Current weekly figure represents nearly 100% increase in tokens burned
according to shibburn Twitter handle, a total of 223,264,370 SHIB tokens have been burned and 51 transactions have been done in the last seven days.
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.
Similarly, the number of transactions carrying SHIBs is showing an increase of about 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 last 24 hours, only 1,099,842 SHIB tokens were burned and five transactions were made. The low burn volume is reflected in the burn rate, which stands at 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 trending slightly higher near the 50-neutral mark. Looking at this, the general picture seems to be 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.
Meanwhile, the current SHIB price action is giving ample opportunity to the holders to accumulate. According to IntoTheBlock data, SHIB is registering the largest percentage of long-term holders, or “hodlers,” which currently stand at 54%. This ratio of holders has seen an increase in the number of both short and midterm holders in recent months.
