Shiba Inu Sees Nearly 100% Weekly Burns, What’s Next on SHIB Price?

According to the Shibburn Twitter handle, a total of 223,264,370 SHIB tokens have been burned and 51 transactions have been made in the last seven days.

In the last 7 days, there have been a total of 223,264,370 $SHIB tokens burned and 51 transactions. #shibarmy

— Shibburn (@shibburn) November 27, 2022

In the week before, only 106,780,540 SHIB tokens were burned and 29 transactions were made. The current weekly figure represents a nearly 100% increase in tokens burned over the said timeframe.

Likewise, the number of transactions carrying SHIB to be burned is showing a corresponding increase of almost the same magnitude.

In the week, U.Today reported that SHIB recorded its highest daily burn amount since Oct. 12, with 134 million SHIB being burned. After this feat was achieved, the SHIB daily burn amount returned to its former low levels.

In the past 24 hours, only 1,099,842 SHIB tokens were burned and five transactions were made. The meager burn amount is reflected in the burn rate, which is 92.07% in the last 24 hours.

SHIB price holds steady

At the time of publication, SHIB was marginally up in the last 24 hours at $0.0000092. SHIB posted a gradual recovery after touching lows at $0.00000817 on Nov. 22. Since then SHIB has surprisingly held above this level.

The bulls seem ready for a move as the daily RSI is tilting slightly upward near the 50-neutral mark. Given this, the general picture seems to be that of consolidation.

SHIB price may persist in range trading for a while before the next major move. On the upside, the daily MA 50 ($0.0000102) and MA 200 ($0.0000112) are levels for bulls to squash to trend higher.

In the meantime, the current SHIB price action is giving holders ample opportunity to accumulate. According to IntoTheBlock data, SHIB is recording the largest percentage of long-term holders, or “hodlers,” which is currently 54%. This proportion of holders has exploded in recent months to outnumber both short- and midterm holders.