- The Shiba Inu (SHIB) community has burned over 130 million tokens in the last 24 hours.
- Robinhood has been accumulating and HODLing Shiba Inu this year, even during the current market downturn.
- A dormant whale recently bought $209,000 worth of $BONE
- SHIB is in a descending wedge pattern, which is a bullish indicator.
- If Shiba Inu can stay above $0.00000728, we may see a bounce upwards to $0.00000973.
Shiba Inu’s price has been somewhat stagnant over the last week, as it consolidates under the $0.0000075 zone.
The bulls and bears appear reluctant to influence Shiba Inu in either direction, leading to the memecoin appearing to be “stuck”.
CoinMarketCap even shows that SHIB is bearish on the hourly, daily and weekly timeframes.
However, what if there were glaring signs that Shiba Inu is on the verge of a bullish break above its local resistance?
In this article, we will be going over updates on Shiba Inu and Shibarium and will be making a case for why we think Shiba Inu is likely to be bullish very soon.
Over 130 Million SHIB Burned In 24 Hours
The SHIB community burnt a staggering 130,529,064 (130.52 million) tokens over the last 24 hours, according to data from Shibburn.
According to Shibburn, one transaction alone burned a staggering 100,776,829 (100.77 million) SHIB and happened 21 hours ago.
At the time of writing, we still don’t know who this individual or entity is.
The second burn happened today, at precisely 02:21 (UTC). Another unidentified user sent 12,894,064 (12.89 million) SHIB to the SHIB dead wallet.
Robinhood Has Been Accumulating And HODLing SHIB This Year
Robinhood, a well-known cryptocurrency exchange, has continued to top-up its Shiba Inu assets, collecting a staggering 35 trillion SHIB tokens in less than a month.
Keep in mind that Robinhood continues to buy SHIB despite the current market downturn, demonstrating the crypto exchange’s dedication to acquiring more SHIB (possibly against the next bull run).
Data from the blockchain analytics company, Arkham Intelligence shows that between 31 August and 13 September, Robinhood’s largest hot wallet added a stunning 877 billion SHIB tokens to its cryptocurrency holdings.
At the moment, the crypto exchange now has a total SHIB hoard of 34.96 trillion tokens worth $254.5 million.
According to Etherscan, Robinhood continues to hold on to these tokens and has refused to sell.
This paints a bullish picture for Shiba Inu, in terms of long-term price, and shows that the bigger players still believe in the second largest memecoin by market cap.
Dormant Whale Splashes A Quarter Million Dollars On Shibarium’s $BONE
Approximately 259,000 BONE tokens, worth about $209,000 at the current token price, were recently bought by an unknown whale, who had been inactive for more than a year, according to the Etherscan explorer.
The idea of this investor being absent from the crypto space for so long, before returning and buying such a large amount of $BONE is highly noteworthy.
Surprisingly, this anonymous wallet holder is not only interested in BONE.
Their cryptocurrency holdings include a wide variety of memecoins, which are worth around $100,000 in total, along with $12,000 worth of Binance Coin (BNB).
Is Shiba Inu Ready For Takeoff Above $0.0000075?
The crypto market isn’t especially bullish, and the same is the case with Shiba Inu.
Shiba Inu appears to be in a descending wedge over larger timeframes and is now having a bit of a struggle with breaking above $0.0000075.
Descending wedges are bullish patterns, and indicate a possible trend reversal over long-term timeframes.
However, zooming in, we can draw an ascending trendline on Shiba Inu and determine that SHIB has to stay above the $0.00000728 zone.
If the bulls can keep SHIB above $0.00000728, we may see SHIB having an opportunity to bounce upwards from here and target the top of its descending wedge, around $0.00000973.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.