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In the past 24 hours, 132 million Shiba Inu coins were permanently pulled out of circulation and destroyed. A recent study of holders found, 30% of Shiba Inu holders are now holding the meme coin for long-term reasons rather than speculation and short-term gains. 

Data from IntoTheBlock has revealed a recent spike in the Shiba Inu $SHIB accumulation by holders for the long term, referred to as “diamond hands” in crypto Twitter lingo. Shiba Inu burn intensified and Shiba Eternity launched in Australia, boosting sentiment among SHIB holders.

The recent Shiba Inu’s burn has been a massive momentum shift for the meme coin. The Shiba Inu community is now anticipating the launch of Shibarium, Shiba Inu’s layer-2 scaling solution and the SHIB metaverse. The two anticipated launches and the meme coin’s burn are the key drivers of Shiba Inu, based on the meme coin’s price trend over the past two months.