Shiba Inu (SHIB), a cryptocurrency that took the world by storm with its dog-themed branding, is currently experiencing a bearish trend in the market. However, many analysts and enthusiasts believe that the coin may soon find support and rebound. Additionally, SHIB’s recent network developments and burning events will soon ignite fresh surges and continue the legacy of meme coins in the next few days.
Shiba Inu Sparks Excitement With Web3 Marketplace And Wallet
Shibburn, an initiative to burn Shiba Inu tokens, has announced that it will be unveiling new Web3 projects in the near future. These projects will be integrated into the redesigned Shibburn website and will include a marketplace, a wallet, and other exciting features that will be fueled by the Shib token.
Moreover, in a recent tweet, the Shibburn transaction tracker shared data indicating that the Shiba Inu community has successfully eliminated a significant amount of SHIB from the circulating supply over the past seven days.
The Shiba Inu community has sent a total of 1,073,775,122 SHIB to dead wallets in the last seven days, which is a 45.04% decrease from the previous week’s destruction. Despite the decline, the weekly burns are still at a relatively high level. In the week prior, the SHIB army eliminated 1,642,854,789 SHIB, which included an astounding transfer of 834,804,461 SHIB that were removed from circulation.
However, amid all the chaos, whales are not missing any chance in accumulating the token in dip, as the SHIB token has witnessed massive whale transactions today. WhaleAlert, a cryptocurrency data tracker, has reported that three large sums of SHIB tokens, estimated to be worth $65 million, were transferred between whale wallets, amounting to a total of over six trillion SHIB tokens. It seems these transactions were made due to the upcoming launch of SHIB’s products.
SHIB Price Will Drop More For A Fresh Reversal
On the daily time frame, the Shiba Inu price exhibits mixed signals. While it has broken free from a falling resistance line that had been in place since early February, the price has encountered a hindrance at the 0.786 Fib retracement support level after completing an A-B-C correction under the resistance line.
Meanwhile, on the hourly chart, SHIB is hovering close to the local support level at $0.0000105, and if it fails to rebound, a downward breakout could result in a significant drop to the $0.00001020 zone. The daily chart suggests that the SHIB price is still gathering momentum, with neither buyers nor sellers yet taking control. To achieve short-term bullish goals, buyers must propel the price to the $0.000012 level and maintain it there.
As of writing, Shiba Inu trades at $0.00001067, a decline of 1.7% in the last 24 hours. Analyzing the daily price chart, SHIB’s price is trading below the EMA-50 trend line due to negative market sentiments. It is predicted that the SHIB token will drop to the critical support region of $0.00001, from which it can witness a spike in long positions and surge above $0.00001144.