Shiba Inu price makes explosive move as optimism over Ethereum Merge spreads
- 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:
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.
