The Price of SHIB Started to Rise When Elon Musk Acquired Twitter Successfully
2022-04-26 16:20:40
Does Shiba Inu Coin Have A Future?
The three major U.S. stock indexes opened collectively lower on April 25, with the Dow down 0.46%, the Nasdaq down 0.69%, and the S&P 500 down 0.59%. Markets are still assessing the risk of a recession from aggressive Fed rate hikes, with Fed Chairman Jerome Powell last week outlining his boldest measures yet to curb price spikes and the European Central Bank hinting at stronger tightening measures. After a weekend in which Twitter rose more than 4%, on Monday Twitter accepted Musk's offer of $54.20 per share to reach an agreement to buy the company.
On April 26, the S&P 500 started to rise from yesterday's $4,209 to the current $4,296. Not only that, but the international cryptocurrency exchange Gate.io shows that at the time of writing the price of the Shiba Inu coin was $0.00002428, and in 24 hours the price rose by 3.52% with a trading volume of $1,126,167,434. Compared to the 7-day increase, it is now starting to show an upward trend.
As we know, the cryptocurrency backed by Elon Musk is Dogecoin, but the price of the Shiba Inu coin, which is also a MEME token, will also be linked to this. Currently, in addition to Elon Musk's successful acquisition of Twitter, the following factors are also influencing the fluctuation of the Shiba Inu coin's price.
Burning Shiba Inu coins is the process of reducing the cyclical supply of tokens to increase scarcity. Interestingly, however, Shiba Burn has an interoperability feature that allows other token holders to offer rewards to those who choose to burn SHIB tokens. This means that "any project can use the Shiba Burn smart contract to create a "BURN pool" and provide a reward for destroying SHIB tokens."
This mechanism has already burned 800 million Shiba Inu coins within a few days of its launch so far. Further, many people buy Shiba Inu coin expecting that this might be one of the good times to drive up the price of Shiba Inu coins.
At the time of writing, Shiba Inu Coin's total holdings in Whale Wallet are 15.21%, valued at $1,336,278,878, ranking it #1 in total wallet holdings.
This wave of whales may also be a hint that the price of the Shiba Inu coin will see some upward fluctuations. But also watch out for some leek-cutting behavior in its unstable price. Investment needs to be done cautiously.
The three major U.S. stock indexes opened collectively lower on April 25, with the Dow down 0.46%, the Nasdaq down 0.69%, and the S&P 500 down 0.59%. Markets are still assessing the risk of a recession from aggressive Fed rate hikes, with Fed Chairman Jerome Powell last week outlining his boldest measures yet to curb price spikes and the European Central Bank hinting at stronger tightening measures. After a weekend in which Twitter rose more than 4%, on Monday Twitter accepted Musk's offer of $54.20 per share to reach an agreement to buy the company.
On April 26, the S&P 500 started to rise from yesterday's $4,209 to the current $4,296. Not only that, but the international cryptocurrency exchange Gate.io shows that at the time of writing the price of the Shiba Inu coin was $0.00002428, and in 24 hours the price rose by 3.52% with a trading volume of $1,126,167,434. Compared to the 7-day increase, it is now starting to show an upward trend.
As we know, the cryptocurrency backed by Elon Musk is Dogecoin, but the price of the Shiba Inu coin, which is also a MEME token, will also be linked to this. Currently, in addition to Elon Musk's successful acquisition of Twitter, the following factors are also influencing the fluctuation of the Shiba Inu coin's price.
The $SHIB Burn Portal Is Live
To speed up the pace of token burning, the Shiba Inu Coin team officially announced on April 23 the opening of a mechanism that allows holders to burn their tokens. The mechanism allows holders to burn their own Shiba Inu coins and receive a corresponding reward for participating in the burn.Burning Shiba Inu coins is the process of reducing the cyclical supply of tokens to increase scarcity. Interestingly, however, Shiba Burn has an interoperability feature that allows other token holders to offer rewards to those who choose to burn SHIB tokens. This means that "any project can use the Shiba Burn smart contract to create a "BURN pool" and provide a reward for destroying SHIB tokens."
This mechanism has already burned 800 million Shiba Inu coins within a few days of its launch so far. Further, many people buy Shiba Inu coin expecting that this might be one of the good times to drive up the price of Shiba Inu coins.
SHIB Is Once Again #1 In Total Whale Wallet Holdings
According to WhaleStats data, on April 23 a whale with the ticker symbol BlueWhale0073 purchased 86,679,001,529 Shiba Inu coins for approximately $2,111,500. Another whale with the code name Bombur purchased 51,799,991,288 Shiba Inu coins on April 25, valued at $1,178,967.At the time of writing, Shiba Inu Coin's total holdings in Whale Wallet are 15.21%, valued at $1,336,278,878, ranking it #1 in total wallet holdings.
This wave of whales may also be a hint that the price of the Shiba Inu coin will see some upward fluctuations. But also watch out for some leek-cutting behavior in its unstable price. Investment needs to be done cautiously.
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