Two reasons why Shiba Inu price is about to break out

$1,377,192,268 $SHIB
$1,118,061,205 #FTX Token
$377,032,760 $BEST
$283,045,009 $MATIC
$283,038,531 $OKB
$254,926,399 $MANA
$248,447,152 $CHSB
$238,621,389 $LINK

Whale leaderboard https://t.co/jFn1zIOq03 pic.twitter.com/w8lIp4RGsb
Interestingly, whales’ recent buying spree is accompanied by massive amounts of SHIB tokens being burnt. Influencers in the Shiba Inu community, like @MajesticDrama, have burnt their entire holdings and challenged investors in the community to do the same to drive prices higher. 
23 million $shib burnt. 12 million by the portal, 11 million sent to the dead wallet. To be continued pic.twitter.com/p5mDiOv6Ow
The burn portal has fueled a frenzy among market participatns to get rid of their Shiba Inu and reap RYOSHI rewards. More than 12 billion Shiba Inu tokens worth $277,680 were pulled out of circulation within 48 hours of the portal’s launch. 
Analysts are bullish on Shiba Inu price and predict a rally. Akash Girimath, a leading crypto analyst at FXStreet, observed a bullish fractal in the Shiba Inu chart. The trader argues the price trend is similar to August-September 2021 when SHIB ended its consolidation and started an uptrend. Shiba Inu appears to be collecting liquidity and could climb to $0.00038. 
 

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Polygon price is nearing its last line of defense for entering an existential crisis. MATIC price is set to book its eighth straight week of losses, even eleven if you do not count the marginally profitable week from mid-April. 
Ethereum price is already too far gone in the new area for recovery. ETH price will drop 50% before founding essential and strong enough support to halt the descent. Expect an L-shaped to W-shaped recovery, as current tail risks will linger for some time.
Ripple price sees massive outflows of funds as the demand-side dries up. XRP price is too far off from the upper barrier to make a return and can only go one way down. Expect another 50% drop to $0.173 before a bounce-off and turnaround could be triggered.
Terra price action paints a grim picture of a broader time frame. LUNA price is urgently needed to be reanimated as the patient represented by the price action is almost dead and drawing its last breath.
Bitcoin price has gone through turbulent times over the last few months. From reaching a new all-time high to hitting yearly lows and revisiting levels since 2020, the crypto markets have been extremely volatile.
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