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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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Bitcoin price hit a floor after Jerome Powell’s speech at the Jackson Hole Economic Symposium. After the asset’s price declined nearly 6% over the past week, Wall Street analysts believe Bitcoin has hit its bottom.
Bitcoin price shows that the recent sell-off was quickly undone as bulls came to the rescue. This development was well received by altcoins, including Ethereum and Ripple, which have also experienced quick recoveries.
XRP price reveals a massive bearish setup that could ruin its recovery rally, especially if bulls fail to invalidate it. Therefore, investors need to exercise caution as this outlook is in line with the macro bearish structure of the crypto market.
MATIC price is in a range tightening mode after a steep correction last week. This development will likely revert to the mean before establishing a directional bias.
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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