Recent Shiba Inu burn events, metrics analysis, and market outlook. Insights on SHIB token holders, supply distribution, and price trends.
Recent data from Shibburn indicates that within the last 48 hours, a significant amount of 52 million SHIB tokens have been destroyed. This led to a notable surge in Shiba Inu's 24-hour burn rate on February 18th, but this momentum was short-lived.
Presently, the daily burn rate has reverted to negative territory.
Although the burned amount represents a minute fraction of the total circulating supply, it underscores the strong community dedication within the Shiba Inu ecosystem. Additionally, other metrics analyzed by AMBCrypto display optimistic signals.
The burn rate of a token can be influenced by various factors such as donations, transactions, and designated burning events.
This practice aims to mitigate inflationary pressures and enhance the token's scarcity, consequently boosting its perceived value.
AMBCrypto's scrutiny also encompassed other pertinent metrics on Santiment. Over the past fortnight, the MVRV ratio has transitioned into positive territory, mirroring SHIB's upward trajectory.
Although holders are once again witnessing profits, it remains far from the peaks observed in December.
The mean coin age witnessed a decline in early February, yet recent days have seen a resurgence in this metric.
A sustained upward trend in mean coin age would signify increased accumulation among holders, thereby reinforcing bullish sentiments.
Furthermore, notable spikes in dormant circulation were observed on February 12th and 15th, hinting at significant token movements that could precede a wave of selling.
AMBCrypto's analysis of supply distribution has also added to concerns regarding continued selling. While the number of holders within the 0-100k SHIB range has risen, those within the 100k-1B range have been declining since December.
The lack of accumulation in recent months may raise slight apprehensions.
An assessment of Shiba Inu's one-day chart has instilled some bullish confidence. Both market structure and RSI indicators suggest that buyers are currently dominating. Additionally, the OBV has been gradually ascending over the past two weeks.
This indicates mounting buying pressure, potentially propelling SHIB prices upwards. As long as the token maintains levels above $0.00000927, it is anticipated to surpass previous local highs at $0.00001195.
This projection is grounded on Fibonacci retracement levels (pale yellow).