Shiba Inu remains in tight range between $0.0000112 and $0.000012
Shiba Inu remains in a sideways trend, as shown on its daily chart, but the range has tightened further over the past four days. A narrow trading range on low volumes is usually a good indicator of impending volatility or an inward move. After signs of a potential trend reversal last week, the market was again disappointed to see the major coins return to their local support levels.
In this case, Shiba Inu remains in a tight range between $0.0000112 and $0.000012. At the time of publication, SHIB was trading at $0.0000119 after reaching intraday highs of $0.000012. The RSI on the daily chart has flattened above the oversold levels of 30, suggesting likely consolidation or range trading in the near term ahead of a major move.
Shiba Inu last went parabolic in October 2021, when the price jumped sporadically and reached an all-time high of $0.000088. SHIB has now attracted a significant number of investors despite being down 86.42% from its all-time high. Recent data give the current Number of Shiba Inu Holders as 1,167,079. At the end of April, that tally stood at around 1,139,000, indicating that the SHIB has added nearly 20,000 new incumbents since May.
Apart from ordinary investors, a growing number of enterprises are also accepting Shiba Inu as payment. Recently, Swiss watchmaker Tag Heuer announced it would accept Shiba Inu along with Bitcoin and other cryptocurrencies.
Shiba Inu lead developer Shytoshi Kusama recently shared a tweet about a conversation with energy drink brand Red Bull. Although the lead developer didn’t share details, the tweet could suggest that talks are underway for a future collaboration. Market watchers believe this could have a positive impact on the price of SHIB. Further positive developments are also expected in the coming weeks.
On May 21, the lead developer wrote, “Thanks for letting me push in silence for this week. Next week, things will begin to get interesting. Also seen some GREAT art from @PlaysideStudios for our Shib CCG. Can’t wait to share. great workmates!”
22 billion Shiba Inus burned by the SHIB community, by Shibburn
According to Shibburn’s Twitter handful, over 22,200,398,699 SHIBs were burned and 497 transactions were completed. Similarly, in the last 24 hours, a total of 452,370,514 SHIB tokens were burned and 41 transactions were reported by shibburn.
This number had increased to 474,970,485 SHIB at press time, with the Shiba Inu burn rate rising by nearly 100%. Though not guaranteed, burning removes tokens from circulation, thus creating scarcity, which might ultimately impact the price.
