- shiba inu (SHIB) was on the agenda with the burning of more than one billion tokens last week.
- All the price drops did not discourage the whales and SHIB continued to accumulate. On the other hand, the token has managed to become one of the most traded ‘smart contracts’ at the moment.
- Analysts, on the other hand, are waiting for another correction despite increasing adoption in the SHIB ecosystem and whales making large purchases.
The token managed to make its way back into the top 10 cryptocurrencies by trading volume among the 500 largest Ethereum whales in just one night. Whales continue to collect meme coin regardless of the downtrend in Shiba Inu price.
Shiba Inu Whales Increase Activity
Investors with large wallets on the Ethereum blockchain have continued to collect Dogecoin killers continuously with the recent drop. Shiba Inu price lost 10% overnight, but whales continued to accumulate.
In the last 24 hours, the activity of big wallet investors has increased. According to data from WhaleStats, there has been a 44.44% increase in active whale addresses as these major wallet investors interact with billions of Shiba Inu.
The top 2000 whale wallet addresses on the Ethereum network were actively involved in Shiba Inu trading despite a 25% drop in price.
Welly NFT Mint Concluded Successfully
Shiba Inu recently became the world’s first real fast food establishment Welly FriendsIt gave strength to. Welly is the burger joint that has been rebranded with the theme and turned out to be the first real-world use of the Dogecoin killer.
The project successfully completed the printing of their NFT and thanks ShibArmy for their support.
We will never be able to thank you enough for how you all were able to support us.
Dear #WellyFriends & #SHIBARMY,
We promise we’re going to keep our promises as much as you should us your dedication to this project.
Big news coming soon, and it will be constant.— WELLY 🍔 (@wellyfriends) June 12, 2022
The base price of the collection is currently 0.29 ETH on OpenSea, the largest peer-to-peer NFT marketplace.
After the disappearance of Shiba Inu creator Ryoshi, Shytoshi Kusama stepped forward as project leader and stated that Welly NFTs were created to act as membership vehicles. These NFTs will act as smart contracts for specific Welly locations.
SHIB Burns Continue
While all these developments continue, approximately 1 billion SHIBs have been burned over the past week, according to data from the incineration portal. So far, 410.36 trillion tokens have been burned, withdrawn from circulation and sent to dead wallets.
Pressure Increased to Buy Shiba Inu on Coinbase
Purchasing pressure on the Shiba Inu has been found to reach the highest levels of the year. On Coinbase, one of the largest cryptocurrency exchanges, 81% of users are eager to buy SHIB, while 19% tend to sell, according to data from the platform’s trading app.
This was recorded as the highest “buy” order placed for SHIB since September 2021, which was 91%. after September 2021 meme coin became parabolic and witnessed a 1,000% price increase in October.
Analysts, on the other hand, evaluated the Shiba Inu price trend and presented a bearish outlook. Eno Ikenna Eteng, a prominent crypto analyst, argues that the SHIB/USDT price chart shows the possibility of further declines.
The analyst argues that the move measured from the collapse of the descending triangle on the price chart is not complete. The next target for the bulls is $0.0000066. The June 2021 double bottom at $0.00000565 is the downside target for SHIB price if the meme coin continues to break down.
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.