February started out on a good note for Shiba Inu [SHIB]. Burns or sending tokens to dead wallets have been vital for the SHIB ecosystem. Earlier this month, the burn rate of SHIB rose by 10,000%. However, the market failed to maintain this streak. Burns have significantly reduced. Last week, in particular, not a lot of SHIB was eliminated from the circulating supply.
According to Shibburn, a total of 98,282,540 SHIB tokens were burned over the last 7 days.
While this certainly sounds like a significant number, it did not reflect the same in its price. The total SHIB burned in the last week amounted to just $1,336. This was done through 36 transactions. Additionally, at press time, the burn rate was down by 0.38% over the last 24 hours. It should be noted that the community eliminated 11,030,918 SHIB tokens throughout the day.
Despite the plummeting burn rate, the community believes that Shibarium could instigate more burns to post its launch.
Short-term Shiba Inu holders take a huge dip
According to Into The Block, the total number of long-term holders was rising while short-term ones were declining. Addresses holding SHIB for over a year were at 65%. 31% of holders have been in the ecosystem for the past year. Only 4% of the holders have had SHIB in their wallet for less than a month. This could mean that the community is expecting SHIB to surge in the near future.
Additionally, the total number of addresses in the Shiba Inu network was at an all-time high. At press time, there were a total of 1,309,492 holders in the network. Sadly, more than half of these addresses were at a loss. As seen below, only 44% of the asset’s holders were making money. 54% of them were currently enduring a loss.
This was surprising as SHIB was up by 3.25% over the last 24 hours. The meme coin was trading for $0.00001366.