The latest recovery signals in the crypto-market may be seen as evidence of an upcoming bull run. Needless to say, sceptics continue to stay confused about where certain crypto-assets will be 2, 3, and even 5 years from now. Popular memecoin Shiba Inu or SHIB is one such asset that continues to engage the community over its future. In fact, SHIB has now reclaimed a market cap of $7.5 billion on the back of a dramatic price uptick on the charts.

If SHIB closes the day on a positive note tomorrow, it will be the fourth positive week in a row. The last time such a run happened was in late September 2021 when Shiba Inu would eventually hit its all-time high of $0.000088.

At press time, SHIB was trading at $0.00001549 after an uptick of 23% over the last 24 hours.

Let the games begin

The bull activity on Shiba Inu has long been awaited by the SHIB army who continue to back the meme coin. Just recently, SHIB was over 85% off its ATH. However, the aforementioned surge lifted the mood around it. Much of the reason for the bull activity lies in the recent developments around Shiba Inu. There are high expectations in the community regarding the launches of Shibarium (Layer 2) and the Shiba Inu Financial Ecosystem (SHIBFE).

Similar to Ethereum, Shiba Inu also faces issues of network congestion and high gas fees. This further puts the launch of Shibarium in the spotlight as it aims to make transactions cheaper and faster. The Shibarium Public Beta TestNet is expected to be launched this quarter. Meanwhile, the metaverse and the Shiba Inu NFT ecosystem launches are set to launch in Q4 2022.

Here’s a data-dive

According to WhaleStats, the top 2000 Ethereum whales have been actively making huge changes among their holdings. As of 13 August, these whales were holding over $179.34 million worth of Shiba Inu. However, this doesn’t tell us the whole story.

There has a been massive change in these holdings since 3 August when holdings totalled $600 million. This represents lost confidence among the market-maker whales of the community.

The top 2000 #ETH whales are hodling

$183,386,016 $LOCUS
$179,344,952 $SHIB
$125,917,189 $BIT
$99,059,870 $MKR
$86,701,924 $LINK
$73,805,349 $UNI
$70,267,000 $BEST
$67,516,831 $MANA

Whale leaderboard https://t.co/R19lKnPlsK pic.twitter.com/TUe97NPMBb

— WhaleStats (free data on crypto whales) (@WhaleStats) August 13, 2022

Despite the whale factor, there has been a huge spike in profitability among SHIB investors. The MVRV ratio noted a dramatic jump today, with the same valued at 23.32% as per Santiment.

This can further be used to throw light on increasing interest among short-term traders in Shiba Inu, with increasing prices projecting quick returns.

The other sign of active accumulation among traders right now is shown in the following chart.

The RSI of Shiba Inu has risen significantly over the last 12 hours. At the time of writing, it was ranging above 90. This means the asset is in a heavily overbought zone. This can also mean a price rebound at some point in the near future. However, for now, Shiba Inu investors are set to enjoy the ride.

The crypto markets had a sluggish comeback in July. With gains resulting from people’s expectations of the merge, Ethereum (ETH) took the lead. Along with other significant crypto initiatives, Bitcoin (BTC) did the same. One of the most well-known memecoins, Shiba Inu (SHIB), also made a minor recovery.

The Twitter account of Travis Johnson’s gaming shop, SHIB Super Store, reminded the community of Amazon’s solid contribution to SHIB Burns. As per the tweet, Amazon has contributed around $5 to $50 worth of SHIB burns every single day.

The details from the SHIB super store reveal that 2,615,765,687 SHIB have been burned by the store alone. The platform contributed to 2,588,178 SHIB burns on August 2 alone. Considering the overall burn rate, the contribution plays a good role. But the burn rate itself is not in its best shape.

The burn rate in the last 24 hours has been a mere 14.04%, which contributed to the burning of 61,278,434 SHIB. The burn rate is comparatively lower as compared to its three-digit burn days.

Figures from the Shibburn website depict that 410,376,134,764,786 Shiba Inu have been burned to date from its supply.

Ethereum whales scoop up $150 million Shiba Inu

WhaleStats released a report of the top 5,000 ETH whale holdings that revealed over $657,836,948 in Shiba Inu holdings. The whale analytical platform revealed on Sunday that $508,672,407 worth of Shiba Inu has been held by the top ethereum whales. The recent report from WhaleStats reveals a $150 million increase in SHIB holdings by the whales.

The top 5000 #ETH whales are hodling

$657,836,948 $SHIB
$189,819,348 $BEST
$188,801,648 $SLV
$158,865,721 $cETH
$152,524,500 $MATIC
$134,751,659 $MANA
$134,051,097 $LINK
$116,031,048 $CHSB

Whale leaderboard https://t.co/kOhHps8XBB pic.twitter.com/I5abcIlu3T

— WhaleStats (free data on crypto whales) (@WhaleStats) August 3, 2022

In an analysis of the top 100 ETH whale holdings, SHIB ranks second following the Silverway coin. SLV has gained over 24% in the last 24 hours even when the top coins are struggling to gain single digits. SHIB also accounts for 11.48% of the whale holdings.

Technical and on-chain indicators remain two main tools for analyzing and predicting movements on the cryptocurrency market, but besides them, investors ‌often use sentiment-based indicators that can help to determine when the asset is overbought or oversold and when is the time to get out.

The sentiment indicator developed by santiment on-chain analysis platform shows that Cardano’s price action caused the biggest drop in sentiment toward the eighth-biggest asset in the world by the market capitalization.

Such strong negativity toward Cardano was seen back in January and caused the spike in volatility that resulted in a 24% price increase in five days. It then dragged the sentiment around the coin back to the positivity zone.

What might cause another Cardano rebound?

The fundamental factor that comes into play is the Vasil Hard fork, which brings new functions and possibilities to developers who are creating projects and solutions on Cardano or moving them from chains like Solidity or Ethereum.

The rising number of new projects will attract new users and increase the usability of the platform, hence its revenue, which directly affects the price of ADA on the market.

A secondary factor is that Cardano is one of the most technically oversold assets on the cryptocurrency market. Such a large selling pressure does not make sense compared to the fundamental growth of the project.

One could tie the main reason behind the abnormal price performance to the large number of small holders that constantly create pressure on the price of ADA whenever it manages to enter a recovery rally and gain some momentum. But with the help of new inflows and funds redistribution, ADA might show us another recovery attempt in 2022.

Splintershards (SPS), one of the leading blockchain play-to-earn gaming platforms, has reached another huge milestone. As a result, its native governance and utility token SPS has been surging in the last few days. Here are some of the details:

• Splintershards (SPS) has now reached over 2 billion in games played

• The milestone indicates Splintershards growing dominance in this area.

• The native SPS token has been surging as a result in the last few days.

Data Source: Tradingview 

Splintershards (SPS) – Where will the momentum go?

Reaching 2 billion in total games played is no easy feat. The play to earn space within blockchain has seen immense growth of course. With this boom in P2E expected to continue in 2022, we expect Splintershards (SPS) to surge even further. 

Also, Splintershards (SPS) has confirmed that it sold millions of new cards in a live unboxing event that was held for its loyal fans a week ago. Despite this, at the time of writing, the price action appeared to have stagnated a bit. 

It seems like investors have started to price in the 2 billion milestones. While we expect SPSs to see more bullish momentum, in the days ahead, at some point before the end of next week, it will plateau before it retreats.

Is Splintershards (SPS) the future of Play to Earn?

A lot of investors are looking for new and promising opportunities in GameFi. This industry is likely going to be a huge part of the blockchain ecosystem. But even though new projects can be exciting, sometimes it’s also nice to look at tried and tested solutions. 

Splintershards (SPS) has been around since 2018 and continues to achieve milestone after milestone. As the GameFI revolution takes shape, SPS will be at the center of it all. Besides, the token has a market cap of $62 million so there is a lot of growth possibilities.