![](\"https:\/\/cryptoglobe.s3.eu-west-2.amazonaws.com\/2022\/12\/Web-capture_15-12-2022_145555_www.shibburn.com_.jpeg\")
<\/p>\nThe rate at which tokens of the meme-inspired cryptocurrency Shiba Inu ($SHIB) are being burned has surged by over 150% to reach 5.1 million SHIB in just 24 hours, at a time in which the number of users in the SHIBArmy has kept on growing.<\/p>\n
According to data from Shiba Inu burn tracker Shibburn, Shiba Inu\u2019s burn rate has surged over 150% over the past 24-hour period, at a time in which the cryptocurrency industry has been enduring a bear market for over a year.<\/p>\n
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Shiba Inu tokens are burned when they are sent to so-called dead wallets, which are wallets on the Ethereum network no one has access to, meaning the tokens are effectively removed from circulation as they are unrecoverable.<\/p>\n
The SHIBArmy has for long championed token burns as a way to reduce the meme-inspired cryptocurrency\u2019s circulating supply and make circulating tokens more valuable as a result, if demand is maintained or moves up. Late last year, the Shiba Inu community has already\u00a0burned a total of 410 trillion tokens.<\/p>\n
The meme-inspired cryptocurrency\u2019s community has organized several methods to generate revenue and burn SHIB, including through an Amazon affiliates program and through music playlists the community listens to.<\/p>\n
Notably, the median\u00a0hold time that users on the Nasdaq-listed cryptocurrency exchange Coinbase hold onto the meme-inspired cryptocurrency Shiba Inu ($SHIB) before either selling it or moving it to an external address has now surpassed 210 days.<\/p>\n
The cryptocurrency exchange notes on its page that a long hold time \u201csignals an accumulation trend\u201d while a short hold time \u201cindicates increased movement of tokens.\u201d Shiba Inu\u2019s typical hold time on the exchange has notably kept on rising since the feature was added.<\/p>\n