Renowned analyst says Shiba Inu price will moon following 1.2 billion SHIB burned
- 1.2 billion SHIB tokens were burned over the past week, fueling analysts' bullish narrative.
- Ethereum whales continued accumulating Shiba Inu with Bombur alone adding 50.5 million SHIB to his holdings.
- Shiba Inu gathered popularity as Porsche dealership in Baltimore, added support for SHIB payments in partnership with BitPay.
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.
Shiba Inu price rally fueled by massive burn
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.
— Crypto Thies (@kingthies) April 19, 2022
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.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
