Shiba Inu Quiet on Monday as Bigger Entertainment Burns Millions of Tokens

Updated:

Steven Cooper, the founder of crypto burn campaign company Bigger Entertainment, recently tweeted that his team had successfully burned another 2.75 million Shiba Inu (SHIB) tokens. Meanwhile, Shiba Coffee Company also announced that it has taken 11,851,851.85185185 SHIB out of supply.

Including its latest burn event, Bigger Entertainment has now sent 889,483,100 tokens to the “null wallet,” which contains a supply of coins inaccessible to anyone since October 2020, when the company announced the launch of the campaign.

The crypto-based record label also sells NFTs, events tickets, and merchandise for crypto and burns a portion of the fees earned for allowing customers to listen to music tracks. At the scheduled “Burn party” on December 26, 2021, the company deleted 239,600,144 Shiba Inu tokens.

Cooper also noted in his tweet that the company plans to improve its burning capabilities over the next sixty days, noting that they plan on doubling their current burn rate as they seek out better ways to burn SHIB tokens.

Finally, the founder noted that the company should burn more tokens later today. At the end of 2021, the team announced that SHIB burn events would likely occur every month in 2022. Overall, over three billion SHIB tokens (worth $102 million at press time) got burned in December by different members of the Shiba Inu community.

Key Shiba Inu Levels to Watch — January 3

SHIB continues to trade within a sideways pattern into the third day of the new year since it fell into this range on December 29. As expected, the market has remained quiet over the week as the global markets are yet to resume, forcing traders to remain on the sidelines.

SHIBUSD – 4-Hour Chart on Binance. Source: TradingView

That said, the SHIB market needs a breakout, either towards the upper-pivot zone at $0.0000350 or the lower end at $0.0000325, before momentum returns. Until then, the sideways bias will persist.

Meanwhile, my resistance levels are $0.0000350, $0.0000360, and $0.0000375, and my support levels are $0.0000325, $0.0000300, and $0.0000280.

Total Market Capitalization: $2.21 trillion

Shiba Inu Market Capitalization: $18.9 billion

Shiba Inu Dominance: 0.85%

Market Rank: #13

 

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Will Shiba Inu (SHIB) ever reach 1 cent or even $1?

Updated:

It’s a Doge-Eat-Doge World Out There

Shiba Inu is the latest meme coin. Its holders are promising it will make you an overnight millionaire.

And they have proof to back up their claims.

In August, a Shiba holder spent $3,400 on the meme coin. Now it’s worth $1.5 billion.

Impressed yet? If not, consider another dog coin baron.

This one bought $8,000 worth in August. It’s now worth $5.7 billion. For those counting, that’s $8,000 to $5.7 billion in about 400 days.

Some are calling it the “greatest trade ever.”

Not quite.
It's a Doge-Eat-Doge World Out ThereShiba has leapfrogged dogecoin to become the ninth-most valuable crypto in the world.

Obviously, that’s not a buy signal.

So why is Shiba pumping? Well, apart from the fact that the majority almost always buy green and sell red…

The “Dogecoin Killer”
Crypto whales use meme coins as a gauge of how much new — and unsophisticated — money is moving into the crypto markets. And then they do everything they can to take that money from them.

(Anecdotal, but almost everyone I’ve talked to who’s recently gotten into crypto started with a dog coin.)

This morning, for kicks, I asked crypto whale watcher Justin Gupta of CryptoDash.live what he thought about Shiba.

“Cryptocurrencies are volatile as is,” said Justin. “But when they are not well distributed, and only a few control a large portion of the tokens, they become even more so. This is because these few individuals can move the market at their whim.”

In the case of Shiba, Justin explained, nearly 1/5th of the supply is controlled by two accounts: “Meaning at any given moment, if these accounts decide to dump, they could trigger a massive panic sell-off and crash the asset.”

It's a Doge-Eat-Doge World Out There
One fifth of Shiba is held by 2 accounts

One fifth of Shiba is held by 2 accounts

Compare that to Dogecoin, where the top two accounts hold 10% of total circulating supply.

But, in the end…

It Doesn’t Matter
The reality of the current crypto market is that virtually nobody cares about the technology or tokenomics. Consider, months ago Shiba pumped 300% after Elon Musk tweeted he would be getting a Shiba Inu dog.

And to the untrained eye, Shiba seems cheap.

It’s currently sitting at $0.00007253.

But, the market cap is $40 billion, bigger than Robinhood. Bigger than Sysco Corp., the largest food distribution company in America. (And its circulating supply is around 550 trillion.)

If you’re buying into Shiba today it’s because you’re convinced it’s going to 1 cent. Maybe even $1. I’ll tell you right now. It’s not going to happen.

Yes, this points to new money coming into this space. But there are clearly other things driving this mania. Sometimes these things are best expressed with memes:
Richard Burton, a designer for DeFi projects, brought up an important point that gets far less attention than the money printers: barriers to entry in traditional finance.

Shiba Inu, he wrote, “is what happens when you stop generations of Americans from investing in startups with Accredited Investor Laws designed to ‘protect people.'”

Perhaps lower barriers to entry mean we create more informed investors. Or… as in the case with all meme coins and stocks… perhaps not.

NB: Shiba Inu is not the next bitcoin. More likely, it’ll be where most newbies get fleeced. If you’re looking for solid advice on the projects worthy of your hard-earned money, look no further

Author: Chris Campbell
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Shiba Inu Comes Under Intense Sell Pressure as Third-Largest SHIB Whale Moves Holdings

Updated:

The Shiba Inu (SHIB) ownership concentration came under scrutiny as the meme coin continued to slide from its recent highs. According to reports, of the 872,382 wallets that hold SHIB, only ten control 72% of the total supply.

Experts have expressed their concerns with this situation and that despite the abundance of transparency in the crypto industry, it is almost impossible to link wallets to their owners. They also worry that this anonymity leaves market participants unaware of whale concentration and activities that influence prices.

Shiba Inu attracted a significant level of buzz after it flipped Dogecoin to become the ninth-largest cryptocurrency by market valuation last week. That said, all eyes are on the SHIB whale that controls over 13% of the circulating supply of the meme coin.

Meanwhile, whale wallet concentration has triggered worry over possible liquidity issues amid the growing sell pressure on SHIB at the moment. At press time, the eleventh-largest cryptocurrency has dropped by over 10% in the last 24 hours and 29% in seven days.

While no token sale has occurred yet from the earlier mentioned whale wallet, this address has moved about 10 trillion SHIB to four newly-created addresses, sparking liquidation fears.

Interestingly, transaction activity on the SHIB network recorded an exponential increase, momentarily exceeding other top networks like Ethereum (ETH) and Solana (SOL). This increase in activity stems from the selling pressure on the SHIB network, as holders dump their tokens to realize profits from the recent rally.

Key Shiba Inu Levels to Watch — November 5

As mentioned earlier, Shiba Inu is in a dramatic bearish spiral as traders book profits. The meme currency bottomed at $0.00004312 yesterday before jumping near the $0.00005500 resistance. This jump failed to yield the desired results for SHIB holders as the cryptocurrency dropped again to $0.00004500.

SHIBUSD – 4-Hour Chart

However, the eleventh-largest cryptocurrency has rebounded again near the $0.00005500 resistance as bulls attempt to reclaim that level and push the price higher. That said, the critical level for bulls at the moment is the $0.00006000 psychological, where my descending trendline from the recent ATH resides.

Meanwhile, my resistance levels are $0.00005500, $0.00006000, and $0.00006500, and my key support levels are $0.00005000, $0.00004500, and $0.00004200.

Total Market Capitalization: $2.72 trillion

Shiba Inu Market Capitalization: $27.4 billion

Shiba Inu Dominance: 1%

Market Rank: #11

 

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