Shiba Inu is currently experiencing significant momentum, fueled by a rare combination of on-chain activity and heightened investor enthusiasm. Recently, critical metrics such as average holding time and the burn rate of SHIB have seen remarkable increases. This surge in interest follows Bitcoin’s recent price milestone, uplifting SHIB and pushing its value to a zenith of $0.00001391 over the last month.
Long-Term Commitment from SHIB Investors
SHIB investors are showcasing an unparalleled level of long-term dedication during this market phase. Insights from analytics platforms illustrate that the average holding period for SHIB tokens has jumped by a staggering 783% in just one week. This metric, which denotes the duration SHIB tokens remain untransacted, signifies that holders are increasingly reluctant to sell, hinting at a collective belief in the token’s future potential.
This trend reveals that the average holding time across all SHIB addresses now rests at an impressive 2.8 years, suggesting that many holders are committed to waiting for significant price appreciations instead of capitalizing on transient market rallies. Such “diamond hands” behavior is often a precursor to bullish movements in the market, setting the stage for future price growth.
Exploding SHIB Burn Rate
The bullish narrative is further reinforced by the dramatic rise in Shiba Inu’s burn rate. Recent statistics indicate that the number of SHIB tokens incinerated in the past week has exceeded 1 billion. Notably, over 1,055,861,987 SHIB tokens were permanently removed from circulation in just seven days, showcasing a jaw-dropping increase of 1,784.86% compared to the previous week. Additionally, the last 24 hours saw over 4.7 million SHIB tokens torched, further elevating the daily burn rate by 8.78%.
Burning tokens diminishes the overall supply available in the market, which, coupled with rising demand and strong holder conviction, can create favorable conditions for a significant supply squeeze. This spike in the burn rate points to a concerted effort within the SHIB community to enhance scarcity as market conditions appear to tilt positively.
Current price movements of Shiba Inu bolster the anticipation of a breakout. As SHIB tracked Bitcoin’s recent ascent to new price levels, it achieved a notable high of $0.00001391. While a minor correction followed alongside Bitcoin’s price retracement, the data reveals that SHIB remains up by 9.7% over the past week, demonstrating resilience and potential for future growth.
As of now, Shiba Inu is trading at $0.000013, reflecting the ongoing dynamics in the market.
