This Is Why Whales Are Buying Shiba Inu Regardless Of His Price Action | Cryptocurrency

  • Shiba Inu has witnessed the burning of over a billion SHIB chips in the past week.
  • The whales continued to pick up the Shiba Inu coin, the meme coin ranks among the most used smart contracts.
  • Analysts are predicting a further correction in the price of the Shiba Inu, despite increasing utility and adoption by large portfolio investors.

The Shiba Inu coin is back in the top 10 cryptocurrencies by trading volume among the top 500 Ethereum whales overnight. The whales continued to pick up the coin regardless of the downward trend in the price of the Shiba Inu.

Also Read: Shiba Inu Face This Rare Threat As Burn Rate Drops

Shiba Inu whales increase their activity

Large wallet investors on the Ethereum blockchain have continuously scooped up the so-called Dogecoin-killer during the recent downturn. Shiba Inu price posted 10% losses overnight, but whales continued to pile up.

Over the past 24 hours, the activity of major wallet inventors has increased. Based on WhaleStats data, there is a 44.44% spike in active whale addresses as these large wallet investors interact with billions of Shiba Inu coins.

The top 2000 whale wallet addresses on the Ethereum network actively engaged in Shiba Inu coin trading despite a 25% price drop.

Wallet of the 100 largest Ethereum whales

Welly NFT mint success powered by Shiba Inu

Shiba Inu recently powered the NFT world’s first true fast food company, Welly Friends. Welly is the burger restaurant that rebranded itself with a Shiba Inu theme and became the Dogecoin killer’s first real utility.

The project has successfully completed manufacturing of its NFTs and thanked the ShibArmy for their support.

The floor price for the collection is currently 0.29 ETH on the largest peer-to-peer NFT marketplace, OpenSea.

After Ryoshi’s disappearance, the creator of Shiba Inu, Shytoshi Kusama introduced himself as the project manager and said that the Welly NFTs were created to serve as adhesion instruments. These NFTs will act as smart contracts for particular Welly locations.

ShibArmy is currently awaiting the reveal of the NFTs which currently appear as gifs. Welly NFT promised holders that “something big is coming soon”.

Shiba Inu keeps burning

Over the past week, according to burn portal data, nearly one billion Shiba Inu parts have been burned. There is a spike in the burn rate of the Dogecoin-killer meme coin project. So far, 410.36 trillion Shiba Inu tokens have been burned, taking these coins out of circulation and sending them to dead wallets.

Since these tokens are permanently out of supply, the Shiba Inu burn is driving bullish sentiment among holders and ShibArmy.

burnt shiba inu

burnt shiba inu

Buying pressure for Shiba Inu is increasing on Coinbase

Supporters have noted that, in an exciting turn of events, buying pressure on Shiba Inu has reached yearly highs. On Coinbase, one of the largest cryptocurrency exchanges, 81% of users want to buy Shiba Inu, compared to 19% to sell, according to data from the platform’s trading app.

This is the highest number of “buy” orders placed for Shiba Inu, second only to what was seen in September 2021 when it was 91%. After September 2021, Shiba Inu went parabolic and witnessed a 1000% price increase in October.

Increased buying pressure on Coinbase's trading app

Increased buying pressure on Coinbase’s trading app

Analysts Remain Bearish on Shiba Inu Price

Analysts have assessed the Shiba Inu price trend and revealed a bearish outlook. Eno Ikenna Eteng, a leading crypto analyst, says that the SHIB/USDT price chart reveals that there is a possibility for further downside.

The analyst argues that the movement measured since the collapse of the descending triangle on the Shiba Inu price chart has not been completed. The next target for traders is $0.0000066. The June 2021 double bottom level of $0.00000565 is the downside target for Shiba Inu price if the coin even continues to deteriorate.

SHIB-USDT Price Chart

SHIB-USDT Price Chart

Analysts Think Shiba Inu Price May Not Break Support

Netcost-Security analysts observed the price chart and noted that the Shiba Inu price may continue its downward trend and not break the support. For more information, watch this video:

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This Is Why Whales Are Buying Shiba Inu Regardless Of His Price Action | Cryptocurrency

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