The Shiba Inu community expected to burn 111 trillion SHIB, pushing SHIB holders bullish.
According to the Shiba Inu community, 111 trillion SHIB could be burned in the next year
SHIB owners were probably expecting a positive sign when they saw the big burn
Crypto price is set to recover its losses, according to SHIB chart bullish formation analysis
Over the past couple of months, there has been a significant increase in meme currency due to the Shiba Inu burning events. The community of SHIB holders remains concerned about the burn.
SHIB BPP shared a prediction that 111 trillion Shiba Inu will burn over the next year on the coin’s community-focused discord channel.
Next year, according to SHIBQueenie, the community’s Discord channel administrator, 111 trillion could be destroyed.
SHIB is decoupled from BTC
According to CoinMarketCap, SHIB is down 1.99% or trading at $0.00001305 as of this writing.
Shiba Inu had a modest price trend of 0.25 or 25% for 30 days with Bitcoin. One explanation is that the price of SHIB has become increasingly uncorrelated with the price of Bitcoin, suggesting that broader market volatility has less impact on its value.
For comparison, the 30-day correlation between Bitcoin and the stablecoins Tether (USDT), USDC, and Binance USD was 0.21, 0.23, and 0.27, respectively. With a correlation of 0.96, other cryptocurrencies like Polygon (MATIC) have a strong connection with BTC.
For investors looking to diversify their portfolios in the event of a decline in Bitcoin price performance, crypto assets with a low or negative correlation to Bitcoin may serve as useful hedges.
After seeing a notable 35% increase earlier in August, SHIB price briefly separated itself from Bitcoin and the rest of the pack.
Source: FXStreet
Shiba Inu Games Director brings Shiba Eternity to Gamescom
Shiba Eternity, a collectible card game, will be participating at Gamescom.
The world’s largest toy festival and trade show will encourage the adoption of the Shiba Inu toy and increase its popularity among owners.
Shiba Inu manager William Faulk will attend Gamescom and represent the meme coin initiative.
Every year at Games Show, game publishers and companies showcase new hardware and software to business and consumer attendees.
The Shiba Inu suffered 14% losses over the previous week, and SHIB holders are hoping the meme killing Dogecoin will recover soon.
Better days may be coming for SHIB. An analyst and trader who uses the pseudonym Shiba Knight noticed a bullish formation in the Shiba Inu price chart and predicted a rebound for the meme coin.
Meme coin analysts agree that the coin is poised to begin its recovery. SHIB bulls will likely push the meme coin higher.
SHIB’s total market capitalization is $7.25 billion on the daily chart | Source: TradingView.com Featured image from BeChewy, chart from TradingView.com