A famous celebrity endorses Shiba Inu, but can she save him from this bearish outlook? | Cryptocurrency

  • Crypto twitter is speculating about Paris Hilton’s involvement in Dogecoin competitor Shiba Inu.
  • The American celebrity recently became a Bitcoin and Ethereum investor, showed interest in the Shiba Inu metaverse.
  • Analysts reveal a bearish outlook on Shiba Inu, identifying a descending triangle pattern in the coin meme chart.

Shiba Inu price could drop as analysts predict further bloodshed in the coin meme. Famous American celebrity Paris Hilton has expressed interest in endorsing Dogecoin competitor Shiba Inu.

Paris Hilton Is Optimistic About Shiba Inu?

Paris Hilton, an American celebrity, socialite and actress, has recently expressed her interest in cryptocurrencies. Hilton owns Bitcoin and Ethereum and recently demonstrated interest in the Shiba Inu metaverse.

Crypto Twitter is speculating on Hilton’s endorsement of the Shiba-Inu themed coin. The debate over Hilton’s endorsement of the Shiba Inu piece was sparked by a tweet from Marcie Jastrow. Jastrow is a former senior Technicolor executive who recently joined Shiba Inu to work on the project’s metaverse. Jastrow’s tweet cryptically mentioned “11:11”. Hilton posted a tweet with the same number and asked her followers to make a wish.

ShibArmy began speculating about Hilton’s potential endorsement of the Shiba Inu coin metaverse. Hilton dabbled in the crypto ecosystem and digital assets. The celebrity deposited a series of non-fungible autobiographical tokens (NFTs) dubbed “Paris: Past Lives, New Beginnings” on the Origin Story marketplace in early 2022.

Influencers known to charge large sums of money for endorsement

Prior to the Hilton story, a list surfaced online revealing how much top influencers charge for promoting cryptocurrency projects. The spreadsheet dropped big celebrity names like actress Lindsay Lohan, who charges $25,000 for a conniving tweet and $20,000 for a retweet. Lohan is apparently offering a $35,000 package for two tweets and a retweet. The vast majority of names on the list offer a service where their followers won’t be notified that the tweet is part of a paid promotion.

The price of the Shiba Inu could fall

Meanwhile, the Shiba Inu price chart continues to undergo technical analysis. Analysts have identified a descending triangle pattern. According to Eno Ikenna Eteng, the price of Shiba Inu coins is at a vulnerable support level and struggling to hold. The leading crypto analyst believes that the move of this pattern in the Shiba Inu chart implies a bearish continuation of the trend.

In this case, the Shiba Inu price may soon drop to its all-time low of $0.000000507. A breakdown of the daily chart marks the completion of the descending triangle, and that would open the doors for a bloodbath and potential decline to $0.00000550.

The analyst has identified that a rebound is likely if Shiba Inu breaks above $0.00001202, in a move that would invalidate the triangle pattern.

SHIB-USD chart

Ethereum Whales Continue Shiba Inu Accumulation

Despite the bearish outlook on Shiba Inu, the largest Ethereum wallet addresses continued to accumulate the meme coin. The 100 largest Ethereum whales have yet to give up their holdings and hold over $5 million in Shiba Inu tokens.

The overnight spike in the Shiba Inu burn rate has been identified as a key driver of interest from major investors. 410.36 trillion Shiba Inu tokens have been destroyed so far, based on data from the Shibburn Portal.

Shiba Inu Burnt Supply

Shiba Inu Burnt Supply

How Shiba Inu Price Can Validate Bearish Outlook

Netcost-Security analysts believe Shiba Inu price could validate the bearish outlook through the triangle pattern. Descending triangles are considered a bearish indication for any asset price. Analysts say a 26% decline could be triggered, with a potential decline to $0.0000074.

Akash Girimath, a crypto analyst at Netcost-Security, says that hitting a bottom could lead to significant buying and accumulation of Shiba Inu, fueling a rally in the meme coin. For more information, watch this video:

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A famous celebrity endorses Shiba Inu, but can she save him from this bearish outlook? | Cryptocurrency

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