Shiba Inu Burn Events Spark A Rally In Altcoin Over The Past Weeks

Christian Encila

Last Updated: June 11, 2024 10:35 am

3 mins read

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Shiba Inu community forecast a 111 trillion SHIB burn, which spurred holders of SHIB to be bullish.

According to the Shiba Inu community, 111 trillion SHIB could be burnt in the upcoming year
SHIB owners may have been anticipating a positive indication when they saw a large burn
Crypto’s price is set to recover its losses, according to analysis of the SHIB chart’s rising formation

Over the past two months, a surge in the meme coin has been brought on by the Shiba Inu burn events. The community of SHIB holders remains to be concerned about the burn.

SHIB BPP shared a prediction that 111 trillion Shiba Inu will burn over the course of the next year on the community-focused discord channel for the coin.

In the coming year, according to SHIBQueenie, the community’s Discord channel admin, 111 trillion could be destroyed.

SHIB Decouples From BTC

According to CoinMarketCap, SHIB has plunged by 1.99% or is trading at $0.00001305 as of this writing.

Shiba Inu had a modest 0.25, or 25%, 30-day price trend with Bitcoin. One interpretation is that the price of SHIB is becoming increasingly uncorrelated with Bitcoin’s, suggesting that broader market fluctuations have less of an effect on its value.

For comparison, the 30-day correlation between Bitcoin and the stablecoins Tether (USDT), USDC, and Binance USD was 0.21, 0.23, and 0.27, respectively. With a correlation of up to 0.96, other crypto such as Polygon (MATIC) have a robust connection with BTC.

For investors looking to diversify their portfolios in case Bitcoin’s price underperforms, crypto assets with a low or negative correlation to Bitcoin may be helpful hedges.

After seeing a remarkable 35% increase earlier in August, the SHIB price briefly separated itself from Bitcoin and the rest of the group.

Source: FXStreet

Shiba Inu Games Director Brings Shiba Eternity To Gamescom

Shiba Eternity, a collectible card game, will take part at Gamescom.

The biggest gaming festival and trade fair in the world would promote Shiba Inu adoption and increase its popularity among owners.

Shiba Inu director William Volk will attend Gamescom and represent the meme coin initiative.

Every year at the gaming exhibition, game publishers and firms show off new hardware and software to attendees from the business and consumer sectors.

Shiba Inu suffered 14% losses over the previous week, and holders of SHIB are hoping that the Dogecoin-killing meme coin will recover soon.

Better days may be coming for SHIB. An analyst and trader using the alias Shiba Knight noticed a rising formation in the price chart of Shiba Inu and forecasted a recovery for the meme currency.

Meme coin analysts concur that the currency is poised to begin its revival. SHIB bulls will probably drive the meme coin higher.

SHIB total market cap at $7.25 billion on the daily chart | Source: TradingView.com

Featured image from BeChewy, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.