Shiba Inu (SHIB), which provided massive gains to its early-stage investor last year, has been stuck in a sideways price range below the $0.000035 level since early 2022. While this may seem discouraging for investors, it can also act as a catalyst for a new price action. Shiba Inu supporters continue to see $0.001 as a possible price target. However, traders need to watch out for two developments that could trigger SHIB’s next price action. As Kriptokoin.com, we report the developments.
1) Shib burn portal and burning events
The Shiba Inu development team has finally launched the long-awaited SHIB burning portal to enable SHIB supporters to increase its value by reducing the circulating supply of the token. As reported on the official Shiba Inu Twitter account, almost 8 billion tokens were burned by SHIB holders within 24 hours of the portal’s launch. Reducing supply through burn events can benefit investors by increasing the price of the cryptocurrency, but this is not always guaranteed.
“SHIB Burn Portal” where investors can burn their Shiba Inu tokens opened on Shibaswap.com on Sunday. In this way, SHIB investors will now be able to earn passive income by burning their SHIB tokens with the help of the newly launched burning portal. 12 billion SHIB tokens have been burned since the portal went live on Sunday. Investors are also currently earning current annual returns of 9 percent.
2-Shiba Inu whale invasions continue
SHIB has been on a downtrend for a while keeping pace with the overall cryptocurrency market. Massive cryptocurrency whales have turned their radar to cryptocurrency for SHIB to offer new buying opportunities. As reported by WhaleStats, one of the largest Ethereum whales has purchased a total of 51,799.991,288 Shiba Inu tokens worth $1,178,967. SHIB is once again the largest token in USD for whales.
Last Saturday, the fifth largest Ethereum whale, BlueWhale0073, 2.111. He had purchased a total of 86,679,01529 SHIBs worth $500. The same cryptocurrency whale is known to have accumulated large amounts of SHIB before. Burning events and whale movements are expected to positively affect the price of SHIB.
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