Why Shiba Inu price is back where it traded one year ago

Portfolio of 100 largest Ethereum whales 
Shiba Inu recently powered the world’s first real-fast food business NFT, Welly Friends. Welly is the burger joint that rebranded to Shiba Inu theme and emerged as the first real-world utility of the Dogecoin-killer. 
The project successfully completed the mint of its NFTs and thanked the ShibArmy for their support. 
We will never be able to thank you enough for how you all were able to support us.

Dear #WellyFriends & #SHIBARMY,
We promise we’re going to keep our promises as much as you should us your dedication to this project.
Big news coming soon, and it will be constant.
The floor price of the collection is currently 0.29 ETH on the largest peer-to-peer NFT marketplace, OpenSea. 
After the disappearance of Ryoshi, the creator of Shiba Inu, Shytoshi Kusama came forward as the project leader and stated that Welly NFTs were created to act as membership instruments. These NFTs will act as smart contracts for particular Welly locations. 
ShibArmy is currently awaiting the reveal of the NFTs that currently appear as a gif. Welly NFT has promised holders that “something big is coming soon.”
Over the past week, according to data from the burn portal, nearly 1 billion Shiba Inu coins were burned. There is a spike in burn rate of the Dogecoin-killer meme coin project. 410.36 trillion Shiba Inu tokens have been burnt so far, pulling these coins out of circulation and sending them to dead wallets. 
Since these tokens are permanently removed from the supply, burn of Shiba Inu is a driver of bullish sentiment among holders and ShibArmy. 

Burnt Shiba Inu 
Proponents have noted that, in an exciting turn of events, buying pressure on Shiba Inu has reached its yearly highs. On Coinbase, one of the largest cryptocurrency exchanges, 81% of users are keen on buying Shiba Inu, against 19% selling, according to data from the platform’s trading application. 
This is the highest number of “buy” orders placed for Shiba Inu, second to what was observed in September 2021, when it was 91%. Post September 2021, Shiba Inu went parabolic and witnessed a 1,000% price rally in October. 

Increase in buying pressure on Coinbase’s trading app
Analysts have evaluated the Shiba Inu price trend and revealed a bearish outlook. Eno Ikenna Eteng, a leading crypto analyst, argues that the SHIB/USDT price chart reveals there is a possibility of further downside. 
The analyst argues that the measured move from the collapse of the descending triangle on the Shiba Inu price chart has not been completed. The next target for bulls is $0.0000066. The June 2021 double bottom level $0.00000565 is the downside target for Shiba Inu price if the meme coin continues deteriorating. 

SHIB-USDT price chart 
FXStreet analysts have observed the price chart and noted that Shiba Inu price could continue its downtrend and fail to break support. For more information, watch this video:
 

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Bitcoin price shows a tight consolidation on a lower time frame – an ascending parallel channel – that repeats the motif of three larger channels that have developed on higher time frames since the start of 2022. 
Dogecoin price is at the tail end of the most recent pullback from $0.0917. The largest meme coin pivots at $0.0686 at the time of writing, but it’s expected to close the distance to $0.1000 with its next move. Anticipation of the release of a Dogecoin-Ethereum bridge may prove a bullish catalyst.
Ethereum (ETH) price is set to enter a rare moment of silence as liquidity thins towards 16:00 CET, and traders await the comments from Fed chair Jerome Powell at one of the most important central bank events of this year.
Tezos (XTZ) price action is on the cusp of printing some violent swings as Fed chair Powell preparesto make one of his biggest speeches for the year. With investors looking for clues on what to do, the initial reaction will probably be a dovish one with a pop above a big technical hurdle. Only then will there be a substantial paring back of the gains, potentially with a nuclear implosion that will continue for days.
Bitcoin price shows a tight consolidation on a lower time frame – an ascending parallel channel – that repeats the motif of three larger channels that have developed on higher time frames since the start of 2022. 
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