Shiba Inu Holders Cling to Holdings Because of SHIB Burning

According to the Twitter account shib_superstore, more than 70 million Shiba Inu (SHIB) tokens were burned over the last day. This SHIB burn, which included transactions from big names like Amazon and Bricks Buster, is done with the sole intention of pumping the SHIB price.

This might, however, not happen any time soon as only burning millions out of trillions of SHIB will not have any impact on the price at all.

When looking at SHIB’s price action as the burning is taking place, the Relative Strength Index (RSI) was able to successfully recover to the bullish zone. But on June 21, it fell back under the neutral 50.0 line. The Parabolic RSI is currently exhibiting an active uptrend, which could mean that the SHIB price is safe from any unwarranted price swings for the time being.

SHIB is currently in the green and is trading at $0.0000103 after an 8.57% increase in price over the last day. The meme coin also saw a 24.90% increase in price over the last week, according to CoinMarketCap.

In addition to this, long-term SHIB holders are still clinging to their holdings despite the chaos of the recent bear market. This highlights that investor convictions in the SHIB burnings are strong enough to not fade out in the choppy waves of the volatile market.

Even though it might take some time, the SHIB burn will only grow further as SHIB supporters attempt to turn SHIB into a legitimate asset.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.