Millions of SHIB were reportedly burnt in the last week thanks to community efforts, albeit this may not have met expectations, according to Shibburn’s Twitter account.
Shibburn revealed that 38,373,239 SHIB tokens were burnt in 18 transactions during the last seven days. This number is less than the 282,730,986 SHIB from the previous week.
With a total of 1,073,047 SHIB tokens burnt in two transactions over the course of the previous 24 hours, the quantity burned was noticeably less. The SHIB burn rate, meanwhile, is showing a 281% rise.
The market’s recent calmness following the SEC’s filing of litigation against the two largest exchanges, Coinbase and Binance, may have contributed to the decline in SHIB burns. Some cryptocurrencies, including ADA, SOL, and MATIC, were claimed to be securities in the complaint.
Following this, several platforms, including Robinhood and Bakkt, moved to delist the aforementioned cryptocurrency assets, however Shiba Inu was spared and is still traded on these platforms.
Despite this seemingly encouraging indicator, bears did not ignore SHIB’s price as it sharply declined towards the levels it presently trades at. SHIB is now trading at $0.0000069, up 1.02% over the previous 24 hours and 3.12% for the last week.
SHIB, which was once ranked 17th in the cryptocurrency world, is currently ranked 18th with a market cap of $4.1 billion.
SHIB demonstrates unseen growth
SHIB recovered from a sharp decline on June 10 to trade in a range as things gradually got better. A modest increase is observed as SHIB progressively rebounds from oversold levels, as shown by its daily RSI.
If today’s closing is favourable, SHIB will have seen four straight days of gains since June 15.
Nevertheless, Shiba Inu’s ratio of long holders, or “hodlers,” continues to be substantial despite the lacklustre price activity observed. According to IntoTheBlock, 69% of holders have maintained their positions for more than a year.
