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FXStreet

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
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
SHIB/USDT price chart

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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.
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