SHIB might mark its second consecutive positive week
According to the Shibburn website, the Shiba Inu’s burn rate increased by an astonishing 412%. Meanwhile, only 2,175,935 SHIBs have been burnt 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 November 5, a rebound from an intraday low of $0.00001242 led SHIB to climb above the 200 daily MA, which was at the same level as $0.00001242. Interestingly, SHIB is building a base at this stage, as it remains up here at press time.
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.
According to data from IntoTheBlock, Shiba Inu whales, or large holders, have contributed to the price action, as large transactions have increased by 65% in the past day. Trading volume for the SHIB traded by the top 100 Shiba Inu holders tracked by WhaleStats also increased by 961%, while their average SHIB value increased by more than 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.
According to data from IntoTheBlock, the percentage of long-term holders for the SHIB is currently at its all-time high, marking a new high for the indicator. The proportion of long-term investors, or “holders,” has risen to 47%, while the proportion of medium-term investors is declining. Meanwhile, the proportion of short-term investors has remained largely stable.
