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Shiba Inu to $0.001: Here Are Two Potential Reasons for SHIB's Next Price Move

Mon, 04/25/2022 - 15:59
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Tomiwabold Olajide
Shiba Inu burn portal is gaining traction with 12 billion tokens burned
Shiba Inu to $0.001: Here Are Two Potential Reasons for SHIB's Next Price Move
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Shiba Inu has been locked within a sideways trading range beneath the $0.000035 level since the start of 2022. While this may appear to be discouraging to investors, it might be a catalyst for a fresh price move. As Shiba Inu enthusiasts continue to view $0.001 as a possible price target, here are two things that might spark SHIB's next price move.

Shiba Inu burn portal is gaining traction with 12 billion tokens burned

As covered by U.Today, the recently launched Shiba Inu burn portal is gaining immense traction.

As reported on the official SHIB Twitter handle, a whopping 8 billion tokens were burned barely 24 hours after its inception as SHIB owners burned their tokens en masse. As stated on the burnshibaswap website, scarcity (created by burning) can increase the price of the tokens, benefiting investors, yet it is not always guaranteed.

Shiba Inu also announced that any project can use the Shiba Burn Smart Contract in order to create a "BURN Pool" and to offer rewards for burning SHIB tokens, thus opening up users and projects associated with SHIB burns to benefit.

Presently, 12 billion SHIB tokens have been burned since the portal started operations on Sunday. Participants are also earning current annualized yields of 9% at writing time.

Whales are buying

Earlier today, Shiba Inu printed several large red hourly candles, dropping 5.59% on the Binance exchange. Now, SHIB is trading at $0.0000235, giving whales another good opportunity to buy the dip.

As reported by WhaleStats, Ethereum whale "Bombur" whale has bought a total of 51,799,991,288 Shiba Inu worth $1,178,967. Shiba Inu has again become the biggest token by USD value for whales.

On Saturday, U.Today covered that fifth-ranked ETH investor "BlueWhale0073" grabbed another massive lump of Shiba Inu—86,679,001,529 tokens worth $2,111,500 at the exchange rate on the day of the acquisition. Previously in April, this investor bought a whopping 1.17 trillion Shiba Inu.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.