- Shiba Inu witnessed a burn of over 1 billion SHIB tokens over the past week.
- Whales continued to scoop up Shiba Inu coin, the meme coin ranks among the most used smart contracts.
- Analysts predict another correction in Shiba Inu price, despite rising utility and adoption by large wallet investors.
UPDATE: Shiba Inu price is back where it traded one year ago, just below the round $0.000010 level. The meme coin fell below the mentioned support on Saturday and has not been able to recapture it, trading between $0.0000075 and $0.0000085 for the past 24 hours. The slowdown of the current crypto market slide, including a bit more stable price behaviour in Bitcoin and Ethereum is giving some hope to the SHIB holders that the so-called Dogecoin killer might hint at some recovery rally. Shiba Inu has formed a bullish divergence, a technical situation defined by the Relative Strength Index (RSI) making higher lows despite the asset's bearish price action. According to FXStreet crypto analyst Akash Girimath, this setup and the weak resistance shown by immediate upper levels in IntoTheBlock's Global In/Out of the Money model could trigger a 15% SHIB relief rally.
Shiba Inu coin is back in the top 10 cryptocurrencies by trade volume among 500 largest Ethereum whales overnight. Whales have continued to scoop up the meme coin, regardless of the downtrend in Shiba Inu price.
Also read: Shiba Inu faces this rare threat as burn rate declines
Shiba Inu whales increase activity
Large wallet investors on the Ethereum blockchain have continuously scooped up the so-called Dogecoin-killer through the recent dip. Shiba Inu price posted 10% losses overnight, however whales have continued accumulation.
Over the last 24 hours, activity of large wallet inventors has increased. Based on data from WhaleStats, there is a 44.44% spike in active whale addresses, as these large wallet investors interact with billions of Shiba Inu coins.
The top 2000 whale wallet addresses on the Ethereum network actively engaged in trading Shiba Inu coin despite a 25% decline in price.
Portfolio of 100 largest Ethereum whales
Shiba Inu powered Welly NFT mint successful
Shiba Inu recently powered the world’s first real-fast food business NFT, Welly Friends. Welly is the burger joint that rebranded to Shiba Inu theme and emerged as the first real-world utility of the Dogecoin-killer.
The project successfully completed the mint of its NFTs and thanked the 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