After staying low-key for quite some time, Shiba Inu [SHIB] was seen back in action. Despite yesterday’s increased liquidations, the asset did not pocket significant gains. However now, the meme coin’s price as well as burn rate noted a substantial surge.
Shiba Inu’s burn rate was on an upward trajectory. Just a couple of hours ago, the altcoin’s burn rate witnessed a spike of a whopping 14,000 percent. At press time, however, the burn rate had dropped to 1932.01 percent. It should be noted that over the last 24 hours, about 14,896,832 SHIB tokens were sent to dead wallets.
Despite attaining a four-digit spike in burn rate, only $169.45 worth of SHIB was burnt.
Meanwhile, Shiba Inu seemed to be in sync with its counterparts in terms of its price. At press time, SHIB was trading for $0.0000114 with an 8.90 percent daily surge. This further boosted the asset’s weekly gains by 13.73 percent.
In addition to this, the altcoin witnessed a rise in its market cap as well. The asset reclaimed the $6 billion mark which further helped SHIB in climbing the crypto ladder. Currently, the meme coin stands as the 14th largest cryptocurrency just above Justin Sun’s Tron [TRX].
Shiba Inu long-term holders are on the rise
Prior to Shiba Inu’s latest price movement, the asset has been dwelling in stagnancy. Despite this, the altcoin’s holders seemed to be increasingly bullish about the asset. As per recent data curated by IntoTheBlock, SHIB recorded the highest percentage of long-term holders.
As seen in the above image about 39 percent of Shiba Inu holders were safeguarding their assets for over a year now. While 58 percent held SHIB within a year a dainty 3 percent were holding onto their tokens for less than a month.
This further signified the fact that Shiba Inu holders were bullish about the prospects of the asset.