• Ethereum whale addresses hold over $500 million in Shiba Inu, and continue to hold the Dogecoin-killer despite the recent price slump. 
  • 228.1 million Shiba Inu tokens have been burned overnight, pushing the burn rate over 100% higher. 
  • Analysts identify descending triangle patterns in Shiba Inu coin, believe a trend reversal is possible in a potential upper border breakout.

Shiba Inu has become one of the most widely held cryptocurrencies in the portfolios of large Ethereum whales. Analysts continue to remain bullish on the meme coin despite the recent slump in Shiba Inu price. 

Also read: How you can use Shiba Inu tokens to rent Ferrari, Lamborghini, and Rolls-Royce supercars

Bitstamp, Europe’s largest crypto exchange listed Shiba Inu 

Bitstamp, a Luxembourg-based cryptocurrency exchange, considered the largest in Europe, recently announced the listing of Shiba Inu coin. Bitstamp users can now trad the Dogecoin-killer coin against USD and the euro on the exchange platform. 

The exchange proposed listing Shiba Inu in December 2021, however, following technical issues, it was postponed. Bitstamp believes in Shiba Inu’s success story and has offered the meme coin on its interface, transfers started on June 6 and order books are available in limit-only mode starting today, June 7. Limit orders in Shiba Inu are being matched the same day. 

The exchange plans to offer full trading in Shiba Inu as soon as there is a sufficient level of liquidity in the meme token. The listing is a key milestone for Shiba Inu, as Bitstamp is popular in the crypto community as an exchange with a conservative listing policy and strict regulatory compliance. 

Shiba Inu coin listing details on Bitstamp

Shiba Inu coin listing details on Bitstamp

Leash lock rewards update for Shiba Inu coin

With the latest Bitstamp listing, ShibArmy, the community of Shiba Inu coin holders, has more than one reason to be bullish. The team behind Shiba Inu provided the community a quick update on the reward distribution for using the LEASH LOCKER feature in SHIB’s metaverse platform Shib.io. 

Despite the recent disappearance of Ryoshi, the founder of Shiba Inu, the project continues to publish updates for SHIB holders. Shytoshi Kusama, the lead project manager, has taken charge of the development team and Shiba Inu projects like ShibaSwap, the native decentralized exchange. 

Shibarmy members who locked LEASH for a small time frame can now unlock their assets and claim rewards. The recent update explains that rewards holders will receive 3% of the funds from Land Event Sales in the metaverse, in exchange for their locked LEASH tokens. Depending on the total LEASH and time locked, distribution will be proportional and rewards will be offered in BONE. 

While the developers behind Shiba Inu expected to sell all land in the metaverse before distributing rewards, they acknowledged that there are plots currently available for purchase. 

To cut the wait for rewards short, the team has constructed a new contract to pursue the distribution of 3% BONE to participants who locked their LEASH during the first early access events. 

The updated contract offers BONE rewards without waiting for the metaverse Shib.io land plots to sell out. Once locking rewards come to an end for all users, they will be made available after a 90-day waiting period. This has been implemented to be fair to all investors who locked their LEASH, the Doge-killer token. 

The team informed that this is a one-time reward distribution mechanism and will take into account sales up to July 2. To be considered for receiving rewards, a holder needs to have locked LEASH, bid at least once on a land plot or minted land(s) per wallet. 

228.1 million Shiba Inu coins burned overnight

The Shiba Inu burn rate increased by 113% overnight as 228.10 million SHIB were burned. Based on data from the Shibburn portal, 410.36 trillion Shiba Inu coins have been destroyed till date.

Multiple projects that support Shiba Inu came forward to destroy a total of 1.1 billion SHIB, sending it to dead wallets where the meme coin is locked permanently. This occurred in a total of 97 transactions over the weekend. 

Burn implementation has turned ShibArmy bullish as the quantity of the token in circulation reduces drastically. In addition to the recent Bitstamp listing and Leash rewards update, this has acted as a key catalyst for Shiba Inu coin price. 

Ethereum whales continue Shiba Inu accumulation

Based on data from blockchain explorers, the 100 largest Ethereum whale addresses have continued their accumulation of Shiba Inu coin. The 100 largest wallet addresses on the Ethereum blockchain hold a combined $500 million in Shiba Inu and refrained from shedding their holdings through the recent price slump. 

The Terra LUNA crash wiped out billions in market value from the crypto ecosystem and resulted in a bloodbath that hit meme coins like Dogecoi and Shiba Inu. 

Drop in Shiba Inu price failed to deter the whales from adding this meme coin to their portfolio and maintaining SHIB as one of the largest non-Ethereum holdings in their wallet. 

Shiba Inu price could witness trend reversal soon

Cryptocurrency analyst Arman Shriniyan believes Shiba Inu price could see a trend reversal soon. The analyst observed a descending triangle formation in the Shiba Inu coin chart. This is considered a bearish sign, however, Shiba Inu price could witness a trend reversal if price breaks through the upper border of the pattern. 

The analyst has predicted a breakout in Shiba Inu price within the next 10-12 days. 

SHIB-USDT price chart

SHIB-USDT price chart

FXStreet analysts believe Shiba Inu price could validate the bearish outlook if the meme coin plummets 26%. A downswing could confirm a bearish trend in Shiba Inu price. For more information watch this video:

 

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

Solana price hints at a 50% upswing under these specific conditions

Solana price hints at a 50% upswing under these specific conditions

Solana price shows an interesting setup as it tries to overcome a stiff resistance level. The fifth attempt to overcome hurdles will likely be successful due to multiple bullish confluences. Solana price has been on a clear uptrend since producing the June 14 swing low at $25.76.

More Solana news

Dogecoin price to provide a buying opportunity before exploding 35%

Dogecoin price to provide a buying opportunity before exploding 35%

Dogecoin price sees a slow decline in bullish momentum as a major hurdle puts an end to its explosive move. A pullback is emerging for DOGE and is likely an opportunity that will allow bulls to recuperate and prepare for the next rally.

More Dogecoin news

Former Goldman Sachs banker explains why Wall Street gets Bitcoin wrong

Former Goldman Sachs banker explains why Wall Street gets Bitcoin wrong

According to John Haar, who used to count himself within the ranks of the traditional finance field, a fundamental understanding of "sound money" is preventing Wall Street from embracing Bitcoin. Haar’s views were expressed in an essay on Aug. 14.

More Bitcoin news

Avalanche Price Prediction: A sharp decline in the making?

Avalanche Price Prediction: A sharp decline in the making?

Avalanche price shows a potential sell-off underway, and key levels have been identified. Avalanche price could be depicting early evidence of liquidation underway as the technicals show subtle bearish cues. AVAX price has rallied 90% since July 1st, printing a new monthly high.

More Avalanche 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