• Shiba Inu price suffered a steep decline after a spike in profit-taking by ShibArmy. 
  • A public beta of Shibarium will be deployed in the third quarter of 2022, according to developers at the Unification Foundation. 
  • 410.37 trillion Shiba Inu coins have been burned so far, rapid burn could fuel bullish sentiment among holders. 

Shiba Inu suffered a massive drop in its price in the recent crypto bloodbath. While Shiba Inu price posted double-digit losses, experts believe the release of the beta phase of Shibarium could trigger a recovery in the meme coin. 

Also read: Ethereum whales scoop up 150 billion Shiba Inu coins as burn intensifies

Shiba Inu price bleeds 10% overnight in crypto bloodbath

The recent crypto bloodbath has taken a toll on most of the top cryptocurrencies. Bitcoin price slipped to the $20,200 level. Meme coins Shiba Inu and Dogecoin suffered massive drops in price, posting double-digit losses overnight. Danielle Du Toit, a leading crypto analyst, evaluated the Shiba Inu price chart and noted that SHIB price has dropped nearly 18% since June 26. 

Nevertheless, the Momentum Reversal Indicator (MRI) has flashed a buy signal on the four-hour price chart. Any increase in buying pressure could push the Shiba Inu price to retest $0.0000104. 

Shiba Inu Perpetual Futures

Shiba Inu Perpetual Futures 

Based on data from Coinglass, as Shiba Inu price plummeted 10% overnight, it triggered $1.44 million in liquidations of SHIB futures across exchanges. The following chart offers insight in the liquidation of short and long positions in Shiba Inu across exchanges. 

Total liquidations in Shiba Inu longs and shorts against price

Total liquidations in Shiba Inu longs and shorts against price

Experts attribute the Shiba Inu price rally that preceded the bloodbath to fundamental reasons. Adam O’Niell, CMO at leading cryptocurrency exchange Bitrue, was quoted as saying,

The parabolic move by SHIB is mainly fueled by the coming Shibarium protocol. This move is also partly coming from the SHIB burnt token that has reached a total of 400 trillion milestones.

Shiba Inu burn crosses key milestone of 400 trillion

The Shiba Inu coin burn portal, Shibburn, was launched in late April this year. The portal started tracking the burn of the SHIB tokens. These coins sent to dead wallet addresses were considered burnt and permanently removed from the circulating supply. 

The portal was developed in association with Ryoshi’s Vision token developers and 0.49% of all RYOSHI transactions would be distributed to owners of burntSHIB. Burn rate climbed 63.95% overnight, as 218.84 million Shiba Inu coins were destroyed. A total of 410.37 trillion Shiba Inu coins have been burnt, pulled out of circulation. 

Shiba Inu coin burn statistics

Shiba Inu coin burn statistics

Shibarium beta to be released soon

The ShibArmy is still awaiting the official announcement for the launch of layer-2 solution Shibarium and Shiba Games, two projects that are set to roll out anytime in 2022. With several projects under development in the Shiba Inu ecosystem, experts consider the meme coin a community-driven effort. 

Shibarium, Shiba Inu ecosystem’s layer-2 solution, could see the release of its beta phase as early as Q3 2022. Developers at Unification Foundation announced on June 24 that Shibarium’s public beta is set to be deployed in Q3 2022. 

On June 19, developers asked the Shiba Inu community to vote on whether or not to halt the minting of BONE on hitting the 230 million token cap. Since Shibarium is set to use BONE for payment of transaction fees, validators would receive BONE tokens for their role in the ecosystem. Validator roles and sequences will require 20 million BONE as a safeguard. 

Members voted in favor of the proposal and accepted BONE’s mint to be capped at 230 million, and the remaining 20 million to be reserved for Shibarium validators. 

Experts believe the release of Shibarium could trigger a recovery in Shiba Inu price as the layer-2 solution would reduce transaction cost and processing time for the meme coin. 

Analysts argue Shiba Inu price trend looks bullish

Analysts at FXStreet believe the Shiba Inu price trend is still bullish. Shiba Inu price flipped resistance at $0.0000095 to support and analysts expect the meme coin to overcome next resistance at $0.0000104. Shiba Inu price trend could turn bullish, however traders need to watch out for one condition. Check out the video for more:

 

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.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: How to trap a hungry bear

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: How to trap a hungry bear

The crypto market moves higher. Placing a countertrend short is still ill-advised. Higher targets remain possible for all assets. Bitcoin price tests the lower half of an ascending channel for the third time. Ethereum price continues displaying bearish divergence but underline market strength remains. Ripple price in a make-or-break situation.

More Cryptocurrencies News

How to prepare for a ballistic XRP price move

How to prepare for a ballistic XRP price move

XRP flips bullish after tagging its primary support at $0.3600. The buyer congestion in this zone disrupted a potential drop to $0.3179. A glance at the technical outlook reveals that XRP price may close the day above $0.3800, with $0.4200 coming within reach.

More Ripple News

This MATIC price prediction is so far the best trade of 2022

This MATIC price prediction is so far the best trade of 2022

MATIC recent upswing is one of the best forecasted trade setups made this year. Here’s a full recap of what just took place. Polygon rallied 125% since July 1; FXStreet analysts were able to find an entry capturing 68% of the rally for an 85% increase in profit.

More Polygon News

Shiba Inu price ready to explode after Ethereum whale scoops up 312 billion SHIB

Shiba Inu price ready to explode after Ethereum whale scoops up 312 billion SHIB

Shiba Inu leaves competitor Dogecoin and layer-1 altcoins behind as it prepares to explode. Large wallet investors on the Ethereum network scooped up Shiba Inu, accumulating over 312 billion SHIB tokens. 

More Shiba Inu News

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection,  its technicals support a bearish outlook for the leading crypto.  

Read full analysis

BTC

ETH

XRP