Weekly SHIB Burn Falls to Lowest Number, Here Might Be Reason

Nov 14,2022
Weekly SHIB Burn Falls to Lowest Number, Here Might Be Reason

Shiba Inu's weekly burning amount has dropped to the minimum standard of many months. Because only 99774731 SHIB tokens have been burned in the past seven days, 18 transactions have been conducted. In the past, this represented the use of combustion in one day. It is reported that it was also less than the previous week, when the 197799286 SHIB was burned.

In recent months, due to the impact of the bear market of cryptocurrency stock market, the combustion of SHIB has decreased. The past week, described as the worst week in the history of data encryption, was a chaotic one. After the surprising information of FTX implosion, the price of data encryption fell sharply.

FTX, headquartered in the Bahamas, announced bankruptcy on Friday. An emergency rescue agreement with Binance, a competitor's trading center, was unsuccessful, causing the most attractive collapse of cryptocurrency in recent years.

This may, to some extent, result in the relatively low total number of SHIB combustion records this week. In the past 24 hours, 2045478 SHIB tokens were burned in just two transactions.

In the dilemma caused by the FTX implosion, Shiba Inu team said something reassuring for SHIB cell: "Everyone stands with you, continues to grow, works together, and creates a brighter future. In such a future, blockchain technology and DeFi innovation create new opportunities for people, and everyone invites every data encryption cell to join our unremitting efforts."

"Swivel" may be a new change

It is noteworthy that not only the combustion of SHIB decreases, but also the total number of transactions with SHIB also drops sharply. This will produce a new change to a certain extent, which seems more obvious: "nonsense"

According to the data information of IntoTheBlock, the long-term holders of Shiba Inu account for a large proportion, which is 51% at this stage. In recent months, the proportion of the holders has exceeded that of the holders in the short term and in the middle and late stages.