Shiba Inu Burn Rate Surges by Over 100% As Whales Burn $SHIB – Coin24h.com
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Meme-inspired cryptocurrency Shiba Inu ($SHIB) has seen a 100% increase in its token burn rate earlier this week, hitting 61 million SHIBs in just 24 hours, with Ethereum ($ETH) whales joining the ranks. movement and helped burn tokens.
According to data from Shibburn o Shiba Inu burn tracking, the Shiba Inu burn rate increased well over 100% in the last 24 hours after a total of 61.1 million SHIB tokens were burned in 13 events in just 24 hours.
The burn cycle stood out to market watchers as there were whales in the cryptocurrency community who participated in the effort, with two separate Ethereum wallets burning a total of 45.7 million tokens in their transactions.
Shiba Inu tokens are burned when they are sent to so-called dead wallets, which are wallets on the Ethereum network that no one can access, meaning that the tokens are effectively removed from circulation as they cannot be recovered.
The SHIBArmy has long advocated token burning as a way to reduce the circulation of the meme-influenced cryptocurrency and make the circulating tokens more valuable as a result if demand remains or increases. At the end of last year, the Shiba Inu community has already burned a total of 410 trillion tokens.
Inspired by the meme, the cryptocurrency community has organized several ways to generate income and burn SHIB, including through the Amazon affiliate program and music playlists the community listens to.
Notably, the average holding time that users of Nasdaq-listed cryptocurrency exchange Coinbase hold meme-inspired cryptocurrency Shiba Inu ($SHIB) before selling it or moving it to an external address has now crossed the six-month mark.
The typical holding period for Shiba Inu investors on the platform is now 190 days, higher than the typical holding period for other major cryptocurrencies, including Bitcoin ($BTC), Ethereum ($ETH), Cardano ($ADA) and Solana ($SOL). .
Shiba Inu investors are likely to hold onto their assets, as even though the founder of the project resigned, developers and the community continued to use Shiba Inu, and new popular solutions will be launched soon.
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