Shiba Inu (SHIB), dubbed to be the second largest dog meme coin, is nearing a breach as claimed by analysts.
Shiba Inu provided roughly 50% to holders last week; outstripping major cryptocurrencies like Bitcoin and others
BitWallet recently listed SHIB strengthening meme coin adoption
SHIB price could be nearing a breach as hinted by the reduction of trade volume and thinned-out inflows
Shiba Inu’s bearish movement is ushered mainly by the drop in trading volume as well as inflows. But, analysts continue to be optimistic about SHIB. Many analysts have forecasted SHIB recovery following the 50% gains sired within the week.
SHIB is said to have generated roughly 50% gains as seen in the past few days hinting a bullish momentum for holders. To date, Shiba Inu is considered to be the largest ERC-20 token among the top 1,000 whales on the network. More so, investors have been consistently buying SHIB from July to August 2022, capitalizing on the dip.
Shiba Inu Nosedives 7.60%
According to CoinMarketCap, SHIB has been down by 7.60% or trading at 0.00001473 as of press time validating a bearish perspective for the dog meme coin.
Evidently, the top 500 whale wallets on the network have amassed around 119 billion SHIB which are bought during the price recessions from July to August of 2022. The current SHIB holdings of whales are now worth $1.89 billion which sums up 5.91%.
The whales’ action of accumulating SHIB hints at a bullish movement or a breakout. Analysts are looking into a tremendous breach in SHIB brought about by intense accumulation and holding of SHIB investors instead of selling the tokens immediately.
Increased Burnt Volume Intensifies SHIB Value
Inevitably so, around 16.2 million SHIB tokens were quickly burnt in the past 24 hours or that is a whopping total of 410.37 trillion SHIB tokens. The burnt volume also validates the increased meme token value for the long term.
Hence, even if the burn rate actually dropped by as much as 79%, the intense and multiple SHIB burn transactions welled up to over 1 million SHIB tokens.
Analysts presume that the lack of momentum exhibited by SHIB may have triggered the price reduction which validates a bearish thesis.
SHIB price has revealed phenomenal gains by 27000% as seen in the past few days. The SHIB price has an optimistic outlook and price prediction. In fact, many analysts claim that SHIB prices may double by the end of the year or the early months of 2023.
SHIB had a massive price reduction last year which triggered a tremendous buying activity. With the increase in demand, Shiba Inu also pumped up in price.
SHIB total market cap at $8.1 billion on the daily chart | Source: TradingView.com
Featured image from Cryptoglobe, Chart from TradingView.com