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Shiba Inu Burn Rate Jumps 412% as SHIB Price Regains Key Level

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Sat, 5/11/2022 - 11:56
Shiba Inu Burn Rate Jumps 412% as SHIB Price Regains Key Level
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Per the Shibburn website, Shiba Inu's burn rate made a surprising jump of 412%. Meanwhile, only 2,175,935 SHIB have been burned in the last 24 hours.

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SHIB saw a significant spike on Nov. 4 as it rose from an intraday low of $0.00001157 to reach a high of $0.00001364. SHIB somewhat fell and erased some of these gains, closing the day at $0.00001255.

On Nov. 5, a rebound from intraday lows of $0.00001242 caused SHIB to climb above the daily MA 200, located at the same $0.00001242 level. Interestingly, SHIB seems to be forming a base at this level, as it sustained above here at press time.

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

At the time of publication, SHIB was changing hands at $0.0000127, up 2% in the last 24 hours and 4.17% in the past seven days. If Shiba Inu sustains its price above the $0.000012 mark, SHIB might mark its second consecutive positive week since mid-October.

Shiba Inu whales, or large holders, seem to have contributed to the price action, as large transactions have increased by 65% over the past day, per IntoTheBlock data. Trading volumes have also risen a whopping 961% for SHIB traded by the top 100 Shiba Inu holders tracked by WhaleStats, while their average SHIB value has risen by over 6%.

Shiba Inu set new high in holder count

SHIB continues to draw new users despite the dull market conditions. Shiba Inu has reached a new peak in its holder count, which is now at 1,236,197, according to WhaleStats data. Also, the conviction of holders seems to be at its highest.

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SHIB Gains 10% in Fresh Rally as "Dog Season" Arrives: Details

According to statistics from IntoTheBlock, the percentage of long-term holders for SHIB is currently at its highest level, marking a new high point for the indicator. The proportion of long-term investors, or "hodlers," has increased to 47%, while the proportion of midterm investors continues to decrease. In the meantime, the proportion of short-term investors has largely remained stable.

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