The Shiba Inu community predicted a 111 trillion SHIB fire, which prompted SHIB holders to be bullish.
- According to Shiba Inu, the next year could see 111 trillion SHIB being burned.
- SHIB owners might have anticipated a positive sign when they noticed a large fire.
- Crypto’s price is set to recover its losses, according to analysis of the SHIB chart’s rising formation
A surge in the meme coin’s value has occurred over the past two month due to the Shiba Inu burning events. Concerns remain for the SHIB community.
SHIB BPP shared the prediction of 111 trillion Shiba Inu burning over the next 12 months on their community-focused discord channel.
In the coming year, according to SHIBQueenie, the community’s Discord channel admin, 111 trillion could be destroyed.
BTC and SHIB decouples
CoinMarketCap says that SHIB is at $0.00001305 or 1.99% plunge as of the time this article was written.
Shiba Inu’s 30-day price trend was only 0.25 (or 25%) with Bitcoin. One interpretation is that the price of SHIB is becoming increasingly uncorrelated with Bitcoin’s, suggesting that broader market fluctuations have less of an effect on its value.
The 30-day correlation of Bitcoin with the stablecoins USDT, USDC and Binance USD was respectively 0.21, 0.23 and 0.27. Polygon (MATIC), another crypto, has a strong connection to Bitcoin with a correlation up to 0.96.
For investors looking to diversify their portfolios in case Bitcoin’s price underperforms, crypto assets with a low or negative correlation to Bitcoin may be helpful hedges.
SHIB saw an astonishing 35% price increase in August. The SHIB Price briefly separated itself and Bitcoin.
Shiba Inu Games Director brings Shiba Eternity to Gamescom
Gamescom will feature Shiba Eternity, an collectible card game.
A major gaming fair and festival would encourage Shiba Inu adoption, and help increase the popularity of Shiba Inu owners.
William Volk, director of Shiba Inu will be attending Gamescom to represent the meme coin initiative.
Annually, new products and services are displayed at the gaming fair by game companies and publishers.
Shiba Inu experienced 14% losses during the past week. SHIB holders hope the Dogecoin-killing me coin will rebound soon.
SHIB could be in for better times. Shiba Knight, an analyst and trader who goes by the alias Shiba Knight, noticed that the Shiba Inu price chart was rising and predicted a recovery of the meme currency.
Meme coin experts agree that the currency will soon see a revival. SHIB bulls are likely to push the meme coin higher.
SHIB market capital at $7.25 Billion according to the daily chart. Source: TradingView.com| Source: TradingView.com Featured image by BeChewy. Chart from TradingView.com