Shiba Inu (SHIB), a cryptocurrency that took the world by storm with its dog-themed branding, is currently experiencing a downtrend in the market. However, many analysts and enthusiasts believe that the coin may soon find support and rebound. Additionally, recent network developments and hot happenings in SHIB will soon trigger new surges and continue the legacy of meme pieces in the coming days.
Shiba Inu Sparks Excitement With Web3 Marketplace And Wallet
Shibburn, a Shiba Inu token burning initiative, 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, wallet, and other cool features that will be powered by the Shib token.
Additionally, in a recent tweet, transaction tracker Shibburn shared data indicating that the Shiba Inu community has managed to remove a significant amount of SHIB from circulating supply over the past seven days.
The Shiba Inu community sent a total of 1,073,775,122 SHIBs to dead wallets in the last seven days, which is a 45.04% decrease from the destruction of the previous week. Despite the drop, weekly burns are still at a relatively high level. In the previous week, the SHIB Army phased out 1,642,854,789 SHIBs, which included an astonishing transfer of 834,804,461 SHIBs that were taken out of circulation.
However, amidst all the chaos, whales are not missing any chance to hoard the falling token, as the SHIB token witnessed massive whale trades today. WhaleAlert, a cryptocurrency data tracker, has reported that three large sums of SHIB tokens, estimated at $65 million, were transferred between whale wallets, totaling over six trillion SHIB tokens. It seems that these transactions were made due to the upcoming launch of SHIB products.
SHIB price will drop further for further reversal
On the daily timeframe, the Shiba Inu price is showing mixed signals. As it broke free from a declining resistance line that had been in place since early February, the price encountered a hurdle at the 0.786 Fib retracement support level after making an ABC correction below the resistance line. .
Meanwhile, on the hourly chart, SHIB is hovering near the local support level at $0.0000105, and if it fails to rebound, a break down could lead to a significant drop to the $0.00001020 area. . The daily chart suggests that the SHIB price continues to gain momentum, with neither buyers nor sellers taking control yet. To achieve short-term bullish targets, buyers need to propel the price to the $0.000012 level and hold it there.
As of this writing, Shiba Inu is trading at $0.00001067, down 1.7% in the last 24 hours. Analyzing the daily price chart, SHIB price is trading below the EMA-50 trendline due to negative market sentiment. The SHIB token is predicted to fall into the critical support region of $0.00001, from which it may witness a spike in long positions and break above $0.00001144.