According to the Shiba Inu community, 111 trillion SHIB could be burned next year. SHIB holders consider a large burn probably a positive indicator. Crypto analyst Jet Encila notes that according to his analysis of the rising formation on SHIB’s chart, the altcoin is set to make up for its losses.
SHIB burn events have sparked a rally in the altcoin in recent weeks
cryptocoin.comAs you follow, in the last two months, burn events have caused a spike in the altcoin price. At the same time, the SHIB community continues to hear about the burning issue.
SHIB BPP has shared an estimate on its community-focused channel for cryptocurrency that 111 trillion Shiba Inu will burn over the next year. According to SHIBQueenie, the community’s Discord channel manager, 111 trillion SHIBs are likely to be burned next year.
SHIB is leaving BTC
At press time, SHIB fell 6.89% to $0.00001289, according to CoinMarketCap. Also, the altcoin had a modest 0.25, or 25%, 30-day price trend with Bitcoin. According to one comment, the price of SHIB is becoming more and more unrelated to Bitcoin. According to the analyst, this suggests that wider market fluctuations have less of an impact on the altcoin.
For comparison, the 30-day correlation between Bitcoin and stablecoins Tether, USDC and Binance USD was 0.21, 0.23 and 0.27, respectively. On the other hand, with a correlation of 0.96, other cryptos like Polygon (MATIC) have a solid link to BTC.
What should investors who want to diversify their portfolios do in case the Bitcoin price underperforms? In this case, crypto assets that have a low or negative correlation with Bitcoin are likely to help. The meme coin saw a remarkable 35% increase in early August. However, later the altcoin briefly separated itself from Bitcoin and the rest of the group.
Shiba Inu Games director brings Shiba Eternity to Gamescom
Meanwhile, Shiba Eternity, a collectible card game, will be featured at Gamescom. Thus, the world’s largest gaming festival and trade fair will promote the adoption of SHIB. It will also increase its popularity among holders. Shiba Inu director William Volk will attend Gamescom and represent the meme coin. Every year, game publishers and companies display new hardware and software at the game exhibition.
The Shiba Inu is down 14% from the previous week and SHIB holders hope SHIB will recover soon. Better days are likely for SHIB, according to the Holders. An analyst using the pseudonym Shiba Knight noticed a bullish pattern on the altcoin chart. In this context, he predicted a rebound for the meme coin. Meme crypto analysts agree that SHIB is poised for a revival. According to analysts, SHIB bulls will likely push the nipple money higher.
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