Since October 2021, the price of SHIB has been on a long-term slump, with solid support at $0.00002080.On the daily chart, the creation of a bullish candlestick pattern predicts a price rebound in the near future. SHIB has been pushed into a crucial demand zone, which could trigger a new run-up, as a result of the current downturn.
Since the beginning of 2022, Shiba Inu Price has been stuck in a sideways trading range below $0.000035. While this may appear disheartening to investors, it could serve as a stimulus for a new price move. As Shiba Inu fans continue to eye $0.001 as a possible price target, here are two factors that could influence SHIB’s next price movement.
2 Factors to Trigger a Shib rally
SHIB token owners burned their tokens en masse less than 24 hours after it was launched, resulting in the burning of a whopping 8 billion tokens. Scarcity (produced by burning) can enhance the price of tokens, benefiting investors, as mentioned on the burnshibaswap website, however this is not always assured.
Shiba Inu also revealed that any project can use the Shiba Burn Smart Contract to build a “BURN Pool” and pay rewards for burning SHIB tokens, allowing users and projects to benefit from SHIB burns.
Since the gateway began operations on Sunday, 12 billion SHIB tokens have been burnt. Participants are currently earning annualised returns of 9% at the time of writing.
Shiba Inu dropped 5.59 percent on the Binance platform earlier today after printing numerous massive red hourly candles. SHIB is currently trading at $0.0000235, providing another opportunity for whales to purchase the dip.
According to WhaleStats, the Ethereum whale “Bombur” has purchased 51,799,991,288 Shiba Inus for $1,178,967. Shiba Inu has surpassed Shiba Inu as the most valuable token for whales in terms of USD value.
On Saturday, fifth-ranked ETH investor “BlueWhale0073” purchased another large amount of Shiba Inu—86,679,001,529 tokens valued at $2,111,500 at the time of purchase. This investor already purchased 1.17 trillion Shiba Inu in April.