On July 11th, the Shiba Inu development team used the Twitter platform to make an official announcement about the planned burning of a huge amount - 600 million SHIB tokens. According to important on-chain metrics, both retail market participants and large investors decided to take bullish positions, closely monitoring the upcoming event. This decision by the developers led to strong interest and trust in the project, which was reflected in the growing popularity of Shiba Inu among investors and traders.
Contents:
- Rise of Shiba Inu Users' Activity
- Bullish Sentiment Among Whales Towards SHIB Persists
- Shiba Inu Ready to Surpass the $0.0000085 Mark!
Rise of Shiba Inu Users' Activity
Significant activity among retail investors in the market has been observed over the past week. According to data provided by Santiment, the graph shows an increase in the number of addresses conducting transactions with the SHIB token from July 5th to July 10th, from 5009 to 7401.
The Daily Active Addresses metric is used to measure the level of activity of participants in the retail network, and it is calculated as the total number of wallets interacting with the token daily.
Such a sharp increase in this metric in a short period of time is a strong indicator of growing interest in Shiba Inu. Confirmation of the positive forecast comes from bullish sentiments among major investors.
Bullish Sentiment Among Whales Towards SHIB Persists
From July 6th to July 10th, there was a notable increase in optimism among holders of the Shiba Inu cryptocurrency, known as "whales," according to Onchain analytics. According to reports from the analytical platform IntoTheBlock, the number of daily transactions exceeding $100,000 increased from 26 to 38.
This indicates that both small retail traders and large institutional investors expressed their confidence in the future price growth of SHIB and actively acquired this cryptocurrency ahead of the anticipated burning of tokens, supporting increased optimism in the market. If these investors continue to hold a positive position, SHIB is expected to continue its growth in the long term.
Shiba Inu Ready to Surpass the $0.0000085 Mark!
The price of the SHIB cryptocurrency may potentially surpass the $0.0000085 level and reach $0.000010 if the burning of 600 million tokens triggers an increase in demand. However, it's worth noting that according to IntoTheBlock data, there may be resistance at the $0.000008 level.
If the price falls to $0.000006, optimistic forecasts will be at risk. However, 584,100 wallets holding 17.7 trillion SHIB are expected to provide some support for the asset. But if that proves insufficient, the meme coin's price may continue to decline.
