Shiba Inu burn data portal revealed a jump in the burn rate of the meme coin. Several bullish triggers have pushed Shiba Inu price higher, the meme coin is following in the footsteps of rival Dogecoin.
Also read: Ripple price: Will crypto lobbyist group’s support for Ripple push XRP price higher?
Shibburn, the portal that records detailed statistics of Shiba Inu burned revealed a massive spike in the burn rate. Shiba Inu’s burn rate climbed 443% overnight, with a burn of 14,089,818 SHIB tokens over the past 24 hours. Since the beginning of Shiba Inu’s burn implementation, upwards of 410 trillion SHIB were burnt.
The single largest burn was from an address 0x6081258689a75d253d87ce902a8de3887239fe80 which burnt nearly 12.75 million SHIB tokens, pushing the burn rate higher.
Shiba Inu burnt in a transaction
Based on data from a crypto intelligence platform IntoTheBlock, Shiba Inu has witnessed its highest percentage of long-term holders, setting a new milestone. The rate of traders “holding” Shiba Inu in the long term has climbed to 42%, a new all-time high.
The percentage of mid-term speculators and traders holding Shiba Inu in the short term for quick profit-taking has declined. 42% of Shiba Inu holders have held their tokens for over a year, 55% have held SHIB for less than a year, and 3% have held the meme coin for less than a month.
Moreover, there is a spike in large volume transactions worth $100,000 or more. $466.79 million worth of Shiba Inu has been moved around by whales, and large-wallet investors, indicating a rise in on-chain activity.
IntoTheBlock suggests that the sentiment among Shiba Inu holders is mostly bullish.
Crypto Faibik, a crypto trader and analyst evaluated the SHIB/USDT price chart and argued that a descending channel upside breakout is confirmed. There is bullish solid volume to back up the breakout in Shiba Inu, therefore Faibik expects the meme coin to rally like Dogecoin.
SHIB/USDT price chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Bitcoin price has faced the brunt of many industry leaders or significant platforms going bust in the last year. From Terra’s implosion to FTX’s bankruptcy, the industry seems shaken from a psychological perspective.
FTX exchange's standing continues to worsen as the bankrupt firm faces more scrutiny from regulators. The repercussions of the exchange's collapse have led to severe disruptions in the crypto market.
Ethereum price is in a consolidative phase as it hovers below a crucial resistance level. While a quick move to the upside to collect liquidity is likely, traders should not confuse this for a bullish directional bias.
Lido DAO price appears to be moving north while the rest of the market succumbs to Bitcoin’s lacklustre recovery. As the market may be setting up for another downswing, a risky countertrend opportunity is displayed within the LDO technicals.
BTC has faced the brunt of many industry leaders or significant platforms going bust this year. From Terra’s implosion to FTX’s bankruptcy, the industry seems shaken from a psychological perspective. As investors, an unbiased look reveals that the macro bottom is just one 20% crash away. This forecast takes a fresh look at significant levels and anticipates other scenarios that may evolve for Bitcoin price.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and omissions may occur. Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, clients or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.