Number of transactions carrying Shiba Inu (SHIB) to be burned has drastically declined

With only 99,774,731 Shiba Inu (SHIB) burned in the last seven days and 18 transactions, Shiba Inu’s weekly burn is at its lowest point in months. This used to be the quantity that would have been burned in a day. Additionally, this was less than the previous week’s total of 197,799,286 SHIB burnt.

Weekly Shiba Inu (SHIB) Burn Falls to Lowest Number, Here Might Be Reason

SHIB burning has dropped recently due to the bear market’s toll on cryptocurrencies. Cryptocurrency prices plunged sharply after the unexpected announcement of the FTX implosion, making this past week one of the worst in cryptocurrency history. After a rescue agreement with rival exchange Binance fell through, the Bahamas-based FTX filed for bankruptcy on Friday, triggering the most high-profile collapse of the cryptocurrency industry in recent memory.

This could have contributed to some of the week’s low SHIB burning numbers. A pitiful 2,045,478 SHIB tokens were burnt in just two transactions over the past 24 hours. We stand here with you as we continue to grow and work together for a brighter future in which decentralization and Defi innovations create new opportunities for the people. We invite every crypto community to join us in this effort, the Shiba Inu team has said amid the crisis caused by the FTX implosion.

Notably, the number of transactions containing SHIB that will be burned has significantly decreased in addition to the quantity of SHIB burn that has decreased. In a way, this would raise a fresh shift that is more obvious: “holding.”

Shiba Inu presently has 51% of long-term holders, sometimes known as “hodlers,” according to data from IntoTheBlock. In recent months, this fraction of holders has increased to surpass both short- and midrange holders.

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