Two of the top-tier crypto exchanges have joined Shiba Inu’s (SHIB) deflationary efforts this week, burning millions of SHIB tokens. This has put the monthly SHIB burn at 588.2M Shiba Inu coins, still a considerably smaller figure than July’s 3.24 billion, per Shibburn tracker.
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According to the burn tracking sheet, Robinhood transferred 39.04 million SHIB to the official SHIB burn address across 101 transactions. Moreover, Coinbase burned 17.28 million SHIB out of their garnered trading fees through 11 transactions, on-chain records show.
Why Seasonality Stats Favor The Long-Term Play
Burning SHIB is tied to community enthusiasm. Historically speaking, there’s a feeling of a strategic necessity for most long-term holders to HODL throughout September. That’s because Shiba Inu’s soon entering a statistically-favorable month, often referred to as ‘Uptober’.
The Q3 results have been better than expected: a 21% upswing for SHIB in Q3 versus an average ratio of 2.39%. To illustrate, the median seasonality on the Shiba Inu coin throughout September is around -3%, claiming just three green Septembers since inception.
October, often dubbed as ‘Uptober’, is the big play here, historically speaking: the median growth rate exceeds 8%, while this month is particularly quoted due to the 2021 bull run, with SHIB fetching 830% gains.
The Ultimate Question For Seasoned SHIB Holders
Could history repeat itself? For Shiba Inu (SHIB), much depends on the crypto whale interference at the $0.00000550 price range.
Here, the dog-embossed meme coin can rebound to $0.00000650 if August’s uptick is met with continuous demand from retail & big-time holders. Judging from the weekly candles, the whale sentiment has been on the rise since July 27.
That still puts the Chaikin Money Flow (CMF) at a negative -0.09, meaning that crypto whales have refrained from actively selling, but are not unanimous about Shiba Inu’s implied cycle bottom. The $0.00000650 bond is the check-point whales are looking into for confirmation.
Key SHIB Levels Being Monitored & Broader Outlook
In the near term, Shiba Inu’s (SHIB) bulls will be seeking to break the red-label Bollinger Band at $0.00000525, turning the tide towards the bullish side with the CMF claiming positive levels on shorter time-frames. This is what technicians call a ‘bull flag’, showcased in one of the latest posts by SHIB Knight.
With Coinbase & Robinhood contributing to the SHIB Army’s bonfire, it appears that the token burning outlook is one of the stronger bullish narratives, shifting SHIB custodians towards less trading activity: with the exchange reserves plummeting to record-low levels, it’s crystal-clear that SHIB holders are moving their assets to self-custodial wallets with intentions of holding.
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