SHIB price is looking set for incoming price movement
According to the weekly Shiba Inu charts, SHIB has been gradually recovering inside a triangle pattern for the past few weeks, but it was unable to close above the $0.0000255 level. As the price looks set for a price move entering the triangle formation, momentum indicators, especially the RSI, are hovering near the neutral 50 mark.
This might suggest that Shiba Inu might continue its consolidation phase inside the triangle before a possible price breakout. The SHIB price stalled shortly after reaching all-time highs of $0.000088 in October 2021. At a present price of $0.0000234, SHIB remains down nearly 73.48% from its ATH.
As the market awaits its next major move, Shiba Inu whales have become more active over the past 24 hours, with the number of large trades increasing by 35%, according to data from IntoTheBlock. Large transaction spikes often indicate high activity among institutional players, or whales, buying or selling.
The top 100 Shiba Inu holders have likewise increased their portfolios, as WhaleStats reports a 121.5% rise in the average SHIB balance of this category of investor. The average SHIB value of their portfolio has also grown by 123.47%. Simply defined, a whale is someone who owns a lot of cryptocurrencies or is otherwise a large holder.
Additionally, Shiba Inu has a reduced 30-day correlation with BTC at 37%, suggesting a gradual decoupling from the price action of the BTC market.
Shiba Inu dev highlights ”huge advancement”
NOWPayments, a noncustodial crypto payments processor, has introduced a new feature that allows merchants to burn a portion of profits they receive in Shiba Inu (SHIB) or Doge Killer (LEASH).
According to Shiba Inu Lead Developer Shytoshi Kusama“This is a huge step forward for all merchants currently (and in the future) accepting SHIB for payment,” which also implies a significant step forward in the goal of burning more SHIB.
Burning refers to the process of permanently removing a certain amount of tokens from circulation. This is believed to make the token scarce, thus driving up value in the long run.
Merchants simply need to choose the markup percentage for token burning. NOWPayments automatically calculates the specific amount of SHIB or LEASH that should be sent to a dead wallet.
