Buying pressure on Shiba Inu (SHIB) on Coinbase reaches year’s highest levels. In addition, SHIB has returned to the top 10 cryptocurrencies by tarde volume among the 500 largest Ethereum whales overnight. Whales continue to collect meme coins regardless of the bearish trend in SHIB price.
Meme coin whales ramp up activity
Major wallet investors on the Ethereum Blockchain have consistently picked up the so-called Dogecoin killer with the recent drop. Shiba Inu price lost 10% overnight. But the whales continued to accumulate.
In the last 24 hours, the activity of major wallet inventors has increased. According to data from WhaleStats, there is a 44.44% increase in active whale addresses as these major wallet investors interact with billions of cryptocurrencies. The 2000 largest whale wallet addresses on the Ethereum network were actively involved in the SHIB trade. It also did so despite a 25% drop in price.
Portfolio of 100 largest Ethereum whales Shiba Inu powered Welly NFT print successful
Shiba Inu recently joined Welly Friends, the world’s first real fast food business gave strength. Welly is the burger joint that has rebranded the Shiba Inu theme and turned out to be the first real-world use of the Dogecoin killer. Welly successfully completed the NFT printing project and thanked ShibArmy for their support.
The base price of the collection is currently the largest peer-to-peer NFT 0.29 ETH on its market OpenSea. After the disappearance of Shiba Inu creator Ryoshi, Shytoshi Kusama rose to prominence as the project leader. As we covered in the cryptokoin.com news, Kusama stated that the Welly NFTs were created to act as a membership tool. These NFTs will act as smart contracts for specific Welly locations.
ShibArmy is currently waiting for the NFTs to appear as a gif. Welly NFT promised its owners that “something big is coming soon”.
Meme coin continues to burn
According to data from the incineration portal, Shibburn has burned nearly 1 billion SHIB over the past week. There is an increase in the burn rate of the Dogecoin killer meme coin project. So far, 410.36 trillion SHIB tokens have been burned. These coins were withdrawn from circulation and sent to dead wallets. These tokens have been permanently removed from supply. Therefore, the burning of SHIB is the driving force of bullish sentiment among holders and ShibArmy.
SHIB combustion data Buying pressure increased for Shiba Inu on Coinbase
In an exciting event, fans have reported that buying pressure on SHIB has reached year highs. stated that it has arrived. Data from the platform’s trading app on Coinbase, one of the largest cryptocurrency exchanges, shows this. Also, according to the data, 81% of users are willing to buy the Shiba Inu, while 19% sell it.
This is the highest number of ‘buy’ offers for the Shiba Inu since 91% observed in September 2021. After September 2021, SHIB became parabolic. It then witnessed a 1,000% price increase in October.
Increase in buying pressure on Coinbase’s trading app Analysts meme coin price continues to decline
Analysts evaluated the Shiba Inu price trend and revealed a bearish outlook. Eno Ikenna Eteng, a prominent crypto analyst, argues that the SHIB price chart shows the possibility of further declines.
Analyst states that the move measured from the collapse of the descending triangle on the SHIB price chart is not complete. The next target for the bulls is $0.0000066. The June 2021 double bottom was at $0.00000565. According to the analyst, if the meme coin continues to drop, this price is the downside target for SHIB.
SHIB price chart 
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