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While Shiba Inu continues its ongoing downtrend and the overall market remains in fear due to the volatility of Bitcoin and altcoins, the memecoin community has been on edge these past few days.
However, this may not be the case for Shiba Inu whales, who have reportedly been on a SHIB buying spree, increasing their holdings multi-fold within a single day.
Accumulation Phase for Shiba Inu Whales
The Shiba Inu community has shown major support for the token right from its inception, and this trend continues as some of the most loyal holders, who have accumulated over the years and now become whales, keep stocking up on SHIB tokens. On August 12 alone, the total net flow of SHIB tokens increased to 161.15 billion. With a market cap of more than $7.84 billion, SHIB is already the second largest memecoin in the crypto space, expected to grow and potentially even overtake Dogecoin in the coming years.
A report by IntoTheBlock revealed that within a single day, whales managed to boost their overall holdings by more than 590%. Since the start of 2024, there had been a significant amount of selling among many of the bigger SHIB holders, given the bearish sentiments in the market at the time. However, the scenario seems to have changed now, as much of the same wallets appear to be accumulating SHIB tokens once again, and in high amounts.
If this is indeed the accumulation phase for whales, it may be fair to assume an influx of funds from smaller retail investors in the coming months. Such an event could potentially trigger an uptrend for the token, suggesting that current actions might be setting up a bullish future for the project.
The Much-Awaited SHIB Burn Portal Goes Live
The Shiba Inu community is one of the largest and most active on social media platforms, which is why there had been much anticipation on several platforms when Shiba Inu teased the launch of a major update earlier. On August 16, the team officially announced on their X handle that the “SHIB Burn Portal” had been successfully launched on Shibarium.
Introducing #ShibTorch! 🔥
The long awaited community Burn Portal is now live. Every #Shibarium L2 transaction now helps burn $SHIB, reducing the total supply.
Start burning today 👇https://t.co/NL6HAkE90j
— Shibarium Network (@ShibariumNet) August 16, 2024
Also called ShibTorch, the portal has been created to burn SHIB from every transaction on Shibarium in an attempt to reduce token supply and eventually contribute to building demand. The ShibTorch implements EIP-1559, which supposedly offers better fee predictability and has other enhanced features.
This development was widely appreciated by the community, as evident from the replies on the official announcement of the project on X. While the price of SHIB hasn’t been affected by this development yet, the team expressed that the impact will be slow and steady but definite.
Daily SHIB Price Chart Bearish, But a Reversal Possible
The SHIB token has been trading within $0.00001331 for the past few days, with strong resistance around $0.00002000 and multiple failed attempts to break above this level.
The Moving Average Convergence Divergence or MACD indicator, although recently displaying a bearish crossover, is relatively flat, indicating a lack of strong momentum in either direction. The histogram also remains close to the zero line, reflecting the absence of significant price swings.
The Relative Strength Index (RSI) is hovering near the oversold region at 36.90, suggesting that selling pressure has been dominant. However, with the RSI showing slight upward movement, a potential reversal might be on the horizon if buying interest increases. This means that while bearish momentum is currently observed, the recent influx of whale funds and new development announcements could potentially change SHIB’s trajectory in the coming weeks.
This Presale Could Be the Best SHIB Coin Alternative
Shiba Inu, despite its potential as one of the best memecoins in the space, is still in a bearish state. While one can invest in it and wait for the project to pick up momentum, Shiba Shootout, a brand new presale, could be a worthwhile alternative to consider.
Combining the beloved Shiba Inu meme with an immersive Wild West P2E experience, Shiba Shootout taps into a unique market niche that resonates strongly with both crypto enthusiasts and meme culture lovers.
The project’s core game, Shiba Sharpshooter, promises thrilling duels where timing and precision are key, enhanced by SHIBASHOOT tokens that serve as both in-game currency and a crucial part of the ecosystem. The project has already made its way to major news publications, which have cited it as one of the most anticipated crypto presales in the space right now.
Austin Hilton, a popular crypto YouTuber with a following of more than 273k subscribers, has attested to the project’s potential, especially with its application being accessible and enjoyable for players who aren’t well-versed in blockchain technology.
With only 35% of its total token supply allocated for presale, Shiba Shootout offers early investors a rare chance to participate in a project with high growth potential.
The staking program, boasting approximately 1000% APY, further incentivizes long-term holding, while community-driven features like Posse Rewards and Governance Roundups encourage active participation and engagement. With a growing community, the project may end up being a top gainer, making it an excellent option to consider parking funds into right now.
Learn more about the project by following their social media channels on Telegram and Twitter.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
