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Ekta Mourya
FXStreet
Shiba Inu’s burn portal has destroyed 12 billion SHIB within 48 hours after its launch. Proponents believe that reducing the token’s circulating supply could drive prices higher.
Shiba Inu price has remained influenced mainly by the rise in the number of SHIB being put out of circulation and its accumulation by large wallet investors. Proponents have witnessed a rise in this trend as whales on the Ethereum network scoop up tokens through every dip.
The news of the launch of Shiba Inu’s burn portal was accompanied by a massive purchase of nearly 70 billion SHIB. According to data from Whale Stats, the top 1,000 largest wallet addresses on the Ethereum network now hold $1.37 billion worth of Shiba Inu tokens, constituting 11% of their holdings.
Shiba Inu is now one of the most significant assets in these whales’ portfolio after USDC and USDT.
The top 1000 #ETH whales are hodling
$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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Ethereum price has formed three bullish daily candles, affirming its micro position before the Merge occurs. The second-largest cryptocurrency toppled from highs marginally above $2,000 around mid-August. Declines were unstoppable until Ether price slowed at $1,427. Although a full recovery remained elusive, ETH is now almost brushing shoulders with $1,700 while bulls push for gains beyond $2,000.
Bitcoin price has been in a consolidation range for the last nine days and shows no signs of breaking lower or higher. However, the general outlook for BTC is that it needs to collect liquidity before attempting a recovery rally.
Vitalik Buterin created several Twitter polls to discover different public opinions on his character. Buterin inquired, “which non-Ethereum cryptocurrency do I respect the most?” Intriguingly, the list contained Bitcoin, Binance Coin and Solana but excluded Cardano.
DOT popped higher after bulls limited losses to near zero on Monday. Polkadot enjoys some tailwinds from markets applauding support packages in Europe. Expect to see another little pop higher, but a double cap is nearby and will probably trigger an early fade.
Bitcoin price shows an ongoing consolidation as it hovers at the same level for the past six days with no signs of directional bias. A breakout from this tightening range could result in a bearish move that eyes a sweep of the sell-stop liquidity below recent lows.
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