- Amidst numerous project development updates, Shiba Inu has turned out to be one of the most traded cryptocurrencies in the market.
- Though the meme coin is trading 80 percent below its ATH, analysts expect a resurgence that sees it reach $1 in the coming bull run.
According to the SHIB-focused Twitter account, Shiba Inu News, the dog-themed crypto is now the most-traded asset on trading an investment app Robinhood. The rise on Robinhood comes after a recent price increase that pushed SHIB into Robinhood’s top 5 gainers list at the end of October.
An official Robinhood tweet on October 28 showed that SHIB climbed 18 percent that week, only behind DOGE, ETH, and AVAX, respectively. At the time, whales also seemingly predicted the price pump and began to hodl. According to Whale Alert, a new Whale spent $37.46 million on 3.37 trillion SHIB after an anonymous wallet acquired 3.94 trillion worth $43.18 million.
Shiba Inu News also recently announced that SHIB hit a burn rate of up to 200 percent. However, this quickly dropped and is a little over 57 percet as of press time, according to the Shibburn website. The site also states that nearly 26.5 million SHIB were burned yesterday and over 14 million SHIB today as of press time.
— Shiba Inu News (@ShibalnuNews) November 7, 2022
SHIB burns are calculated using a total of three addresses, including the Genesis address (Black Hole) which directly reduces supply. The other two are dead wallets without obtainable keys. So far, the network has burned more than 410 trillion SHIB from the initial supply.
Token burns help keep Shiba Inu deflationary. Generally, these burn rates vary and may be very high or low. While the hope is that burning will help buoy SHIB price through scarcity, there is no guarantee that prices will always spike in response.
Shiba Inu is currently trading at $0.00001097, slightly below the pivotal $0.000012 price point set over the last few months. The token’s daily chart shows a symmetrical triangle pattern that seems ready for a further price increase. However, the Relative Strength Index (RSI) shows that traders might be undecided about hodling or dumping SHIB any time soon. Regardless, any expected breakout is likely to simply follow the market’s trend, at least in the initial stage. If the market is unfavorable, SHIB may be looking at the next support level at $0.0000092.
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Shiba Inu updates
As Robinhood sees increased SHIB trading activity, other platforms may tell a different story. According to a recent report, several whales moved nearly 1.5 trillion SHIB, mostly from FTX. This happened before FTX limited all withdrawals to $1,000 per transaction.
Shiba Inu developer Shytoshi Kusama has provided a few more Shiba ecosystem news and updates. In a recent post, Kusama announced an official player’s guide and lore for Shiba Eternity, a card-based mobile game he noted has been downloaded over 250,000 times by players across the globe. Kusama also announced an NFT drop featuring many “unique images that breathe life into the narrative.” Prices range from .001E ($1) to 1000E.