Three reasons why investors remain bullish on Shiba Inu price

Three reasons why investors remain bullish on Shiba Inu price
  • Ethereum whale addresses hold over $500 million in Shiba Inu, and continue to hold the Dogecoin-killer despite the recent price slump.
  • 228.1 million Shiba Inu tokens have been burned overnight, pushing the burn rate over 100% higher.
  • Analysts identify descending triangle patterns in Shiba Inu coin, believe a trend reversal is possible in a potential upper border breakout.

Shiba Inu has become one of the most widely held cryptocurrencies in the portfolios of large Ethereum whales. Analysts continue to remain bullish on the meme coin despite the recent slump in Shiba Inu price.

Bitstamp, Europe’s largest crypto exchange listed Shiba Inu

Bitstamp, a Luxembourg-based cryptocurrency exchange, considered the largest in Europe, recently announced the listing of Shiba Inu coin. Bitstamp users can now trad the Dogecoin-killer coin against USD and the euro on the exchange platform.

The exchange proposed listing Shiba Inu in December 2021, however, following technical issues, it was postponed. Bitstamp believes in Shiba Inu’s success story and has offered the meme coin on its interface, transfers started on June 6 and order books are available in limit-only mode starting today, June 7. Limit orders in Shiba Inu are being matched the same day.

The exchange plans to offer full trading in Shiba Inu as soon as there is a sufficient level of liquidity in the meme token. The listing is a key milestone for Shiba Inu, as Bitstamp is popular in the crypto community as an exchange with a conservative listing policy and strict regulatory compliance.

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Shiba Inu coin listing details on Bitstamp

Leash lock rewards update for Shiba Inu coin

With the latest Bitstamp listing, ShibArmy, the community of Shiba Inu coin holders, has more than one reason to be bullish. The team behind Shiba Inu provided the community a quick update on the reward distribution for using the LEASH LOCKER feature in SHIB’s metaverse platform

Despite the recent disappearance of Ryoshi, the founder of Shiba Inu, the project continues to publish updates for SHIB holders. Shytoshi Kusama, the lead project manager, has taken charge of the development team and Shiba Inu projects like ShibaSwap, the native decentralized exchange.

Shibarmy members who locked LEASH for a small time frame can now unlock their assets and claim rewards. The recent update explains that rewards holders will receive 3% of the funds from Land Event Sales in the metaverse, in exchange for their locked LEASH tokens. Depending on the total LEASH and time locked, distribution will be proportional and rewards will be offered in BONE.

While the developers behind Shiba Inu expected to sell all land in the metaverse before distributing rewards, they acknowledged that there are plots currently available for purchase.

To cut the wait for rewards short, the team has constructed a new contract to pursue the distribution of 3% BONE to participants who locked their LEASH during the first early access events.

The updated contract offers BONE rewards without waiting for the metaverse land plots to sell out. Once locking rewards come to an end for all users, they will be made available after a 90-day waiting period. This has been implemented to be fair to all investors who locked their LEASH, the Doge-killer token.

The team informed that this is a one-time reward distribution mechanism and will take into account sales up to July 2. To be considered for receiving rewards, a holder needs to have locked LEASH, bid at least once on a land plot or minted land(s) per wallet.

228.1 million Shiba Inu coins burned overnight

The Shiba Inu burn rate increased by 113% overnight as 228.10 million SHIB were burned. Based on data from the Shibburn portal, 410.36 trillion Shiba Inu coins have been destroyed till date.

Multiple projects that support Shiba Inu came forward to destroy a total of 1.1 billion SHIB, sending it to dead wallets where the meme coin is locked permanently. This occurred in a total of 97 transactions over the weekend.

Burn implementation has turned ShibArmy bullish as the quantity of the token in circulation reduces drastically. In addition to the recent Bitstamp listing and Leash rewards update, this has acted as a key catalyst for Shiba Inu coin price.

Ethereum whales continue Shiba Inu accumulation

Based on data from blockchain explorers, the 100 largest Ethereum whale addresses have continued their accumulation of Shiba Inu coin. The 100 largest wallet addresses on the Ethereum blockchain hold a combined $500 million in Shiba Inu and refrained from shedding their holdings through the recent price slump.

The Terra LUNA crash wiped out billions in market value from the crypto ecosystem and resulted in a bloodbath that hit meme coins like Dogecoi and Shiba Inu.

Drop in Shiba Inu price failed to deter the whales from adding this meme coin to their portfolio and maintaining SHIB as one of the largest non-Ethereum holdings in their wallet.

Shiba Inu price could witness trend reversal soon

Cryptocurrency analyst Arman Shriniyan believes Shiba Inu price could see a trend reversal soon. The analyst observed a descending triangle formation in the Shiba Inu coin chart. This is considered a bearish sign, however, Shiba Inu price could witness a trend reversal if price breaks through the upper border of the pattern.

The analyst has predicted a breakout in Shiba Inu price within the next 10-12 days.

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SHIB-USDT price chart

FXStreet analysts believe Shiba Inu price could validate the bearish outlook if the meme coin plummets 26%. A downswing could confirm a bearish trend in Shiba Inu price. For more information watch this video:

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