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

Sat, 11/05/2022 - 11:56
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Tomiwabold Olajide
SHIB might mark its second consecutive positive week
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.

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.

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.

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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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.

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