shibburn twitter According to his account, a total of 223,264,370 SHIB tokens have been burned in 51 transactions in the last seven days.
Last week, only 106,780,540 SHIB was burned in 29 transactions. The current weekly figure shows a nearly 100% increase in the number of meme coins burned in that time frame. Likewise, the number of transactions for incineration experienced a corresponding increase of almost the same magnitude.
— Shibburn (@shibburn) November 27, 2022
On the other hand, only 1,099,842 meme coin burns took place in 24 hours, and this burn was done in five transactions. Insufficient amount of incineration shows a decrease of 90.23% in the last 24 hours.
SHIB price remains stable
SHIB showed a gradual recovery after touching the $0.00000817 levels on Nov. 22. Since then, SHIB has surprisingly remained above this level. Currently, the meme coin is trading at $0.0000092.
The daily RSI is tilting slightly upwards near the 50-neutral line, with the bulls looking ready for a move. Given this development, the overall picture shows consolidation. So SHIB price may be trading in a narrow range for a while before the next big move. On the upside, the daily MA 50 ($0.0000102) and MA 200 ($0.0000112) are levels that the bulls need to surpass in a higher trend.
Besides, the current SHIB price action gives its holders ample opportunity to save. According to IntoTheBlock data, SHIB currently has the largest percentage of its long-term investors at 54%. The number of long-term investors has increased in recent months, outnumbering both short-term and medium-term holders. This can be considered as an indicator of investors’ confidence.
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.