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The memecoin giant, Shiba Inu, is currently in a consolidation period as it trades sideways inside an ascending triangle pattern. With the market moving sideways, it seems that whales are starting to accumulate the memecoin at unprecedented rates as one of Ethereum’s largest whales starts to buy millions of dollars of SHIB.
Meanwhile, the Shibarium layer-2 solution is still on the way, and the SHIB burn rate surged by two million percent – removing unprecedented amounts of SHIB from circulation. Shiba Inu is a memecoin project inspired by the Shiba Inu dog breed, created as an alternative to Dogecoin. The token was launched in late 2020 and has since gained global recognition as it can be used as a payment method by numerous merchants across the globe.
With SHIB trapped in consolidation, here are the most important levels to watch for when the token finally breaks above the ascending triangle pattern. Additionally, a new memecoin sensation is starting to gain considerable traction and is worth risking a small investment as it looks to replicate Shiba Inu’s success.
SHIB Growth Stalls as Investors Anticipate Triangle Breakout
Unfortunately for SHIB holders, the token continues to trade inside its sideways trend as the market sentiment remains uncertain. Over the past 30 days, SHIB has only managed to increase by a small 6% as it bounces between the two boundaries of a triangle pattern. Over the past year, SHIB has been down by a whopping 55% as it looks to recover from the 2022 market capitulation.
The cryptocurrency has been trapped in a period of consolidation for the entire period of March and April as it sits inside an ascending triangle pattern, with the roof of the triangle at $0.0000113. A breakout above this level could let SHIB run higher back toward the Feb 2023 highs at $0.0000158.
Shibarium Layer-2 Solution on the Way
As the market consolidates, the highly anticipated layer-2 scaling solution – Shibarium – is also on the way. Shibarium is an attempt to provide a low-cost blockchain platform for users in the Shiba Inu ecosystem, providing a method for users to move away from the expensive Ethereum blockchain.
It seems that the launch of the product is imminent, with the launch of the public beta – PUPPYNET – being released in March 2023. Shibarium is promising to offer a low-cost alternative for the Shiba ecosystem while simultaneously introducing smart contract functionality into the ecosystem, opening up the sector to a wide range of new DeFi applications.
SHIB Burn Rate Surges 2 Million Percent as Adoption Continues
The SHIB burn rate recently surged by more than two million percent, causing analysts across the board to expect bullish breakouts for the token.
This week, the SHIB burn tracker recorded over 1.1 million SHIB were burned, increasing the burn rate by an incredible 2 million percent. So far, there have been a total of 410 trillion $SHIB burnt.
The Shiba Inu burn portal was announced in April 2022, allowing SHIB holders to burn their tokens and receive rewards. The Shiba Inu burning mechanism was launched on ShibaSwap, the decentralized exchange for SHIB. The act of burning SHIB removes tokens from circulation, making the remaining tokens much more scarce.
Users that burn SHIB tokens earn burntSHIB, which can be staked to generate rewards for users in the form of Ryoshi tokens.
In addition to the token burn, the SHIB adoption continues to gain momentum. Recently, Travala – a travel booking mammoth – announced the launch date of a new affiliate program. Holders of the SHIB earn a percentage of the bookings from each person they invite to Travala.
The affiliate program is designed to reward SHIB holders by providing them a 0.5% commission for each new user that signs up to the travel giant and makes a booking. In addition, users that are already members of Travala will also receive a further 0.5% commission.
Whales Continue to Accumulate SHIB
While the price of SHIB continues to consolidate, it seems that whales are starting to accumulate the token in anticipation of a breakout. In fact, one of the biggest Ethereum whales in the cryptocurrency industry recently started lining his wallets with SHIB following the huge jump in the token-burning rate.
According to data from WhaleStats, user BlueWhale0073, a well-known Ethereum whale, recently picked up over $1.6 million worth of SHIB during the recent sideways trading period.
It’s not just BlueWhale0073 that is accumulating. According to data from Santiment, whales with more than 10 million SHIB in their wallets continue to increase;
More specifically, the larger whales (with more than 100 million SHIB) are accumulating faster than the smaller ones, indicating that they’re expecting higher moves in the short term.
With that being said, let us take a closer look at the chart and highlight the critical levels to watch for moving forward.
SHIB Price Analysis
As SHIB continues to trade sideways in the short-term consolidation pattern, let us look at where we can expect it to go following a breakout. The daily chart below shows the price of SHIB since the surge it experienced during August 2022, where it managed to reach as high as $0.000018. Following the peak, SHIB started to slowly grind lower until finding support at $0.00000790 during December 2023;
After hitting the low, SHIB would go on to push higher in a recovery during the first quarter of 2023. The recovery period allowed SHIB to reach as high as $0.0000158 during February 2023, where it met resistance at a bearish .786 Fib Retracement level. This bearish Fibonacci Retracement is measured from August 2022 high to the December 2022 low.
After hitting the $0.0000158 resistance, SHIB went on to drop lower until finding support at $0.00001 in March. From there, SHIB started to consolidate inside the formation of an ascending triangle pattern, with the triangle roof at $0.0000113 and the lower trend line providing strong support.
Looking ahead, if the buyers manage to break the roof of the ascending triangle, it leaves SHIB open for a run higher back to the Feb 2023 highs. On the way up, the first resistance level is $0.0000124. This is closely followed by resistance at $0.00001288 (October 2022 high-day closing price), $0.000014 (bearish .618 Fib Retracement), $0.000015, and $0.0000158 (bearish .786 Fib Retracement & Feb 2023 highs).
On the other side, if the sellers push SHIB beneath the lower boundary of the triangle, the first level of strong support lies at $0.00001. This is followed by support at $0.000009, $0.00000791 (December 2022 lows), $0.00000750, and $0.0000714 (Jan 2022 lows).
Is This New Memecoin Sensation Stealing the Limelight?
While SHIB continues to consolidate, one new memecoin sensation is starting to steal all of the headlines as its presale continues to fly. The fundraising for the Love Hate Inu presale recently crossed the $3.3 million milestone as the presale enters the fourth stage.
Love Hate Inu is a memecoin that provides real-world utility to holders through its unique blockchain-based voting system. The project has birthed a new concept in Web3 GameFi, known as vote-to-earn.
The fourth stage of its presale is selling the native token, $LHINU, at a price of 0.000105 USDT. However, these low prices won’t stick around for very long because the presale utilizes an increasing pricing mechanism, meaning that the price for the token will increase during each stage of the presale. For example, once the fundraising milestone hits $4.2 million, the presale will enter the fifth stage – increasing the price for the native token to 0.000115 USDT.
The presale is spread over eight separate stages, and the price for the token will continue to increase until the final stage, which will sell the token for 0.000145 USDT. Following that, the token will launch on tier-1 exchanges at a price of 0.000145 USDT. Therefore, everybody participating in the presale before the final stage will leave unrealized gains ready to secure.
Love Hate Inu Gives Birth to New Vote-to-Earn Dynamic
Love Hate Inu has created a vote-to-earn ecosystem that provides rewards for people that are voting on polls that matter the most. It’s a memecoin with a public voting utility platform that can give immutable results verified on the blockchain. The platform allows users to vote on issues, mint new memes, and be rewarded for their efforts in $LHINU tokens.
Your first question might be; why do we need a public voting platform?
Well, unfortunately, social media is full of paid actors, shills, and AI bots today. As a result, it’s becoming increasingly difficult to ascertain which opinions are real online anymore. Popular social media topics on all social media platforms are bombarded with fake opinions designed to shift public sentiment in a particular direction. The worst part about it is that nobody can separate honest views from the shills, leading to most polls being manipulated online.
Love Hate Inu intends to change this dynamic by providing an entirely immutable voting system. As a result, all the polls on the platform will provide an honest outlook of the public’s sentiment without the fear of the voting being manipulated or spammed.
The platform will be the ultimate voting ecosystem that allows you to express your honest opinions on hot topics and get rewarded for it. It’s designed to promote healthy discussion, allowing people to engage in important issues and have their voices heard.
How Does the Voting Utility Avoid Spam and Manipulation?
Love Hate Inu has undertaken careful measures to ensure that its voting system provides results that are as honest as possible. To begin voting, users have to qualify themselves by staking the native token into the platform. The act of staking provides users with voting power and prevents spam and manipulation attacks.
The staking system is also designed to help keep the voting anonymous, allowing users to express their opinions without the fear of being judged by other users.
The team has implemented a real-time staking mechanism that takes note of the 30-day average balance of users. As a result, every user staking will gain voting power over time, regardless of whether their $LHINU is locked or unlocked. The more tokens you stake – and the more extended period of staking – the more voting power is accumulated.
Therefore, only those that are genuinely invested in the platform will have a say in the outcome of a particular vote – helping to prevent bots and spam accounts from manipulating the results. In addition, once a user votes, they’re immediately rewarded with $LHINU tokens.
Invest Before Prices Continue to Increase
With the presale currently sitting in its fourth stage, this might be your final opportunity to get invested in the next memecoin wave before the prices start to increase. As mentioned, the current stage is selling the token at a price of 0.000105 USDT, but this will quickly increase to 0.000115 USDT in the fifth stage. Therefore, those that invest earlier stand to benefit the most from the presale as they will exit the fundraising with more unrealized gains.
The best part about Love Hate Inu is that it’s safe from potential rug pulls. This is because the team has stated that they intend to sell 90% of the $LHINU token supply in the presale, ensuring that the community will hold most of the tokens. The remaining 10% is reserved for adding liquidity to exchanges, paying for listing fees, and providing the community with rewards.
Overall, with SHIB in a period of sideways trading, the Love Hate Inu presale presents the perfect opportunity to invest in a budding memecoin that’s slated to become the next sensation in the sector. Investing during the presale provides the opportunity to purchase tokens at what will likely be the lowest prices available, allowing you to ride the wave higher once the token launches and people start voting on the platform.
