Possible Reasons Why Investors Are Stocking up on Shiba Inu
2022.06.08 14:50
Possible Reasons Why Investors Are Stocking up on Shiba Inu
- Large Ethereum whales have been scrambling to stock up on Shiba Inu SHIB.
- Bitstamp announced that they will be listing SHIB.
- The Shiba Inu team updated the community with regards to the reward distribution on the LEASH LOCKER feature.
Large Ethereum whales have been scrambling to stock up on Shiba Inu (SHIB) in their portfolios. This is happening despite the recent slump in the price of SHIB.
One possible reason for this could be the fact that Bitstamp, which is considered to be the biggest cryptocurrency exchange in Europe, announced that they will be listing SHIB. Bitstamp now enables its users to trade SHIB for USD and the euro on the exchange.
The exchange will offer full trading in Shiba Inu as soon as there is a desired level of liquidity in the token.
Another reason for the bullish outlook on SHIB is the fact that the Shiba Inu team updated the community about the reward distribution on the LEASH LOCKER feature in SHIB’s metaverse.
Members of the Shib Army who locked their LEASH for a smaller time frame are now able to unlock their assets and claim rewards. Rewards holders will also get 3% of the funds from the Land Event Sales in the metaverse in exchange for their locked LEASH tokens.
The fact that the SHIB burn rate increased by 113% overnight also adds to the renewed interest in the Dogecoin-killer. To date, about 410.36 trillion SHIB has been burned.
Another fact to acknowledge is that 100 of the largest Ethereum whales have been accumulating SHIB. Combined, the 100 largest wallet addresses on the Ethereum chain hold around $500 million in SHIB at the moment.
Lastly, it seems like there might be a trend reversal in SHIB’s future. Even though there is a descending triangle in SHIB’s chart, the price could still break through if the price breaks through the upper border of the pattern.
SHIB-USDT price chart Source: FXStreet
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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