Weekly Shibanalysis May 22-28, 2022

What’s up? How’s it going? Come esta? It’s Saturday - time to pull up a seat for our weekly Shibanalysis and see whether SHIB’s been a good boy this past week. Also, if your blue/green/brown/ eyes liked what they saw, make sure to use your hands to share it with others!

Disclaimer!

Keep in mind that as much as we know about how to become a crypto billionaire overnight, we’re not telling! That said, the info down below is purely for educational purposes. Don’t strain your eyes looking for that ‘one sentence’ that gives you the ultimate financial advice - there’s none.

Price

Nothing like your favorite token bashing itself against support and resistance levels, sparing you no jolts of happiness and nervous blackouts alike.

Starting off Monday (May 23rd) in a fairly “green mood”, the token continued to rally until hitting the weekly high at $0.0000128 later the same evening, and ultimately exhausting the bulls for the week to come.

Come May 24th, SHIB fell sub $0.000012, where it remained bobbing up and down the charts and struggling to climb back up on top well into Thursday (May 26th) in what could be best described as an agonized last-ditch attempt to “do something”.

On Friday May 27th, the token totally lost its footing and plummeted all the way down to the weekly low at $0.00001018, nearly scuffing its current key support level at $0.000010.

At the time of writing, one SHIB is worth $0.0000108 (+1.95%).

Key Support level remains at: $0.000010

Key Resistance levels are at $0.000014 and $0.000017 respectively.

Market Cap

Reflecting its price swings, SHIB’s market cap currently stands at $5,927,280,092 (+ 2.70%), granting the token #16 position against the market caps of other crypto. That’s 6 positions down from Dogecoin’s 10.8 billion at the moment.

You know how they say age is only a number? Well, a token’s market cap position is only a number.

HoDlers

Despite piles of FUD (our text editor proposed to correct FUD for FOOD at the time we were typing this) and heaps of flak the token has been getting in the media lately, 1,170,658 hodlers continue to stand strong and proud against the naysayers.

Honestly, I’d rather rename “hodlers” into “bricks”, cause they look like they’re made of stuff.

Burned tokens

Despite being represented by a bunch of loosely-affiliated - and sometimes totally independent burn projects - SHIB burns keep running like a well-oiled machine. That inspires some confidence in the future of the token. Over the last week alone, there were a total of around 2.1 billion SHIB destroyed!

The weekly record is 250 million SHIB burned in a single transaction (May 22), worth $2,987 at the time the tokens were blackholed!

At the time of writing, the burn rate remains at 202,64%, with a total of 503,119,054 $SHIB burned in the last 24 hours. Attaboy!

That about does it for this time. Make sure to drop by next Saturday for more. In the meantime, stay cool and keep your “eyeses” on the Moon!