According to the weekly chart of Shiba Inu, the SHIB has been slowly recovering within a triangle pattern in recent weeks, but it was unable to close above the $0.0000255 level. While the price is set for an impending price movement within a triangle formation, the momentum indicator, especially the RSI, is near the neutral mark of 50.
This could suggest that the Shiba Inu may continue its consolidation phase inside the triangle before a potential price breakout. The SHIB price soon halted after reaching an all-time high of $0.000088 in October 2021. At the current price of $0.0000234, SHIB is down about 73.48% from its ATH.
As the market awaits its next major move, shiba inu whales have become more active over the past 24 hours as the number of large transactions increased by 35%, per IntoTheBlock data. Spikes in large transactions often point to higher activity among institutional players, or whales, who are either buying or selling.
The top 100 Shiba Inu holders also grew their portfolios, as WhaleStats reported a 121.5% increase in the average SHIB balance for this category of investor. The average SHIB value of his portfolio has also increased by 123.47%. Simply put, a whale is the one who owns a lot of cryptocurrencies or is otherwise a large holder.
Furthermore, the 30-day correlation of the Shiba Inu with BTC is down by 37%, which suggests a gradual exit from the BTC market price action.
Shiba Inu Dev sheds light on “huge advancement”
NowPayments, a non-custodial crypto payment processor, has introduced a new feature that allows merchants to burn a portion of the profits they make into Shiba Inu (SHIB) or Doge Killer (LEASH).
This is a huge advance for all traders who currently (and will in the future) accept #shib for payment. Another powerful piece of the puzzle is being woven, showing the ongoing utility of the best crypto in the world. https://t.co/SEyEgSFFYq
— ShytoshiKusama™ (@ShytoshiKusama) 23 March 2022
According to Shiba Inu Lead Developer shyotoshi kusama“This is a huge advancement for all merchants who will currently (and in the future) accept SHIB for payment,” which also means a significant advance in the effort to burn more SHIB.
Burning refers to the process of permanently removing a certain amount of tokens from circulation. This is believed to make the coin scarce, thereby increasing its value in the long run.
Merchants only need to choose a percentage markup to burn tokens. NowPayments automatically calculates the specific amount of SHIB or LEASH to be sent to a dead wallet.