Word’s leading meme coin Shiba Inu’s burn rate has increased by 766%. Almost 50 million SHIB tokens were transferred to the dead wallets in the last 24 hours, data from the Shibburn website suggested.
Two days ago, over 10 million SHIB tokens were set ablaze in six transactions according to Shibburn.
The burn rate recently increased by a whopping 1,017%. The surge in burn rate occurred before Shiba Eternity, a recently released SHIB game, had its official “Download Day” on October 6.
Shiba Eternity, a collectible card game from the Shiba Inu ecosystem, went on sale everywhere with a 4.9 out of 5 user rating. The game is now included in the Play Store’s top games list and downloaded over 100k times with 11,500 reviews.
The game allows users to choose among 10,000 Shiboshi heroes, and 500 collectible cards, among other things. Proponents believe the popularity of Shiba Eternity will likely drive the adoption of SHIB.
Shiba Inu analysts continue to have a bullish outlook
However, the price action of the asset remains stuck in a rut. SHIB was trading for $0.000010 at the time of writing this post, slightly down over the previous 24 hours.
In spite of this, at least 109,033 new holders joined Shiba Inu in 2022. SHIB had 1,114,483 holders as of January 3rd. Data from CoinMarketCap shows that SHIB holders increased steadily, reaching 1,223,516 on October 13.
The recent growth suggests that more traders are keeping their positions despite the generally bearish market conditions. As data from TheBlock revealed that 30% of Shiba Inu owners are committed to the long term.
These holders have latched onto their tokens for more than a year, 67% have held within a year and 3% have held onto their tokens for less than a month.
However, both short-term spectators and midterm holders, also known as swing traders, have slightly decreased. As more traders shift their attention to the long term, this fact continues to be encouraging.