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Shiba Inu (SHIB) Finally Shakes off the Crypto Winter, Deleting a Zero

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Shiba Inu (SHIB) Finally Shakes off the Crypto Winter, Deleting a Zero

The crypto winter has been pelting many of the top cryptocurrencies with dodgeballs, and Shiba Inu has been no exception. However, having one of the broadest communities, Shiba Inu (SHIB) is expected to come back strong, and those very members of the SHIB Army are contributing to the cause.

Keep the Fire Blazing, Says Shib Army

One of the core reasons for the recent spike in Shiba Inu’s market price has been the regular burning of SHIB tokens, and the constant reminders from social media influencers like ‘Milkshake’ and ‘Shytoshi Kusama’ to set some coins ablaze and earn rewards in the Shiba Inu ecosystem’s governance token, $BONE.

Multiple Achievements in the Last 24 Hours

The last 24 hours have been flaming hot for Shiba Inu, as 98 million SHIB tokens were burned. The biggest burn transaction of the day involved 47,226,551 SHIB tokens. To date, more than half of the Shiba Inu (SHIB) tokens originally in circulation have been burned, with the intent that the shorter supply eventually reflects positively on the meme coin’s price.

The popular dog-themed meme coin has also made waves on Twitter (NYSE:TWTR), seeing #ShibaInu trend under the “Business & Finance” topic. Furthermore, Shiba Inu managed to climb the charts on both CoinMarketCap and CoinGecko, moving up to #14 position in each case, from 17th and 16th, respectively.

One factor that may have contributed to the increase in SHIB’s price are the tweets by Elon Musk. The world’s richest man, and a profound crypto ambassador, expressed his enduring support for Dogecoin (DOGE), and the news seemingly had a positive impact on SHIB too, as both dog-themed meme coins went on to record double digit gains over the past 7 days.

How Many Zeros Can Shiba Inu Chew up?

This crypto winter has seen many controversies and attempts to recover. As for SHIB, Social media is full of Shiba-related trending tags, such as #SHIBARMYSTAYSTRONG, #HODL, #TOTHEMOON. It’s evident that the asset’s strong community support, and their unassailable belief in the token has had a lot to do with Shiba Inu (SHIB) making it into the green, especially when many other cryptocurrencies have been left shoveling snow.

At press time, Shiba Inu (SHIB) is trading at $0.00000953, according to CoinGecko. That represents a 9.1% increase in the last 24 hours, and a 16.5% surge in the last 7 days. On the other hand, compared to a month ago, Shiba Inu (SHIB) is still down 19.9% in value, but the dog-themed token remains 54% up from its price at this exact time one year ago, proving itself worthy of long-term investment.

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Cryptocurrency

Dogecoin price could rally 20% in July with this bullish reversal pattern

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Dogecoin price could rally 20% in July with this bullish reversal pattern

Dogecoin (DOGE) looks ready to extend its rebound move despite the current crypto bear market.

DOGE’s price appears to have been painting a bump-and-run-reversal (BARR) bottom since May 11, a technical pattern that points to extended trend reversals in a bear market. It consists of three successful phases: Lead-In, Bump and Run.

DOGE/USD daily price chart featuring ‘BARR bottom’ pattern. Source: TradingView
DOGE/USD weekly price chart featuring 50-week EMA. Source: TradingView
DOGE/USD four-hour price chart featuring ‘rising wedge’ setup. Source: TradingView

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3 charts showing this Bitcoin price drop is unlike summer 2021

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3 charts showing this Bitcoin price drop is unlike summer 2021

Bitcoin (BTC) bear markets come in many shapes and sizes, but this one has given many reason to panic.

BTC has been described as facing “a bear of historic proportions” in 2022, but just one year ago, a similar feeling of doom swept crypto markets as Bitcoin saw a 50% drawdown in weeks.

Bitcoin estimated hash rate chart (screenshot). Source: MiningPoolStats
Bitcoin active addresses chart. Source: CryptoQuant
Bitcoin exchange reserves chart. Source: CryptoQuant

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FTM Begins to Retest Previous Highs As Correction May Be Over

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FTM Begins to Retest Previous Highs As Correction May Be Over

  • Fantom (FTM) seems to be retesting previous highs.
  • FTM is currently down 1.97% and is trading at $0.2845.
  • FTM could look to target $0.3501 should the mini upwards move continue for FTM.

Fantom (FTM) seems to be “retesting previous highs”, according to Michael van de Poppe. This comes as there has been a mini relief rally in the crypto market.

This does not necessarily mean that FTM has established its bottom yet, so traders should still tread with caution.

Fantom / TetherUS 2h (Source: Binance).

At the moment, FTM is one of the top 100 cryptos on CoinMarketCap’s list of most valuable cryptocurrencies in terms of market cap. FTM occupies the 59th position and this places FTM behind The Graph (GRT) in the 58th position and in front of Quant (QNT) in the 60th position.

FTM is currently down 1.97% and is trading at $0.2845 after reaching a high of $0.2947 over the last day. This price translates to about 0.00001361 BTC and 0.0002356 ETH. Things look a bit better for FTM over the larger time frames as the crypto saw a 7.89% increase in price over the last seven days.

FTM now has a market cap that stands at $722,730,787 and when looking at FTM’s 24-hour trading volume, the crypto stands at $166,580,326. This number is down 12.82% over the last day.

Fantom / TetherUS 1W (Source: CoinMarketCap)

When looking at the weekly chart for FTM/USDT, the last two weeks have closed with the FTM price higher than it was at the beginning of the week. It now looks like the current week will also end on a positive note. FTM can now look to target $0.3501 should the mini upwards move continue for FTM. This is a key level because it is also the last price that FTM fell from on the weekly chart.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

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