- shiba inu Whales accumulating (SHIB) continue to increase their activity strongly, posting a 30% increase in the past week alone.
- There was also an increase in the number of large transactions worth $100,000 or more on the SHIB network.
- Analysts are expecting a short-term rally on the Shiba Inu after the meme coin hits its target of $0.00001550.
Retail investors’ excitement and optimism as soon as Ethereum Consolidation meme coin continues to raise prices. Dog-themed cryptocurrencies Shiba Inu and Dogecoin triggered an explosive rally ahead of the long-awaited The Merge.
Shiba Inu Whale Deals Make Big Impact
SHIB holders had a chance to earn 30% in the last week alone. Ethereum core developers set September 15, 2022 as the tentative date for Consolidation, helping to get investors very excited. Retail investors’ enthusiasm has also spread to dog-themed cryptocurrencies, Shiba Inu and Dogecoin.
Whale activity in the Shiba Inu net has clearly exploded in the last four months. The network experienced significant improvement, recording a total of 433 transactions worth over $100,000.
Retail Investors Take Action
Hayden Hughes, CEO of social trading platform Alpha Impact, said:
“Dogecoin and Shiba Inu recorded high trading and price gains over the weekend; this is clear proof that the retail investor is back.”
The optimism created by the Ethereum Consolidation among retail investors has also created a bullish sentiment among dog-themed crypto owners. Despite these developments, some analysts also think that the rally in Dogecoin price is coming to an end.
On the metaverse side, Shiba Inu is also preparing to offer more upgrade and launch news. which is an NFT card game Shiba EternityThe launch of SHIB is interpreted as one of the key factors driving the SHIB price rally.
SHIB Burns Increase
In the last 24 hours, a total of 82.9 million Shiba Inu tokens have been burned in 15 transactions. These transactions permanently remove SHIB from the circulating supply. The reduced number of circulating SHIB tokens is expected to push its value higher. 2.5 million SHIBs have been burned in the last two hours.
In the past 24 hours, there have been a total of 82,942,981 $SHIB tokens burned and 15 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy
— Shibburn (@shibburn) August 16, 2022
Analysts evaluated the Shiba Inu price trend and predicted a short-term bullish outlook on the SHIB. SHIB price easily hit its targeted target of $0.00001550, posting an overnight rally of around 35%. Analysts believe that SHIB price will likely target the next $0.00001400 to $0.00001550. On the other hand, he also underlined that a lack of momentum could lead to a correction in SHIB price.
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.