Shiba Inu destroyed 1 billion SHIB, fueling meme coin recovery over the weekend
- Cryptocurrency whales continue accumulating SHIB, adding over 25% tokens to their holdings overnight.
- Bahrain-based cryptocurrency exchange “Rain” recently listed Shiba Inu, fueling a bullish sentiment among investors.
- 1 billion SHIB tokens were burned within the past 48 hours according to data from the burn portal.
The Shiba Inu burn portal revealed the destruction of a billion SHIB tokens over the weekend, a 25% increase in the burn rate within 24 hours. Analysts believe SHIB is on track to recover from its recent price drop.
Shiba Inu recovery is in the cards with burn progress
Shiba Inu, the Dogecoin-killer meme coin, is on track to break out for three key reasons, according to proponents. Whale accumulation, rise in number of SHIB tokens destroyed and the listing of the meme coin on a new exchange in Bahrain has fueled a bullish sentiment among investors.
Bahrain based exchange “Rain” was granted full license in 2019, making it the first legal cryptocurrency exchange in the Middle East. The listing is a key mover for Shiba Inu price as it could increase the adoption of the meme coin among investors in the Middle East.
Further, large wallet investors on the Ethereum network have been known to accumulate Shiba Inu. A whale by the name of “BlueWhale0073” has accumulated 455.95 billion SHIB tokens. This is a 25% increase in whale accumulation overnight.
As large wallet investors scoop up the meme coin, there is a reduction in its reserves across exchanges and it fuels a price rally in the asset.
According to the Shiba Inu burn portal, there is a rise in the number of SHIB tokens burned. 1 billion SHIB have been burned over the last 48 hours, driving the meme coin’s circulating supply lower.
Analysts are bullish on Shiba Inu’s recovery. Analysts at @army_shiba evaluated the Shiba Inu price trend and set targets of $0.00001312 to $0.00001656 for the meme coin.
$SHIB Current Price 0.00001266
— $SHIB KNIGHT (@army_shiba) May 14, 2022
⚡ Targets are from 0.00001312 to 0.00001656
⚡ Supports are 0.00001259, 0.00001215 & 0.00001082 pic.twitter.com/SxM5DwcENd
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.
