- Whales increase their activity on Shiba Inu, pushing SHIB 30% higher over the past week.
- Large value transactions, worth $100,000 or more, increased on the Shiba Inu network.
- Analysts have a short-term bullish stance on Shiba Inu after the meme coin hits the $0.00001550 target.
As the Ethereum Merge draws close, retail enthusiasm and optimism pushed meme coin prices higher. Dog-themed cryptocurrencies Shiba Inu and Dogecoin started an explosive rally, ahead of the long awaited Merge.
Also read: Shiba Inu edges Avalanche with explosive 16% gains, SHIB holders rejoice
Shiba Inu whale transactions push SHIB higher
Shiba Inu offered holders 30% gains over the past week. Ethereum core developers set September 15, 2022 as the tentative date for the Merge, fueling enthusiasm among investors. Retail enthusiasm has spread to dog-themed cryptocurrencies, Shiba Inu and Dogecoin.
Whale activity on the Shiba Inu network exploded over the last four months. The network witnessed a total of 433 transactions valued upwards of $100,000.
Shiba Inu whale transactions
Retail investors are back in action, pushing SHIB price higher
Hayden Hughes, chief executive of social-trading platform Alpha Impact, said,
Dogecoin and Shiba Inu have both broken out over the weekend, clear evidence that the retail investor is back.
The optimism among retail investors from Ethereum’s Merge has fueled a bullish sentiment in dog-themed cryptocurrency holders.
Analysts at FXStreet believe Dogecoin’s price rally exhibits signs of exhaustion. For more details and price targets, check the video below:
Shiba Inu is awaiting further upgrades and launches in its metaverse push. The launch of Shiba Eternity, an NFT card game, is one of the key factors driving the SHIB price rally.
Shiba Inu burn intensifies
In the past 24 hours, a total of 82.9 million Shiba Inu tokens were burned in 15 transactions. Shiba Inu’s token burn is removing SHIB permanently from the circulating supply. A reduced number of circulating SHIB tokens is expected to push Shiba Inu’s value higher. In the past two hours, 2.5 million SHIB tokens were burned.
In the past 24 hours, there have been a total of 82,942,981 $SHIB tokens burned and 15 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy
— Shibburn (@shibburn) August 16, 2022
Analysts are bullish on Shiba Inu price in the short-term
Analysts at FXStreet evaluated the Shiba Inu price trend and revealed a short-term bullish outlook on SHIB. Shiba Inu price hit the intended target of $0.00001550, posting a nearly 35% rally overnight. Analysts believe SHIB price is likely to target $0.00001400 to $0.00001550 next.
SHIB-USDT 1-day price chart
Analysts believe a lack of momentum signals an incoming correction in Shiba Inu. Analysts have evaluated the possibility of Shiba Inu’s price decline in the video below:
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
VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC
![VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/bitcoins-33758372_XtraSmall.jpg)
Bitcoin declined by 1% on Thursday following asset manager VanEck's forecast that the top digital asset will reach a $61 trillion market capitalization by 2050.
Ethereum Classic price sets for a rally following retest of key support
![Ethereum Classic price sets for a rally following retest of key support](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/Coins/EthereumClassic/ethereumclassic_XtraSmall.jpg)
ETC edges higher by 2.3% and trades around $22.60 at the time of writing on Friday after testing a key support area the day before. On-chain data showing increased account growth suggests a bullish move ahead. Ethereum Classic price faced rejection by the daily resistance level of $25.13 earlier this week.
Celebrity meme coins lose their shine
![Celebrity meme coins lose their shine](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/crypto_matrix-637516561995093295_XtraSmall.jpg)
Celebrity meme coins report by Jupiter Slorg on Thursday shows that these tokens have been in deep waters since early July after experiencing heavy growth in June. In a recent analysis, Jupiter Slorg revealed that celebrity meme coins are down by an average of 94% from their all-time highs.
Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit
![Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit](https://editorial.fxstreet.com/images/Resources/CryptoWorldSEO3_XtraSmall.jpg)
Ripple (XRP) made a comeback above key psychological resistance early on Wednesday. Crypto traders are optimistic after the Ethereum Exchange Traded Fund (ETF) launch. Entrepreneur and investor Mark Cuban recently shared his comments on how Kamala Harris’ nomination to the Presidential elections could influence crypto regulation.
Bitcoin: Will BTC manage to recover from recent market turmoil?
![Bitcoin: Will BTC manage to recover from recent market turmoil?](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/bitcoin_closer_XtraSmall.jpg)
Bitcoin recovers to $67,000 on Friday after finding support around $63,500 a day before. Still, BTC losses over 1.50% on the week as Mt. Gox persists in transferring Bitcoin to exchanges.