Post: Shiba Inu: Are We in Front of a Major Breakout in the Market?

Shiba Inu gained some attraction as we near Valentine’s Day and we’ll shortly explain why. Shiba Inu was launched in 2020 by an anonymous developer nicknamed ”Ryoshi.’

In September 2020 1 Shiba Inu was worth $0.0000000003. At its peak in October 2021 one Shiba Inu was worth $0.00008000 (approx.). In terms of Return on Investment (ROI), investors that purchased the cryptocurrency in September 2020 achieved +2,000% ROI.

Shiba Inu’s popularity is great due to the outstanding rally it posted in the market. After peaking at $0.00008000 it was followed by profit realizations. Due to its low price, many see the coin as a ‘fast investment.’

It is merely part of the hunt for the next
 
 bitcoin 
.

There were several contributing factors in 2021 to Shiba Inu’s rally. What also fueled the rally in 2021 were speculations Shiba Inu will be listed in Robinhood. A coin listing tends to have a positive impact as seen in similar tokens.

Elon Musk’s tweet of Shiba Inu ‘going to the moon’ made headlines in the crypto markets.

elon musk shiba inu tweet

However, when Elon Musk was asked in a tweet how much SHIB he is holding he replied, “None.”

Elon musk shiba inu none

Musk’s reply marked the collapse of Shiba Inu, the coin was unable to recovery until very recently where some gains are taking place at the time of this writing.

Shiba Inu is ‘Burning’

Bigger Entertainment (biggerenterainment.com), a crypto entertainment brand announced it will burn 163 million Shiba Inu tokens on 14 February 2022 (Valentine’s Day).

One of the greatest SHIB burns were by Ether network devloper, Vitalik Buterin. Vitalik burned 410 trillion SHIB tokens, estimated to be worth billions of dollars. The developer said he did not wish to have so much power. Burning a cryptocurrency is done by sending the coins to a ‘dead address.’ This is ensure the
 
 cryptocurrencies 
are taken out of circulation.

The address is still being used to burn cryptocurrencies including Shiba Inu. Ethexporer shows a spike in the transfers made to the burn address:

burn shiba inu

source: ethexplorer

shib burn transfers

source: ethexplorer

When a large amount of cryptocurrencies are destroyed (in the above manner) it tends to strengthen the cryptocurrency. Bigger Entertainment CEO Steven Cooper tweeted on Sunday:

“If we sell 1,200 more tickets, this becomes the largest burn party we’ve had yet. If you haven’t pitched in yet, get your tickets today. All #shib will be burned live on YouTube on 14th February at 2pm CST. We can do this :)”

bigger entertainment tweet shib

Bigger Entertainment also launched several games with the sole intention of burning Shiba Inu coins.

In addition to the ‘mass burning festival,’ Unification announced that is planning a layer 2 blockchain for Shiba Inu. At the time of this writing SHIB does not have its own blockchain. It is based on ETH blockchain (layer 1), a layer 2 will be built on the parent blockchain.

The public testing is due ‘very soon’ according to a blog post in Unification official website.

Should You Buy Shiba Inu?

While the fundamentals are currently weak, the recent gains have attracted some attention. According to whalestats, Shiba Inu holdings have increased among the top 1000 ETH accounts.

whalestats

source: whatestats

If the ShibArmy succeeds in rekindling interest in SHIB we may see stronger gains in the market. The cryptocurrency is cheap and has over 1,000,000 account holders at the time of this writing.

One of possible bullish drives is that Shiba Inu may be used for buying virtual land in a new metaverse platform. MANA (decenterland) and AXS (Axie Infinity) are worth a substantial amount of money.

If the developers succeed in a building a new metaverse (dubbed ‘Shiberse’) and gain large interest from the market it may be a stepping stone towards a firmer gains in the cryptocurrency. A lot of faith may be required at this stage to invest in Shiba Inu but many market participants see Shiba Inu as a bargain due to its low market price.

Should You Sell Shiba Inu?

It is a meme coin that enjoyed a moderate rally due to Elon Musk. Without Elon Musk it is challenging to determine whether Shiba Inu would have posted strong gains in 2021.

One of the risks, if in fact the coin will succeed in extending its gains is a similar reaction to what took place in BRDUSD.

brdusd

BRD/USD

Large investors may use the rally to dump their holdings, which may result in fast-pace retracement. BRD initially spiked higher, lured fresh investors in and then tanked lower. Similar techniques are also used in NFTs to inflate the price of the project.

The technical analysis for Shiba Inu is neutral at the time of this writing. If the price manages to break above 0.00004000 the rally may continue. Aside the recent ‘burnout’ gains the technical stance for the medium-term may be neutral.

Shiba Inu gained some attraction as we near Valentine’s Day and we’ll shortly explain why. Shiba Inu was launched in 2020 by an anonymous developer nicknamed ”Ryoshi.’

In September 2020 1 Shiba Inu was worth $0.0000000003. At its peak in October 2021 one Shiba Inu was worth $0.00008000 (approx.). In terms of Return on Investment (ROI), investors that purchased the cryptocurrency in September 2020 achieved +2,000% ROI.

Shiba Inu’s popularity is great due to the outstanding rally it posted in the market. After peaking at $0.00008000 it was followed by profit realizations. Due to its low price, many see the coin as a ‘fast investment.’

It is merely part of the hunt for the next
 
 bitcoin 
.

There were several contributing factors in 2021 to Shiba Inu’s rally. What also fueled the rally in 2021 were speculations Shiba Inu will be listed in Robinhood. A coin listing tends to have a positive impact as seen in similar tokens.

Elon Musk’s tweet of Shiba Inu ‘going to the moon’ made headlines in the crypto markets.

elon musk shiba inu tweet

However, when Elon Musk was asked in a tweet how much SHIB he is holding he replied, “None.”

Elon musk shiba inu none

Musk’s reply marked the collapse of Shiba Inu, the coin was unable to recovery until very recently where some gains are taking place at the time of this writing.

Shiba Inu is ‘Burning’

Bigger Entertainment (biggerenterainment.com), a crypto entertainment brand announced it will burn 163 million Shiba Inu tokens on 14 February 2022 (Valentine’s Day).

One of the greatest SHIB burns were by Ether network devloper, Vitalik Buterin. Vitalik burned 410 trillion SHIB tokens, estimated to be worth billions of dollars. The developer said he did not wish to have so much power. Burning a cryptocurrency is done by sending the coins to a ‘dead address.’ This is ensure the
 
 cryptocurrencies 
are taken out of circulation.

The address is still being used to burn cryptocurrencies including Shiba Inu. Ethexporer shows a spike in the transfers made to the burn address:

burn shiba inu

source: ethexplorer

shib burn transfers

source: ethexplorer

When a large amount of cryptocurrencies are destroyed (in the above manner) it tends to strengthen the cryptocurrency. Bigger Entertainment CEO Steven Cooper tweeted on Sunday:

“If we sell 1,200 more tickets, this becomes the largest burn party we’ve had yet. If you haven’t pitched in yet, get your tickets today. All #shib will be burned live on YouTube on 14th February at 2pm CST. We can do this :)”

bigger entertainment tweet shib

Bigger Entertainment also launched several games with the sole intention of burning Shiba Inu coins.

In addition to the ‘mass burning festival,’ Unification announced that is planning a layer 2 blockchain for Shiba Inu. At the time of this writing SHIB does not have its own blockchain. It is based on ETH blockchain (layer 1), a layer 2 will be built on the parent blockchain.

The public testing is due ‘very soon’ according to a blog post in Unification official website.

Should You Buy Shiba Inu?

While the fundamentals are currently weak, the recent gains have attracted some attention. According to whalestats, Shiba Inu holdings have increased among the top 1000 ETH accounts.

whalestats

source: whatestats

If the ShibArmy succeeds in rekindling interest in SHIB we may see stronger gains in the market. The cryptocurrency is cheap and has over 1,000,000 account holders at the time of this writing.

One of possible bullish drives is that Shiba Inu may be used for buying virtual land in a new metaverse platform. MANA (decenterland) and AXS (Axie Infinity) are worth a substantial amount of money.

If the developers succeed in a building a new metaverse (dubbed ‘Shiberse’) and gain large interest from the market it may be a stepping stone towards a firmer gains in the cryptocurrency. A lot of faith may be required at this stage to invest in Shiba Inu but many market participants see Shiba Inu as a bargain due to its low market price.

Should You Sell Shiba Inu?

It is a meme coin that enjoyed a moderate rally due to Elon Musk. Without Elon Musk it is challenging to determine whether Shiba Inu would have posted strong gains in 2021.

One of the risks, if in fact the coin will succeed in extending its gains is a similar reaction to what took place in BRDUSD.

brdusd

BRD/USD

Large investors may use the rally to dump their holdings, which may result in fast-pace retracement. BRD initially spiked higher, lured fresh investors in and then tanked lower. Similar techniques are also used in NFTs to inflate the price of the project.

The technical analysis for Shiba Inu is neutral at the time of this writing. If the price manages to break above 0.00004000 the rally may continue. Aside the recent ‘burnout’ gains the technical stance for the medium-term may be neutral.

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