According to the Shibburn website, the Shiba Inu’s burn rate jumped an astonishing 412%. Meanwhile, only 2,175,935 meme coins have been burned in the last 24 hours.
SHIB saw a significant increase on November 4: from the intraday low of $0.00001157 to as high as $0.00001364. The meme coin dropped a bit afterwards, wiping out some of those gains and closing the day at $0.00001255. On November 5, a recovery from the intraday lows of $0.001242 caused the SHIB to break above the daily MA 200 at $0.001242. Interestingly, SHIB seems to establish a base at this level.
At the time of publication, SHIB is trading at $0.0000127, up 2% in the last 24 hours and 4.17% in the last seven days. If the Shiba Inu manages to stay above $0.000012, SHIB could get its second consecutive week of positives since mid-October.
Besides, Shiba Inu whales seem to have contributed to the price action, as large transactions involving meme coins have risen 65% in the past day, according to data from IntoTheBlock. Trading volumes for SHIB, which are traded by the top 100 Shiba Inu owners tracked by WhaleStats, also rose 961%, with average SHIB investments increasing over 6%.
Meme coin sets a new record in the number of investors
Despite the boring market conditions, SHIB continues to attract new users. According to WhaleStats data, the Shiba Inu has reached a new high in owner count, which is now 1,236,197.
According to IntoTheBlock statistics, the percentage of long-term holders for SHIB is currently the highest. While the share of long-term investors, or “hodlers”, has increased to 47%, the share of medium-term investors continues to decrease. Meanwhile, the ratio of short-term investors remains largely stable.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.