Whales increased their activity on the Shiba Inu (SHIB), pushing the SHIB 30% more last week. Large-value transactions worth $100,000 or more increased on the Shiba Inu network. Analysts are expecting a short-term bullish momentum on the Shiba Inu after the meme coin hits the target of $0.00001550. Here are the details…
SHIB transactions increased
As Ethereum Merge approaches, individual investor enthusiasm and optimism has boosted meme coin prices. Dog-themed cryptocurrencies Shiba Inu and Dogecoin launched an explosive rally ahead of the long-awaited Merge. The Shiba Inu earned its owners 30% last week. Ethereum core developers set September 15, 2022 as the tentative date for Merge. Thus, it fueled enthusiasm among investors. The enthusiasm of individual investors has spread to dog-themed cryptocurrencies, Shiba Inu and Dogecoin. Whale activity in the Shiba Inu net has exploded in the past four months. The network witnessed a total of 433 transactions worth over $100,000.
Individual investors take action again
Hayden Hughes, CEO of social trading platform Alpha Impact, cited the price action of DOGe and SHIB over the weekend as evidence behind the return of individual investors. On the other hand, analysts at FXStreet believe that Dogecoin’s price rally is showing signs of exhaustion. The Shiba Inu also marks more upgrades and launches in terms of the metaverse. Shiba Eternity, an NFT card game, is one of the key factors driving the SHIB price rally.
Shiba Inu burn intensifies, analysts expect bullish
In the last 24 hours, a total of 82.9 million Shiba Inu tokens have been burned in 15 transactions. The token burning of the Shiba Inu permanently removes the SHIB from the circulating supply. This is expected to raise the value of the Shiba Inu even higher. 2.5 million SHIB tokens have been burned in the last two hours. Meanwhile, analysts at FXStreet evaluated the Shiba Inu price trend. It revealed a short-term bullish outlook on SHIB.
In the past 24 hours, there have been a total of 82,942,981 $SHIB tokens burned and 15 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy
— Shibburn (@shibburn) August 16, 2022
Shiba Inu price rallied nearly 35 percent overnight, hitting its targeted target of $0.00001550. Analysts believe that SHIB price will likely target $0.00001400 to $0.00001550 next. Analysts believe the lack of momentum points to an incoming correction in the Shiba Inu. At the time of writing, SHIB is up 4.8 percent. The cryptocurrency, which is in the 12th place with a market value of $ 9.6 billion, is changing hands at $ 0.00001635.
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