Number of transactions carrying SHIB to be burned has drastically declined
Shiba Inu’s Weekly Burn is at its lowest level in months, as only 99,774,731 SHIB tokens were burned and 18 transactions were made in the past seven days. In the past, this represented the amount that was burned in a day. You. According to Today, it was even less than last week, when 197,799,286 SHIBs were lit.
SHIB burning has decreased in recent months as the effects of the cryptocurrency bear market have taken their toll. The past week, described as one of the worst in crypto history, was a chaotic one, with crypto prices taking a drastic decline following the shocking news of the FTX implosion.
Bahamas-based FTX filed for bankruptcy on Friday, hastening crypto’s highest-profile collapse in recent years after a rescue deal with rival exchange Binance failed.
This might have partly led to the low numbers recorded in SHIB burning for the week. In the last 24 hours, a meager 2,045,478 SHIB tokens were burned in just two transactions.
Amidst the crisis brought about by the FTX explosion, Shiba Inu Team SHIB offered reassuring words to the community: “We are here to stand with you as we continue to grow and work together for a brighter future in which decentralization and DeFi innovation create new opportunities for people, And we invite everyone in the crypto community to join us in this effort.”
“Hodling” seems to be new shift
Notably, not only did the amount of SHIB burn decline, but the number of transactions carrying SHIB to be burned has drastically declined. This would in a way bring up a new shift that seems more apparent: “hodling.”
The Shiba Inu is seeing the largest percentage of long-term holders, or “hodlers,” currently at 51%, according to IntoTheBlock data. This proportion of holders has increased in recent months to surpass both short and medium term holders.
