According to the latest statistics from on-chain data provider Shibburn, the pace at which Shiba Inu (SHIB) tokens are burned surged by a whopping 4215 percent by midday on November 6.
This increase represented millions of tokens being burned. Precisely, 93,902,195 SHIB tokens have been sent to dead wallets within 24 hours, emanating from nine transactions. For context, only 2.1 million SHIB tokens were burned on November 5. The Shiba Inu burn tracker indicates that 197,799,286 SHIB have been burned over the previous seven days.
At the same time, Shiba Inu has reportedly set new highs in its total holder count, which now sits at 1,236,433, and total transfers at 8,779,558, according to data from blockchain data provider Etherscan. Furthermore, it appears that conviction among holders is at an all-time high. Currently, exactly 97% of SHIB holders are mid and long-term investors.
As the shares of midterm and long-term holders approach parity, an intriguing phenomenon is emerging. According to data from IntoTheBlock, the proportion of long-term investors, or “hodlers,” has increased to 48%, while that of midterm investors currently sits at 49%.
Meanwhile, a massive amount of SHIB has been transferred across wallets over the past 24 hours, with cryptocurrency data tracker Whale Alert reporting that 3,400,897,761,900 SHIB worth $43,022,376 was transferred within the stated timeframe.
Shibarium Coming Along Fine: SHIB Team
Finally, there are currently plans in place for a quick release of Shibarium. At the time of publication, the @shibariumnet official Twitter account had more than 22K followers.
Shibarium is a Layer 2 blockchain scaling solution designed to improve the functionality of Shiba Inu's host chain, Ethereum. The way it works, a secondary framework is put on top of another blockchain to increase scalability and transaction speed.
The Shiba Inu team predicts that this will ultimately develop into a social knowledge hub for anything associated with the Shibarium Network and Protocol. Recent data from Unification shows that Shibarium is nearing a beta release.
Peter Brandt Says Bear Market is Over for Dogecoin
In other news, Peter Brandt, a seasoned trader, previously published his research on dogecoin (DOGE).
“This is considered a bear channel, the upside violation of which has terminated the bear market that began at the May 2021 high,” Brandt stated in a tweet accompanied by a DOGE chart.
Brandt then sent out another tweet to caution traders against making the error of believing that the conclusion of a bear market heralds the start of a bull market. He issued a warning:
“A common mistake made by novice and wanna-be traders is assuming that an end to a bear phase of a market is automatically a signal that a bull market has begun. This assumption is most often wrong.”
Shiba Inu Trapped in a Sideways Pattern
While most of the crypto market recorded some measure of bullish activity over the last week, Shiba Inu’s price dynamics appear to have yielded no significant results for the meme coin.
The 4-hour chart below shows that the cryptocurrency is having a tough time breaching the $0.0000130 range top, as SHIB maintained its sideways pattern through the first week of November.
While breaking the $0.0000130 mark would be a welcome development, the cryptocurrency is unlikely to record any meaningful bullish performance until it breaks the $0.0000150 resistance. Can this level be breached this week?
SHIB Statistics Data
SHIB Current Price: $0.0000125
SHIB Market Cap: $6.89B
SHIB Circulating Supply: 549T
SHIB Total Supply: 589T
SHIB Market Ranking: #13
This article should not be taken as financial advice. It is essential to conduct research before making any investment decisions.