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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Shiba Inu: How The Meme Coin Weathered Whale Dumping And Emerged Stronger

Christian Encila
Christian Encila
2 years ago
4 mins read
Shiba Inu

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Shiba Inu (SHIB) is one of the biggest meme coins in the crypto market. Boasting a 24-hour trading volume of over $1 billion and a market cap of $12.5 billion, SHIB is ranked the 9th in CoinGecko’s top 100 list. 

The token has just been subjected to a massive whale push. Recently, a top whale address was revealed to have dumped 538 billion SHIB in the open market. However, the memecoin’s price has not changed that much. As of writing, the token is down slightly in the past 24 hours at 0.3%. 

But the token remains in the green in other timeframes, with the biggest gains being made back in the weekly timeframe at 9%. 

Developments Edge Bearish Momentum For Shiba Inu

SHIB experienced a 1.5 billion token burn in the past 48 hours. Koyo, a new and mysterious crypto project, has recently burned 1.49 billion on Friday. Collectively, the new project burned 8.75 billion SHB tokens since its inception. 

This resulted in the burn rate of the token skyrocketing to 3,000%. Adding on to this is the mysterious wallet that incinerated 16.7 million SHIB. At the token’s current price of $0.089854, the burnt SHIB is worth $1.5 million. 

🔥 16,712,083 $SHIB -> transferred to dead wallet. https://t.co/bIU9fN3ff7

— Shibburn (@shibburn) April 14, 2023

Supporting this recent on-chain development is an overall positive sentiment in the crypto market. According to analysts, the recent significant inflow of liquidity in major cryptocurrencies like Bitcoin and Ethereum will be the leading cause of the next altcoin pump. 

German crypto influencer Hoss argued that the price actions of various cryptocurrencies would follow 2019’s crypto price action. He added that investors should expect volatility in the market as various cryptocurrencies jump and tank at the same time. 

Die Altcoin Season hat begonnen! 🚀🤔
Worauf solltest du achten?👇🏻

1. Altcoins bieten riesige Chancen und einige machen unglaubliche Returns damit (+100x), der Großteil verliert aber eher Geld!

2. In einem Bullenmarkt-Markt ist alles klar und vorhersehbar, Liquidität fließt von… pic.twitter.com/WC5vcvBXCO

— Hoss (@hoss_crypto) April 14, 2023

SHIB Should Continue Holding On To This Level

The token is currently supported by SHIB at $0.00001098 and should continually be defended in the next couple of days. As the bears take momentary control of the market, SHIB might continue to oscillate above and below this support level.

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However, this support has been the crucial level that stabilized SHIB’s price since the start of April. Because of this, investors and traders can target $0.00001219 in the medium to long term as the current price level is reliable support. 

For now, monitoring the current market situation will be very beneficial. Although CoinGlass data shows that short sellers outnumber long buyers at the moment, this might only be a temporary bearish control as the market experienced a significant influx of bullish sentiment. 

-Featured image from Healthline

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Christian Encila
Christian Encila

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.

Read more

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.

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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.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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