Shiba Inu’s descent into hell is confirmed with a 7th consecutive weekly red candle despite a new record of holders |

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Despite recent developments in the Shiba Inu ecosystem over the past few weeks, the digital asset has been in a downward trend for 7 weeks now.

SHIB is creating its seventh consecutive weekly red candle as the price of the cryptocurrency continues to decline despite continued token burn, cryptocurrency exchange adoption and ecosystem expansion, according to Charts from TradingView.

It is worth mentioning that, coinciding with the weekly red candles, the number of SHIB trades fell to their lowest level in 14 months, with 72% of holders being reported to be at a loss on their investment.

The drop in the number of transactions is in line with the downward trend seen in previous months. In this line, the transaction fell by more than 26% between January 2022 and May 2022.

Currently, SHIB is trading at $0.00001063, down 3.26% on the day and marginally up 0.81% over the past seven days, with a total capitalization of $5.8 billion.

However, SHIB recently reached a new record, surpassing 1,195,000 holders.

There has recently been a 190% spike in the burn rate of the cryptocurrency which is the second most popular meme coin in just 24 hours.

According to the Shibburn account on Twitter, during this period, a total of 141,010,050 Shiba tokens were burned, meaning they were delivered to dead-end wallets and will remain there forever, locked away.

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