• Experts believe traders are plowing money into Dogecoin and Shiba Inu because meme coins are relatively cheaper. 
  • Shiba Inu is one of the largest holdings in Ethereum whale wallets, after large wallet investors scooped up billions of SHIB through the dip. 
  • Shiba Inu released locked rewards on ShibaSwap, fueling bullish sentiment in ShibArmy. 

Shiba Inu remains a favorite cryptocurrency holding among large wallet investors on the Ethereum blockchain. Despite the recent crypto meltdown, traders continue to scoop up SHIB coins. 

Also read: What is happening to influencers that promoted projects like Shiba Inu 

Shiba Inu coin buyers are chasing penny crypto assets

Despite the recent crypto bloodbath, Bitcoin, Ethereum and altcoins in the top 20 cryptocurrencies by market capitalization are relatively expensive for an investor to accumulate. For the same amount of capital deployed, an investor can snatch billions of Shiba Inu tokens across exchanges, instead of double or three-digit holdings in any other cryptocurrency. 

Experts at Bloomberg argue that Shiba Inu’s decimals are the “best marketing thing you could ever do” for a cryptocurrency project. For an Ethereum-based token, eighteen decimals are far from ideal. 

Shiba-Inu-themed meme coins and new cryptocurrencies with relatively smaller market capitalization have ventured into bizarre territory. Buying one Shiba Inu coin costs a trader $0.00000822, at the time of writing, while one Dogecoin fetches less than one cent. 

Experts argue that retail traders typically love penny stocks and dream of huge returns. A jump from less than a cent to $1 could imply your initial capital multiplies. Interestingly, about $50 can fetch a trader a million Shiba Inu coins, making it the penny crypto token for the community. 

Halsey Minor, executive chairman of Public Mint, was quoted as saying:

You see with a lot of these meme coins, such as Doge and Shiba, retail investors are plowing money into them because they look cheap. There’s a psychological element here, in many cases, where people think, oh, a whole Bitcoin is $65,000, but one Dogecoin is only 25 cents.

40,000 new traders now hold Shiba Inu, join the ShibArmy

ShibArmy, the community of Shiba Inu holders, is now stronger with the addition of 40,000 new traders. Recent data puts Shiba Inu holder count at 1,181,649, that is 40,000 higher than the number at the end of April 2022. 

As Shiba Inu coins continue to be burned, meaning there is a reduction in the circulating supply, it has fueled a bullish sentiment among investors, and demand for the meme coin is supplemented. New ShibArmy members have scooped up Shiba Inu through the recent dip. 

ShibaSwap rewards unlocked

Shiba Inu coin’s official Twitter handle announced the release of locked rewards in the archived section of ShibaSwap. ShibArmy can claim the rewards hitting a single buttom after heading to the “Woof” page for Archives. 

Burn Portal Rewards are still in the process according to the official announcement. 

Analysts spot bullish divergences on Shiba Inu price chart

Valdrin Tahiri, a crypto analyst, evaluated the Shiba Inu price trend and noted that SHIB has decreased consistently after hitting its all-time high of $0.00008616 nearly a year ago. The meme coin is currently 90% away from its all-time high and analysts have identified bullish divergences in the Shiba Inu price chart. 

Tahiri has observed a considerable bullish divergence in the daily RSI. In order to confirm the bullish divergence, RSI needs to move above 37 (represented by the white line on the chart), between the two divergences. 

If the Shiba Inu price breaks out of its short-term descending resistance line, it could resume its climb to $0.000017. 

SHIB-USD price chart

SHIB-USD price chart 

Shiba Inu’s competitor Dogecoin price is at a make-or-break point

FXStreet analysts have evaluated the price trend of Dogecoin, Shiba Inu’s competitor and a leading meme coin. Analysts believe Dogecoin price is at a make-or-break point and currently trading in a lucrative area. For more information, watch this video:

 

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