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SHIB Burn Rate Climbs by 443% As Price Reaches Six-week High

Sat, 10/29/2022 - 15:44
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Tomiwabold Olajide
Shiba Inu also reclaimed position of 13th largest cryptocurrency
SHIB Burn Rate Climbs by 443% As Price Reaches Six-week High
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Per the Shibburn website, the burn rate of Shiba Inu has increased by 443%. However, only 14,089,818 SHIB have been burned in the last 24 hours.

Shiba Inu (SHIB) continued its journey upward, reaching an intraday high of $0.00001283 at the time of writing. This was the highest in over six weeks. Shiba Inu also rallied for the second consecutive day as attention shifted to meme cryptocurrencies.

A year ago, on Oct. 28, 2021, Shiba Inu rose in an impressive bull run to touch all-time highs of $0.000088. At the time of publication, SHIB was trading up 11.88% at $0.0000122. Shiba Inu also reclaimed the position of the 13th largest cryptocurrency.

SHIB Burn Rate Jumps 584% as Millions of SHIB Sent to Dead Wallets

Despite the impressive move in SHIB, it remains 86% down from its all-time highs, being no different from other cryptocurrencies that have been buffeted by bearish market conditions prevailing since the start of 2022.

Despite the price declines, it has been a monumental year for SHIB so far. This year has seen the launch of new projects and partnerships: the SHIB metaverse, the Welly franchise, the Shiba Inu burn portal, the Shiba Eternity launch and others.

SHIB sets new milestone

According to IntoTheBlock data, SHIB is now seeing its highest percentage of long-term holders, setting a new milestone in the metric. The percentage of long-term holders, or "hodlers," has jumped to 42%, the highest so far, while that of midterm speculators continues to decline. Meanwhile, the percentage of short-term holders has held relatively steady.

Shiba Inu Sets New Milestone in This Long-Term Metric: Report

According to IntoTheBlock's data on holder composition by time held, 42% of SHIB holders have "hodled" their tokens for more than a year, 55% have held within a year, and 3% have held onto their tokens for less than a month. In the week, U.Today reported the percentage of hodlers to be 38%, thus this category of holders has seen a stark increase in just a few days.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.