SHIB forms its 7th straight weekly red candle despite new record amount of holders

SHIB forms its 7th straight weekly red candle despite new record amount of holders
Updated: 04 Jun, 2022
2 mins read

Despite the recent developments in the Shiba Inu (SHIB) ecosystem in the last couple of weeks, the digital asset is in a trending downwards pattern. 

According to data acquired by Finbold, SHIB is now creating its seventh consecutive weekly red candle as the price of the cryptocurrency continues to decline despite continued token burning, adoption by cryptocurrency exchanges, and expansion of the ecosystem, as per TradingView charts.

SHIB 7th straight weekly candle. Source: TradingView

Its worth mentioning that coinciding with the weekly red candles, the number of SHIB transactions dropped to a 14-month low as 72% of holders were reported to be in a loss.

The decline in the number of transactions has been consistent with the declining trend that has been seen in previous months. In this line, the transaction dropped by more than 26% between January 2022 and May 2022.

SHIB chart analysis

Currently, SHIB is trading at $0.00001063, down 3.26% on the day and up marginally 0.81% in the last seven days, with a total market worth of $5.8 billion, according to CoinMarketCap statistics. 

SHIB 1-day price chart. Source: CoinMarketCap

Meanwhile, the CoinMarketCap crypto community set a bullish SHIB price for June 30, 2022, to trade at an average price of $0.00002654 on June 30 2022, a 141% increase from the decentralized finance (DeFi) asset’s current price.

In line with the bullish prediction, SHIB recently hit a new record, hitting over 1,195,000 holders.

Elsewhere there was recently a 190% spike in the burn rate of the cryptocurrency that is the second most popular meme coin in just 24 hours.

According to the Shibburn account on Twitter, throughout this time span, a total of 141,010,050 Shiba tokens have been burned, which means that they have been delivered to dead-end wallets and will remain there forever, locked away. 

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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Jordan Major

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.