Three Reasons Investors Remain Bullish On Shiba Inu Price | Cryptocurrency

  • Ethereum whale addresses hold over $500 million in Shiba Inu and continue to hold the killer Dogecoin despite the recent price crash.
  • 228.1 million Shiba Inu chips were burned overnight, increasing the burn rate by more than 100%.
  • Analysts identify descending triangle patterns in the Shiba Inu coin, believe a trend reversal is possible in a potential breakout of the upper boundary.

Shiba Inu has become one of the most widely held cryptocurrencies in large Ethereum whale wallets. Analysts continue to remain bullish on the coin even despite the recent drop in the price of the Shiba Inu.

Also Read: How to 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 the Shiba Inu coin. Bitstamp users can now trade the Dogecoin-killer coin for USD and Euro on the exchange.

The exchange proposed to register Shiba Inu in December 2021, however, due to technical problems, it was postponed. Bitstamp believes in the success of Shiba Inu and offered the coin meme on its interface, transfers started on June 6th and order books are available in limit mode only starting today, June 7th. Shiba Inu limit orders are matched the same day.

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

Shiba Inu Parts List Details on Bitstamp

Updated Shiba Inu Room Leash Lock Rewards

With the latest Bitstamp listing, ShibArmy, the Shiba Inu coin-holding community, has more than one reason for optimism. The team behind Shiba Inu has provided the community with a quick update on the distribution of rewards for using the LEASH LOCKER feature in the SHIB metaverse platform.

Despite the recent passing of Ryoshi, the founder of Shiba Inu, the project continues to release updates for SHIB owners. Shytoshi Kusama, the senior project manager, supported the development team and Shiba Inu projects like ShibaSwap, the native decentralized exchange.

Shibarmy members who have locked LEASH for a short time can now unlock their assets and claim rewards. The recent update explains that Reward Holders will receive 3% of the funds from Earth Event sales in the Metaverse, in exchange for their locked LEASH Tokens. Depending on the total LEASH and time locked, the distribution will be proportional and the rewards will be offered in BONE.

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

To shorten the wait for rewards, the team has built a new contract to continue distributing 3% OS to participants who locked their LEASH during early Early Access events.

The updated contract offers BONE rewards without waiting for metaverse lands to sell out. Once Lock Rewards are complete for all users, they will be available after a 90-day waiting period. This was 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 consider sales through July 2. To be considered to receive rewards, a holder must have locked LEASH, bidding at least once on land or hit land(s) per wallet.

228.1 million Shiba Inu parts burned overnight

The Shiba Inu burn rate increased by 113% overnight, with 228.10 million SHIBs burned. According to data from the Shibburn Portal, 410.36 trillion Shiba Inu parts have been destroyed to date.

Several projects that support Shiba Inu have come forward to destroy a total of 1.1 billion SHIBs, sending them to dead wallets where the meme coin is permanently locked. This happened in a total of 97 trades over the weekend.

The implementation of Burn has made ShibArmy optimistic as the amount of tokens in circulation has decreased significantly. In addition to the recent Bitstamp listing and Leash rewards update, this acted as a key catalyst for the price of Shiba Inu coins.

Ethereum Whales Continue Shiba Inu Accumulation

Based on data from blockchain explorers, the top 100 Ethereum whale addresses continued their accumulation of Shiba Inu coins. The 100 largest wallet addresses on the Ethereum blockchain hold a total of $500 million in Shiba Inu and have refrained from losing their holdings during the recent price crash.

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

The drop in price of the Shiba Inu has not deterred whales from adding this meme coin to their portfolio and maintaining SHIB as one of the largest non-Ethereum holdings in their portfolio.

Shiba Inu Price May See A Trend Reversal Soon

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

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

SHIB-USDT Price Chart

SHIB-USDT Price Chart

Netcost-Security analysts believe the price of the Shiba Inu could validate the bearish outlook if the coin meme falls 26%. A dip could confirm a downtrend in the Shiba Inu price. For more information watch this video:

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Three Reasons Investors Remain Bullish On Shiba Inu Price | Cryptocurrency

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