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Shiba Inu price makes explosive move as optimism spreads over Ethereum merger

  • Whales increase their activity in Shiba Inu, increasing SHIB by 30% in the past week.
  • Larger value transactions of $100,000 or more are high on the Shiba Inu network.
  • Analysts have a short-term bullish stance on Shiba Inu after the meme coin hit the $0.00001550 target.

As the Ethereum merger draws closer, retail excitement and optimism drive meme coin prices higher. Dog-themed cryptocurrencies Shiba Inu and Dogcoin launched explosive rallies ahead of a long-awaited merger.

Also read: Shiba Inu Beats Avalanche With Explosive 16% Gain, SHIB Holders Rejoice

Shiba Inu whale trades push SHIB higher

Shiba Inu gave holders a 30% return in the past week. Ethereum core developers have set September 15, 2022 as a tentative date for the merger, raising excitement among investors. The retail craze has spread to dog-themed cryptocurrencies such as Shiba Inu and DogCoin.

Whaling activity in the Shiba Inu network has exploded over the past four months. The network witnessed a total of 433 transactions worth $100,000.

Shiba Inu Whaling Transactions

Shiba Inu Whaling Transactions

Retail investors are back in action, driving up SHIB prices

Hayden Hughes, chief executive of social-business platform Alpha Impact, said,

Dogecoin and Shiba Inu both broke out over the weekend, clear evidence that retail investors are back.

Optimism among retail investors from Ethereum’s merger has fueled bullish sentiment among holders of the dog-themed cryptocurrency.

Analysts at FXStreet believe Dogecoin’s price rally is showing signs of exhaustion. For more details and price targets, check out the video below:

Shiba Inu awaits further updates and launches in its Metaverse push. One of the key factors driving the SHIB price rally was the launch of NFT card game Shiba Eternity.

Shiba Inu burns intensify

In the last 24 hours, a total of 82.9 million Shiba Inu tokens were burned in 15 transactions. Shiba Inu’s token burn is permanently removing SHIB from circulating supply. A small number of SHIB tokens in circulation is expected to increase the value of the Shiba Inu. In the last two hours, 2.5 million SHIB tokens have been burned.

Analysts are bullish on Shiba Inu prices in the short term

Analysts at FXStreet assessed the Shiba Inu price trend and revealed a short-term bullish outlook on SHIB. Shiba Inu price hit the target target of $0.00001550, posting a rally of almost 35% overnight. Analysts believe SHIB price is likely to target next $0.00001400 to $0.00001550.

SHIB-USDT 1-day price chart

SHIB-USDT 1-day price chart

Analysts believe that the lack of momentum signals an incoming correction in the Shiba Inu. Analysts assess the potential for Shiba Inu price declines in the video below:

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