Shiba Inu price makes explosive move as optimism over Ethereum Merge spreads


  • Whales increase their activity on Shiba Inu, pushing SHIB 30% higher over the past week. 
  • Large value transactions, worth $100,000 or more, increased on the Shiba Inu network. 
  • Analysts have a short-term bullish stance on Shiba Inu after the meme coin hits the $0.00001550 target. 

As the Ethereum Merge draws close, retail enthusiasm and optimism pushed meme coin prices higher. Dog-themed cryptocurrencies Shiba Inu and Dogecoin started an explosive rally, ahead of the long awaited Merge. 

Also read: Shiba Inu edges Avalanche with explosive 16% gains, SHIB holders rejoice

Shiba Inu whale transactions push SHIB higher

Shiba Inu offered holders 30% gains over the past week. Ethereum core developers set September 15, 2022 as the tentative date for the Merge, fueling enthusiasm among investors. Retail enthusiasm has spread to dog-themed cryptocurrencies, Shiba Inu and Dogecoin. 

Whale activity on the Shiba Inu network exploded over the last four months. The network witnessed a total of 433 transactions valued upwards of $100,000. 

Shiba Inu whale transactions

Shiba Inu whale transactions 

Retail investors are back in action, pushing SHIB price higher

Hayden Hughes, chief executive of social-trading platform Alpha Impact, said,

Dogecoin and Shiba Inu have both broken out over the weekend, clear evidence that the retail investor is back.

The optimism among retail investors from Ethereum’s Merge has fueled a bullish sentiment in dog-themed cryptocurrency holders. 

Analysts at FXStreet believe Dogecoin’s price rally exhibits signs of exhaustion. For more details and price targets, check the video below:

Shiba Inu is awaiting further upgrades and launches in its metaverse push. The launch of Shiba Eternity, an NFT card game, is one of the key factors driving the SHIB price rally. 

Shiba Inu burn intensifies

In the past 24 hours, a total of 82.9 million Shiba Inu tokens were burned in 15 transactions. Shiba Inu’s token burn is removing SHIB permanently from the circulating supply. A reduced number of circulating SHIB tokens is expected to push Shiba Inu’s value higher. In the past two hours, 2.5 million SHIB tokens were burned. 

Analysts are bullish on Shiba Inu price in the short-term

Analysts at FXStreet evaluated the Shiba Inu price trend and revealed a short-term bullish outlook on SHIB. Shiba Inu price hit the intended target of $0.00001550, posting a nearly 35% rally overnight. Analysts believe SHIB price is likely to target $0.00001400 to $0.00001550 next. 

SHIB-USDT 1-day price chart

SHIB-USDT 1-day price chart

Analysts believe a lack of momentum signals an incoming correction in Shiba Inu. Analysts have evaluated the possibility of Shiba Inu’s price decline in the video below:

 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

EOS 22% pump steals the show unveiling Vaulta’s web3 banking ecosystem

EOS 22% pump steals the show unveiling Vaulta’s web3 banking ecosystem

EOS, the token behind the recently rebranded Vaulta network, has increased by a staggering 22% in the last 24 hours.

More EOS News
Curve DAO Price Forecast: CRV bulls could aim for double-digit gains above key resistance

Curve DAO Price Forecast: CRV bulls could aim for double-digit gains above key resistance

Curve DAO (CRV) price is in the green, up 8%, trading above $0.53 on Thursday after rallying nearly 15% so far this week.

More Curve DAO News
Bitcoin price reacts as Gold sets fresh record highs after Trump’s reciprocal tariffs announcement

Bitcoin price reacts as Gold sets fresh record highs after Trump’s reciprocal tariffs announcement

Bitcoin price plunges towards $82,000 as Gold soars past $3,150 after US President Donald Trump imposed new tariffs on Israel and UK, triggering global markets turbulence.

More Bitcoin News
Bitcoin and top altcoins slide as Trump kicks off reciprocal tariffs

Bitcoin and top altcoins slide as Trump kicks off reciprocal tariffs

Bitcoin (BTC) and the entire crypto market saw a quick correction on Wednesday following President Donald Trump's reciprocal tariff announcements based on half of each country's respective rates.

More Cryptocurrencies News
Bitcoin: BTC remains calm before a storm

Bitcoin: BTC remains calm before a storm

Bitcoin's price has been consolidating between $85,000 and $88,000 this week. A K33 report explains how the markets are relatively calm and shaping up for volatility as traders absorb the tariff announcements. PlanB’s S2F model shows that Bitcoin looks extremely undervalued compared to Gold and the housing market.

Read full analysis
The Best brokers to trade EUR/USD

The Best brokers to trade EUR/USD

SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.

Read More

BTC

ETH

XRP