin (BTC) Market cap: Over $1.1 trillion

2. Ethereum (ETH) Market cap: Over $470 billion

3.  Binance Coin (BNB) Market cap: Over $ 75 billion

4. Tether (USDT) Market cap: Over $69 billion

5. Cardano (ADA) Market cap: Over $65 billion

6. Solana (SOL) Market cap: Over $57 billion

7. XRP (XRP) Market cap: Over $47 billion

8. Polkadot (DOT) Market cap: Over $40 billion

9. USD Coin (USDC) Market cap: Over $32.4 billion

10. Dogecoin (DOGE) Market cap: Over $32.2 billion

11. Shiba Inu (SHIB) Market cap: Over 26 billion

 

Related Article: Dogecoin Price, Volume: Should You Trade It With Shiba Inu Crypto Coins?