- A popular meme coin that has been on the agenda with its burns is currently in a downtrend, but analysts believe the token is ready to survive the crash. Three bullish developments in the dog-themed cryptocurrency are expected to fuel the price rally.
Actively SHIB burning performing and shiba inu Shibburn website, which is a tracking platform where the amount of SHIB tokens burned by its community can be tracked, according to a statement on its Twitter account, more than half a billion SHIBs were sent to dead wallets last week, adding to the hundreds of millions of SHIB burned since the beginning of August.
While the amount of SHIB burned last week was reported to be more than 711 million, this week 582,644,458 burns were removed from circulation in 106 transactions. SHIB token as carried out. There have also been several transactions in the last hours, where SHIB was burned, resulting in an increase in the burn rate.
In the last 7 days, there have been a total of 582,646,458 $SHIB tokens burned and 106 transactions. #shibarmy
— Shibburn (@shibburn) August 21, 2022
According to the Shibburn website, at the time of writing, the SHIB burn rate has increased by 272.56 percent, while in the past 24 hours, 86.410,488 SHIBs have been removed from circulation forever.
in Shiba Inu (SHIB) While the intense burns that took place are expected to have a positive effect on the price in the future, a few more developments have taken place by analysts that will trigger the SHIB rally.
Reason 1: Whales hold SHIB holdings despite decline
shiba inuwitnessed a peak in profit making/profit realization last week when the price of meme coin reached $0.00001732. crypto tracker centimentAccording to data from , the increase in price coincided with big wallet investors taking profits. Whales for profit Shiba Inu assetsMajor wallet investors have continued to hold their SHIB since August 15.
According to WhaleStats, Ethereum whales currently hold $163 million worth of Shiba Inu in their portfolio. Typically, SHIB holdingWhales sitting on their coin are considered a bullish sign for the meme coin. The increase in whale activity coincides with local peaks in Shiba Inu, so supporters think major wallet investors are waiting for the next move in SHIB price.
Reason 2: Shiba Inu accepted as payment method by Best Buy
Best Buy, one of the world’s leading electronics retailers, recently announced that they will accept Shiba Inu as payment via BitPay. Payment processor, SHIB via BitPay gift cards; Makes it easy to accept as payment at Best Buy, the top US electronics retailer for electronics, computers, appliances, cell phones, video games and more.
Now available! Spend your crypto at @BestBuy with a gift card instantly. Best Buy gift cards now available – spend BTC, ETH, LTC and more easily. #crypto pic.twitter.com/lUPy6mwFAZ
— BitPay (@BitPay) August 19, 2022
This development allegedly accelerated the adoption of the popular meme coin among investors.
Reason 3: SHIB’s social dominance reaches 3-month peak
Another key driver of SHIB’s potential recovery is the social dominance of the meme cryptocurrency. According to crypto social intelligence blog LunarCrush, SHIB has achieved a quarterly personal record for its daily presence on social networks.
According to the data presented, the number of mentions/mentions of the main token of the Shiba Inu project reached 88,900 on August 21, while the total number of references to SHIB in 90 days on social networks was 3.51 million.
If the demand for the meme coin increases, the Shiba Inu may recover from its recent crash and start a surprise rally again. With wider acceptance and growing social dominance among major retailers, SHIB may soon make up for its losses.
Shiba Inu price remained above the key $0.00001310 pointed out by Peter Brandt. The analyst argued that a drop below this level could lead to a big drop in the Shiba Inu. Brandt stated that the inverted head and shoulders (H&S) pattern on the SHIB price chart is a clear sign that a reversal is imminent.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.