Meme Coin Shiba Inu’s (SHIB) Trading Volume Surges Over 500%

Meme Coin Shiba Inu’s (SHIB) Trading Volume Surges Over 500%
  • SHIB’s average holding duration increased to 172 days on Wednesday alone.
  • The pace of Shiba Inu’s ‘burn’ has climbed by a whopping 260%.

The Shiba Inu token had a trading volume increase of almost 500%, according to data compiled by WhaleStats, suggesting that the cryptocurrency is gaining popularity among investors. On Tuesday, trade volume increased by 511% from the previous day, but it has already begun to retreat from its daily highs. SHIB’s average and typical holding duration increased to 172 days on Wednesday alone, from its previous average and typical of 93.3 days. 

Burn Rate Climbs

The pace of Shiba Inu’s ‘burn’ has climbed by a whopping 260% in the past day. As the ‘burn’ rate increased, two people burnt enormous quantities of SHIB tokens in a single transaction.

A total of 140M tokens were destroyed by one user in a single transaction, while over 12M SHIB tokens were burned by another user. A total of 172M Shiba Inu tokens were transferred to a dormant wallet recently.

This month, SHIB has seen a rise in both trade volume and ‘burn’ activity. The price hasn’t moved despite a rise in trade volume and a higher burn rate. The value of the token has increased by 4% today.  Since Bitcoin and Ethereum, the two largest cryptocurrencies, are both up today, SHIB is following suit.

Investors in Bone and Leash, two tokens used in the Shiba Inu ecosystem, enjoyed a tremendous gain this month. Bone’s price increased by more than 100% in a month, whereas Leash’s increased by 50% within the same time frame. In comparison to last month, when it was trading at $0.48, this week saw Bone break the $1 threshold. Leash, on the other hand, started the month at $340 and peaked at $640 this week.

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Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.