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Shiba Inu continues to see significant token burn metrics. Shibburn data revealed that 52 million SHIB tokens were burned in the past 48 hours. This shows that Shiba Inu’s [SHIB] 24-hour burn rate turned largely positive on February 18th. However, this positive phase did not last long, and the trend quickly reversed.
Shiba Inu Supply Scarcity and Accumulation Trends
Although the amount of tokens burned constitutes an extremely small portion of the circulating supply, it is still noteworthy as it demonstrates the Shiba Inu community’s approach. The burn rate of a particular token is affected by various events including donations, transactions, and burn events. These moves aim to reduce inflationary pressure and increase the scarcity and therefore the value of the token.
There are other data points for Shiba Inu as well. The MVRV ratio, as reported by Santiment, climbed into positive territory over the last two weeks, reflecting the gains witnessed by SHIB. Although not close to the highest levels of December, SHIB holders once again made a profit.
The average age of cryptocurrencies showed a downward trend at the beginning of February. However, in the last few days, this metric has once again been observed to rise. If this upward trend continues, it will be a strong sign of accumulation among SHIB holders and will reinforce bullish expectations. On the other hand, the circulating supply in motion showed significant increases on February 12th and 15th. This indicates that large amounts of tokens were moved. The development could be a harbinger of a selling wave.
SHIB Santiment Supply Distribution
Looking at the supply distribution, holders of 0-100 thousand SHIB are showing an upward trend, while those in the 100 thousand-1 billion range have been in decline since December. The lack of accumulation over the last two months could be a slight concern.
Shiba Inu’s one-day chart provides some inspiration for a potential rise. The market structure and RSI indicate that buyers are in control. Additionally, the OBV has also shown a slow upward trend over the past two weeks.
This situation points to a larger buying pressure that could raise SHIB prices. As long as the token remains above the $0.00000927 level, surpassing the local peaks at $0.00001195 is expected.
