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Ekta Mourya
FXStreet
Shiba Inu burn and whale accumulation have fueled a bullish narrative among investors. Moreover, Porsche dealership in Baltimore added support for SHIB payments, driving the Dogecoin-killer’s adoption.
1.2 billion Shiba Inu tokens were burned over the past week, including a single transfer of 159 million SHIB earlier on Wednesday. Data from the Shiba Inu burn tracker Shibburn revealed a total of 1.2 billion SHIB had been sent to dead-end addresses in a total of 84 transactions.
A record number of Shiba Inu tokens have been moved to dead wallets, pulling them out of circulation through monthly burn events and community participation. Burn hit milestones like 743 million SHIB burned overnight and 575 million burned within two days.
Typically, the implementation of burn pulls SHIB out of the circulating supply and fuels a shortage in supply. This could increase buying pressure on the meme coin, triggering a rally in Shiba Inu.
Proponents believe Shiba Inu burn, accumulation by Ethereum whales and the raging real-world adoption of SHIB are the key factors driving the current price rally in the Dogecoin-killer.
An Ethereum whale identified as ‘Bombur’ added another 50.5 million SHIB to his holdings on April 18, 2022, scooping up Shiba Inu through the recent pullback.
Interestingly, a Baltimore-based Porsche dealership announced the acceptance of Shiba Inu as a payment method. Shiba Inu holders can now purchase a Porsche with their SHIB tokens, pushing the adoption of the meme coin.
@kingthies, a renowned crypto analyst, believes Shiba Inu price could breakout since its fundamentals are strong.
$SHIB doesn’t care about your opinion on its fundamentals and will moon again regardless if you’re in it, or not.
The color green can change anyone’s opinion once they see enough of it. pic.twitter.com/bUkSZXfwUq
FXStreet analysts have evaluated the Shiba Inu price trend and predicted a rally in the meme coin. They believe Shiba Inu price could double as the meme coin’s price forms a parallel channel and retests of the lower trend line have prepared SHIB for a breakout to $0.0000454.
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Dogecoin price is at crossroads and shows signs of a steady consolidation above a stable support level. However, there needs to be momentary pain before a long-term and explosive rally originates.
Shiba Inu announced the name of the new NFT game currently under development. The mobile NFT game is called Shiba Eternity, and Shiba Inu developers created the project in collaboration with a world-leading video game developer.
Bitcoin price has been on a downswing since the July 30 swing high rejection at a significant resistance level. This development has pushed BTC to slide lower and retest crucial support floors while hinting at a potential for a further move south.
Chainlink price shows an interesting setup after weeks of being stuck in a range. The recent development indicates that LINK buyers and bulls are back and want to enjoy gains.
Bitcoin has overcome the 200-week SMA and 30-day EMA, denoting a major surge in bullish momentum. As a result, BTC could revisit anywhere from $25,000 to $30,000 soon. A daily candlestick close below 200 four-hour SMA at $21,117 will invalidate this bullish thesis.
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