- 24-hour and 7-day SHIB burn rates have been dropping lately
- However, SHIB’s 30-day MVRV has seen a 5% increase due to memecoin’s uptrend
Shiba Inu (SHIB) burn rate has dropped recently. However, there is an exciting twist to this situation: short-term holders are recording an increase in the value of their holdings.
– Read Shiba Inu (SHIB) Price Forecast 2023-24
Doesn’t burn very well?
Recent statistics from Shibburn revealed a drop in Shiba Inu (SHIB) burn rate over the past 24 hours and seven days. More than 12 million SHIB tokens have been burned in the past 24 hours. The press-time stats indicated a more than 33% decrease in burn rate, compared to the previous data.
Likewise, 259 million tokens have been burned in the past seven days. However, despite the importance of this number, there is a drop of more than 74% in the burn rate.
In addition, the volume metric indicated that SHIB will not see much activity in recent weeks. According to data from Santiment, SHIB’s trading volume has been relatively quiet, hovering around 105 million at the time of writing.
Source: Sentiment
Shiba Inu price sees some positives
The daily timetable chart for Shiba Inu (SHIB) showed a positive trend over the past few days. The chart showed an impressive four-day streak of consecutive uptrends, with the current day marking the fifth consecutive uptrend.
Although the increase in value was relatively small, less than 1%, it represents a favorable move for SHIB.
Source: TradingView
In addition, this uptrend pushed SHIB above the neutral line on the Relative Strength Index (RSI), indicating a mild bullish trend. However, it is worth noting that the price movement was still below the short moving average (yellow line) at the time of writing.
Short-term SHIB holders see gains
According to Santiment, short-term holders of Shiba Inu have managed to keep their investments profitable despite the decrease in volume and burn rate. In fact, the Market Value to Realized Value (MVRV) analysis indicated that SHIB was trending above the zero line.
At the time of writing, the MVRV stood at around 5.6%, suggesting that holders have seen an increase of more than 5% in the value of their holdings.
Source: Sentiment
Shiba Inu’s L2 continues to ramp up trades
Shiba Inu’s Layer 2 (L2) testnet, Shibarium, has witnessed a wave of transactions as it progresses toward the mainnet launch. By examining the platform’s activities through the scanner, it becomes clear that a major transaction milestone is within reach. At the time of writing, the number of transactions has surpassed 22.9 million, with the expectation of reaching 23 million soon.
– How much are 1,10,100 SHIBs worth today
In addition, the number of wallets linked to the platform has grown steadily. According to the latest update, the number of wallet addresses has also passed 17 million.