Over the past week, there has been a significant amount of #ShibaInu (SHIB) burned via transactions. However, despite that, SHIB has continued in a downtrend following in the same direction as the rest of the crypto market. 

SHIB has fallen from a high of $0.0000227 seen on February 27 to trading below $0.0000150 as of March 6. The token hasn’t made any significant move in the past 24 hours despite the burns that have taken place over the same period. 

Shiba Inu Records Huge Burn 

Over the past seven days, the SHIB army burning commitment has led to more than 170 million SHIB tokens being eliminated from the SHIB circulating supply. According to Shibburn, a Shiba Inu burn tracker, there have been a total of 170,718,939 SHIB tokens burned in the past 7 days across 59 transactions. 

The highest weekly burn which happened the day SHIB initially began its current downward trend occurred via an unknown wallet burning 63.86 million SHIB tokens cumulating the total SHIB burned that day to more than 85 million.

Following that, on Friday, the second-highest weekly burn was recorded with a total of 43.19 million SHIB tokens burned that day. Out of the total SHIB burned on Friday, approximately 23 million SHIB were burned in just a single transaction. 

Days after that, the SHIB burn continued with a total of 24,223,415 burned in the past 24 hours via five separate transactions, according to #Shibburn . SHIB super store, a SHIB-themed product, burned the most SHIB among the 24-hour burn through its weekly burn event.

Over the past 24 hours, the store reported a total of 9.45 million burned SHIB tokens in just a single transaction. Alongside the burned tokens, the store also reported an additional 9.4 million Shiba Inu tokens distributed to the community as a reward. 

SHIB Continues Downtrend

#While the total amount of #SHIB burned over the past week is significantly huge compared to the total SHIB burned weeks before, SHIB price has shown less concern except for a continuous downward trend.

Over the past seven days, SHIB has plummeted by 14% down from a high of $0.0000227 seen February 27 to trading just above $0.0000100, at the time of writing down by 1.5%. The token has followed suit with the rest of the crypto market recording sharp declines over the past few days. 

Meanwhile, as of March 5, both SHIB and its governance token BONE appeared in the list of trending cryptocurrencies on Coinmarketcap with SHIB claiming the top spot and BONE emerging in the 10th position.

This has proved that though SHIB is in red, it is still considered relevant among the crypto community. Last Friday, NewsBTC reported that Ethereum Whales have shown more interest in Shiba Inu than any other altcoins including Polygon. 

Overall, despite SHIB’s downtrend amid its huge burns, with more SHIB burned over time and more demand than supply, SHIB’s price could in return spike more than expected.

After the summary ruling in the #Ripple vs. #SEC lawsuit, #XRP has dominated the crypto market. XRP, the fourth-largest cryptocurrency by market value, is now consolidating. Nevertheless, as both the behavior of wealthy investors known as whales and a building bull flag pattern show, this might just be the quiet before the storm.

According to Santiment, a major market intelligence site, the number of whale wallets holding a significant 100 million or more XRP has lately increased significantly, currently reaching at an amazing 199. These whales, each worth at least $74 million, have been meticulously monitored over the last year, demonstrating systematic purchasing and selling behaviors that influence XRP price swings.

This latest increase in whale numbers is significant, matching the highest amount reported since May 13. The Santiment graphic below depicts the distribution patterns of these whales over the last year in great detail. #While XRP was trading below $0.40 in July 2022, 200 whales were accumulating. They sold when XRP surpassed $0.50 within three months.

Similarly, between December and March 2023, when XRP was valued at $0.41, whales resumed accumulating. In April, a bigger number of whales sold their XRP, bringing the total back down to 200. As Santiment demonstrates, the start of a new accumulation period might be close.

After the Ripple vs. SEC summary ruling, the price of XRP has skyrocketed, resulting in the development of a bullish chart pattern known as the bull flag. This pattern is made up of two rallies separated by a short period of consolidation. Profit-taking brings the early advance to a halt, resulting in a narrow trading range as buyers and sellers achieve equilibrium.

XRP investors must keep a careful watch on the critical price levels of the bull flag, which might influence the cryptocurrency's future trajectory. On the downside, the $0.685 level, indicating the 23.6% Fibonacci retracement, is key. Maintaining above this level is critical for the consolidation trend to continue. If the bottom end of the range is violated, a deeper correction with probable objectives at $0.64 and $0.59 is possible.

On the upside, XRP will encounter resistance around $0.845. A breach above this level might spark another rapid surge, albeit such a breakthrough may need a catalyst, either from the current Ripple case or the larger crypto market. The 38.2% Fibonacci retracement level ($0.93), where the impetuous surge after the Ripple verdict stopped, would therefore be the nearest target. Apart from the psychologically significant $1 level, the next positive price objectives are $1.13, 1.33, and $1.61.

$XRP