- Shiba Inu price could double as it appears to have started a new bull run.
- Bidding for ‘SHIB: The Metaverse’ went live in a watershed moment for token holders.
- On-chain data shows significant SHIB accumulation by some of the largest Ethereum whales.
Shiba Inu price spiked by nearly 40% shortly after Robinhood announced it would add support for the meme coin. The fundamentals have grown even more bullish now that the bid event for ‘SHIB: The Metaverse’ is live. Technical analysts anticipate prices to continue rising as speculation mounts.
Shiba Inu price posts massive gains on strong fundamentals
Shiba Inu price witnessed a massive rally, posting double-digit returns overnight. Proponents have identified four key reasons for the impressive price action, including the long-awaited listing of SHIB on commission-free exchange Robinhood, accumulation of Ethereum’s large wallet addresses, reduction in circulating supply and the launch of ‘SHIB: The Metaverse.’
Developers have unlocked a total of 36,431 plots of land during the introductory phase for SHIB: The Metaverse. Early access to the bid event also went live, and holders of LEASH and SHIBOSHI can already start bidding for the plots of land.
The launch of SHIB: The Metaverse was a much-awaited event for Shiba Inu holders as it could drive the adoption and utility of the SHIB ecosystem.
Interestingly, the number of SHIB tokens in circulation continues to decline every day after implementing a burn mechanism, which appears to be driving a shortage across exchanges as demand rises.
Several burn parties have been organized to pull 4.4 billion SHIB tokens out of circulation. Large wallet investors have continuously added more Shiba Inu to their holdings through the recent dips, especially over the past two weeks. Two Ethereum whales, identified as “Light” and “BomBur,” added $8.95 million worth of Shiba Inu to their holdings.
These key events have significantly impacted Shiba Inu price, among other factors.
FXStreet analysts believe Shiba Inu price could continue its climb if Bitcoin remains bullish, given the high correlation between the two assets. SHIB is attempting to establish support at the $0.0000271 level to make way for a breakout to $0.000037. The meme coin is working on an Adam & Eve double bottom pattern that could push its price even higher in the short term.
