The Shiba Inu price jumped nearly 40 percent shortly after Robinhood announced it would add support for the memecoin. The fundamentals are now even higher as the bidding event for ‘SHIB: The Metaverse’ is live. FXStreet analysts predict that the altcoin’s prices will continue to rise as speculation increases.
Shiba Inu price posts big gains on strong fundamentals
SHIB price witnessed a massive rally, posting double-digit returns overnight. Defenders of the altcoin have identified four key reasons for the impressive price action, including the long-awaited listing of SHIB on popular crypto exchange Robinhood, the accumulation of Ethereum’s major wallet addresses, the decline in circulating supply, and the launch of ‘SHIB: The Metaverse’. .
Shiba Inu cryptocurrency logo displayed on a screen and representation of cryptocurrencies are seen in this illustration photo taken in Krakow, Poland on June 29, 2021 (Photo Illustration by Jakub Porzycki/NurPhoto via Getty Images) Developers unlocked a total of 36,431 plots for SHIB: The Metaverse in the intro phase. Early access to the bidding event is also live, and LEASH and SHIBOSHI owners can start bidding for plots now. SHIB: The launch of Metaverse has been eagerly awaited by Shiba Inu owners as it could increase the adoption and utility of the altcoin’s ecosystem. Also, the number of tokens in circulation continues to decrease every day after a burn mechanism is implemented, which causes a shortage among exchanges as demand grows.
⛰ #ShibArmy, the wait is finally over – We are excited to announce that the first early access BID EVENT is now LIVE at https://t.co/w29zPzzQde
Important: In order to participate in this early access event, you must have $LEASH or SHIBOSHI locked and utilize the locking system. pic.twitter.com/tMvpfgsrVu
— Shib (@Shibtoken) April 13, 2022
Which levels should be followed for SHIB?
Several burning parties were held to remove 4.4 billion Shiba Inu tokens from circulation. Big wallet investors have consistently added more Shiba Inu to their portfolios throughout recent dips, especially in the past two weeks. Two Ethereum whales, identified as “Light” and “BomBur,” added $8.95 million worth of Shiba Inu to their holdings. These major events have had a significant impact on the SHIB price, among other factors.
FXStreet analysts, whose analyzes we follow closely as Cryptokoin.com, believe that the Shiba Inu price may continue to climb if Bitcoin continues to rise, given the high correlation between the two assets. SHIB is attempting to form support at the $0.0000271 level to open a break to $0.000037. Memecoin is working on a double bottom model called Adam and Eve that could push its price even higher in the short term.
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