- Shiba Inu price could double as it appears to have started a new bull run.
- Bidding for ‘SHIB: The Metaverse’ went live in a watershed moment for token holders.
- On-chain data shows significant SHIB accumulation by some of the largest Ethereum whales.
Shiba Inu price spiked by nearly 40% shortly after Robinhood announced it would add support for the meme coin. The fundamentals have grown even more bullish now that the bid event for ‘SHIB: The Metaverse’ is live. Technical analysts anticipate prices to continue rising as speculation mounts.
Shiba Inu price posts massive gains on strong fundamentals
Shiba Inu price witnessed a massive rally, posting double-digit returns overnight. Proponents have identified four key reasons for the impressive price action, including the long-awaited listing of SHIB on commission-free exchange Robinhood, accumulation of Ethereum’s large wallet addresses, reduction in circulating supply and the launch of ‘SHIB: The Metaverse.’
Developers have unlocked a total of 36,431 plots of land during the introductory phase for SHIB: The Metaverse. Early access to the bid event also went live, and holders of LEASH and SHIBOSHI can already start bidding for the plots of land.
⛰ #ShibArmy, the wait is finally over - We are excited to announce that the first early access BID EVENT is now LIVE at https://t.co/w29zPzzQde
— Shib (@Shibtoken) April 13, 2022
Important: In order to participate in this early access event, you must have $LEASH or SHIBOSHI locked and utilize the locking system. pic.twitter.com/tMvpfgsrVu
The launch of SHIB: The Metaverse was a much-awaited event for Shiba Inu holders as it could drive the adoption and utility of the SHIB ecosystem.
Interestingly, the number of SHIB tokens in circulation continues to decline every day after implementing a burn mechanism, which appears to be driving a shortage across exchanges as demand rises.
Several burn parties have been organized to pull 4.4 billion SHIB tokens out of circulation. Large wallet investors have continuously added more Shiba Inu to their holdings through the recent dips, especially over the past two weeks. Two Ethereum whales, identified as “Light” and “BomBur,” added $8.95 million worth of Shiba Inu to their holdings.
These key events have significantly impacted Shiba Inu price, among other factors.
FXStreet analysts believe Shiba Inu price could continue its climb if Bitcoin remains bullish, given the high correlation between the two assets. SHIB is attempting to establish support at the $0.0000271 level to make way for a breakout to $0.000037. The meme coin is working on an Adam & Eve double bottom pattern that could push its price even higher in the short term.
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
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.