Shiba Inu’s burn rate falls, but short-term holders see this reaction

• 24-hour and 7-day SHIB burn rates have been declining lately
• SHIB’s 30-day MVRV has, however, seen a 5% hike on the back of memecoin’s uptrend

Shiba Inu’s (SHIB) burn rate dropped recently. However, there’s an exciting twist to this situation: Short-term holders are recording an appreciation in the value of their holdings.

– Read Shiba Inu (SHIB) Price Prediction 2023-24

Not burning quite as well?

Recent statistics from Shibburn revealed a decline in the burn rate of Shiba Inu (SHIB) over the past 24 hours and seven days. Over the last 24 hours, over 12 million SHIB tokens were burned. The press time stats marked a decrease of over 33% in the burn rate, compared to its previous data.

Similarly, over the last seven days, 259 million tokens were burned. However, despite the significance of this number, there has been a decline of over 74% in the burn rate.

Additionally, the volume metric indicated that SHIB is yet to see much activity in recent weeks. In fact, according to Santiment’s data, SHIB’s trading volume has been relatively quiet, hovering around 105 million at the time of writing.

Source: Santiment

Shiba Inu’s price sees some positives

The daily timeframe chart for Shiba Inu (SHIB) revealed a positive trend over the last few days. The chart displayed an impressive four-day streak of consecutive uptrends, with the current day marking the fifth consecutive uptrend.

While the gain in value has been relatively small, less than 1%, it signifies a favorable movement for SHIB. 

Source: TradingView

Furthermore, this uptrend propelled SHIB above the neutral line on the Relative Strength Index (RSI), indicating a mild bullish trend. However, it’s worth noting that the price movement was still below its short Moving Average (yellow line) at the time of writing.

SHIB short-term holders see profit

According to Santiment, Shiba Inu’s short-term holders have managed to hold their investments profitably, despite the decrease in volume and burn rate. In fact, the Market Value to Realized Value ratio (MVRV) analysis indicated that SHIB was trending above the zero line.

At the time of writing, the MVRV stood at approximately 5.6%, suggesting that holders have seen an increase of over 5% in the value of their holdings.

Source: Santiment

Shiba Inu’s L2 continues to ramp up transactions

The Layer 2 (L2) test net of Shiba Inu, Shibarium, has been witnessing a surge in transactions as it progresses toward its mainnet launch. By examining the platform’s activities through its scanner, it becomes evident that a significant transaction milestone is within reach. At the time of writing, the number of transactions surpassed 22.9 million, with the expectations of it reaching 23 million soon.

– How much are 1,10,100 SHIBs worth today

Additionally, the number of wallets associated with the platform has been steadily growing. As per the latest update, the number of wallet addresses has surpassed 17 million as well.