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SHIB whales are coming – Shiba Inu burn rate increases by 3,000%

 


The rate at which Shiba Inu tokens are being burned has increased by 3,000% to 200 million SHIB in just 24 hours earlier this week, at a time when Ethereum whales are accumulating ETH.


According to Shiba Inu burn tracker Shibburn, Shiba Inu's burn rate increased by 2936.73% on Monday after users sent over 200 million tokens to wallets that no one controls, effectively removing the tokens.


Most of the tokens were apparently burned in a single transaction after a whale contributed to the SHI Army's burning activities to reduce the circulating supply.


Lower supply meeting growing demand could support SHIB's price rise.


Ethereum blockchain data shows that whales have also accumulated SHIB, with two different whales buying over 700 billion SHIB worth over $8.6 million over the weekend. One of these whales created a new wallet to add 541 billion tokens worth over $6.6 million.


A mysterious Shiba Inu whale moved 3.37 trillion tokens in a major transaction that caught the attention of the SHIArmy late last year. It is not known who is behind this transaction.

Notably, the average holding time Coinbase Shiba Inu users hold 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, exceeding the typical hold time of other cryptocurrencies including Bitcoin, Ethereum, Cardano and Solana.


Shiba Inu investors are likely to hodl on their fortunes as developers and the community continue to run Shiba Inu even after the creator's departure and new popular solutions are coming soon.


These include Shibariuum, a Layer 2 blockchain into which SHIB tokens could be migrated for lower transaction fees, and SHIB – The Metaverse.


In addition, developers are also working on Shiba Eternity, a trading card game highly anticipated by the community, which had its first glimpse of gameplay after Kusama announced the first successful test for players from Vietnam on iOS devices.

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