- 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
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Scam Alert: How to avoid trouble on Terra’s LUNA 2.0 airdrop
The LUNA hard fork is set to occur on May 28, followed by the subsequent airdrop of LUNA 2.0 tokens to eligible holders. Ahead of the real LUNA 2.0 airdrop, some scammers have tried to lure LUNA and UST holders to send their assets in lieu of receiving the new tokens.
Bitcoin Weekly Forecast: On-chain metrics support multiplying downside threats
Bitcoin price consolidates above a weekly support level after the LUNA-induced crash on May 12. This coiling price action could cause BTC to trigger a move to the downside, further deepening the woes of investors.
This Web3 move by Crypto.com could be a good bet for patient investors
Crypto.com price stabilization on a high time frame chart indicates that a bottom formation could be taking place. This pattern combined with a bullish signal from a momentum indicator adds credence to the possibility of a reversal and a recovery rally for CRO.
Why Elon Musk’s tweet failed to move Dogecoin price
Dogecoin price slipped up as Bitcoin price triggered a sudden crash on May 26. This downswing, while serving as a great opportunity to accumulate DOGE, failed to recover alongside BTC.
Bitcoin: On-chain metrics support multiplying downside threats
Bitcoin price consolidates above a weekly support level after the LUNA-induced crash on May 12. This coiling price action could cause BTC to trigger a move to the downside, further deepening the woes of investors.