Shiba Inu (SHIB) shared a countdown for Wellyfriends’ NFT edition event. Beta Finance has announced that the Shiba Inu is listed on its platform. Also, SHIB has recently set a new holder record. However, despite the recent developments in the Shiba Inu ecosystem over the past few weeks, the digital asset has been on a downward trend.
SHIB counting down the days to Welly NFT printing event
Shiba Inu shared a countdown for Wellyfriends’ NFT printing event. The official SHIB Twitter account reads: “We are excited to announce that WELLY has approximately one week left to kick off the Wellyfriends NFT publishing event.”
The Welly NFT collection will consist of 10,000 unique NFTs and the printing will be done in different phases: private sale of Shiboshi and collar holders, mintage assigned to whitelist points in Discord, and then general sale. Welly has yet to reveal the printing price of the unique NFTs and the date when the NFTs will be released for trading on OpenSea.
In late April, Shiba Inu-themed burger chain Welly released SHIB tokens. confirmed that it will start burning. Welly says 10% of his earnings are currently reserved for burns and rewards. Rewards collected will be 8% of company profits and 2% will be burned. Fifteen percent (15%) is owned solely by the Shiba Inu community.
Beta Finance lists Shiba Inu
Beta Finance, a permissionless money market for borrowing, lending and shorting crypto assets, on Shiba Inu’s platform announced the listing. Shiba Inu holders can now lend their SHIB tokens on-chain for extra returns.
As we have covered in Cryptokoin.com news, Mexico’s leading Fast-food restaurant chain Chipotle now accepts SHIB and other cryptocurrencies through its digital payment platform Flexa. This payment method will be available at more than 2,975 Chipotle restaurants in the United States.
The Shiba Inu touched the lows of $0.0000105 on June 1 amid the most recent market dips. At press time, SHIB is down nearly 3% in the last 24 hours, according to CoinMarketCap. SHIB is currently trading at $0.00001063.
Shiba Inu, 500 ETH in the last 24 hours, according to WhaleStats data It is currently facing backlog from whales or large holders as it is among the top 10 most purchased tokens among whales.
Despite the positive news, SHIB forms its 7th weekly red candle
Despite the recent developments in the Shiba Inu ecosystem over the past few weeks, the digital asset is in a bearish trend. SHIB is forming its seventh consecutive weekly red candle as the price of the cryptocurrency continues to decline despite continued token burning, adoption by cryptocurrency exchanges and expansion of the ecosystem, according to TradingView charts.
SHIB 7th-week red candle / Source: TradingView It is worth noting that the number of SHIB transactions coinciding with the weekly red candles has dropped to a 14-month low. Because it is recorded that 72% of holders are in loss. The decrease in the number of transactions was generally in line with the downward trend seen in the previous months. Accordingly, trading fell more than 26% between January 2022 and May 2022.
Shiba Inu chart analysis
Currently, SHIB is trading at $0.00001063, down 3.26% on the day and up marginally 0.81% over the past seven days, according to CoinMarketCap statistics. and a total market capitalization of $5.8 billion.
Meanwhile, the CoinMarketCap crypto community predicts that the decentralized finance (DeFi) asset will trade at an average price of $0.00002654 on June 30, 2022, a 141% increase from its current price. .
In line with its bullish forecast, SHIB recently set a new record, reaching over 1,195,000 holders. Elsewhere, there has been a recent 190% increase in the burn rate of SHIB in just 24 hours. According to Shibburn, a total of 141,010,050 Shiba Inu tokens were burned during this time.
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