Shiba Inu token burn data portal revealed a jump in the burn rate of the SHIB. Several bullish triggers have pushed Shib price higher the meme coin is following in the footsteps of Dogecoin.

Shib burns, the portal that records detailed statistics of Shiba Inu token burned revealed a massive spike in the burn rate. Shiba Inu’s burn rate jump 443% overnight, with a burn of 14,089,818 Shiba Inu tokens over the past 24 hours. Since the beginning of Shiba Inu’s burn implementation, upwards of 410 trillion SHIB token were burnt.

Shiba Inu set a new milestone

The single largest Shib burn was from an address 0x6081258689a75d253d87ce902a8de3887239fe80 which burnt nearly 12.75 million Shiba Inu tokens, pushing the burn rate higher.

Based on data from a cryptocurrency intelligence platform IntoTheBlock, SHIB has witnessed its highest percentage of long-term holders, setting a new milestone. The rate of traders holding Shib token in the long term has jump to 42%, a new all-time high.

The percentage of speculators and traders holding Shiba Inu in the short term for quick profit-taking has declined. 42% of Shib holders have held their tokens for over a year, 55% have held SHIB coin for less than a year, and 3% have held the meme coin for less than a month.

Moreover, there is a spike in large trading volume transactions worth $100,000 or more. $466.79 million worth of Shiba Inu tokens has been moved around by whales, and whale wallet investors, indicating a rise in on-chain activity.

IntoTheBlock suggests that the sentiment among Shiba Inu token holders is mostly bullish.

Crypto Faibik, a cryptocurrency trader and analyst evaluated the SHIB/USDT pair price chart and argued that a descending channel pattern upside breakout is confirmed. There is bullish solid trading volume to back up the breakout in Shiba Inu token, therefore Faibik expects the meme coin to rally like Dogecoin.

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