Today, though Bitcoin is slightly bullish and struggling to have a grip, altcoins are trying their level best to keep the bulls intact. The leading altcoin, Ethereum, is up by almost 0.30% pushing other altcoins too. This has resulted in most of the altcoins like Tether, UDST, Solana, Cardano among others to find the upper pace.
On the other hand, the altcoins that are still under bearish control are the Doge killer, Shiba Inu, BNB, and XRP along with others.
Shiba Inu did gain quite a positive attention after the currency got listed on the Robinhood platform. However, the meme currency, Shiba Inu has now plunged by 0.47% over the last 24hrs trading at $0.00002585.
Analysts have set the upper target at $0.0000454 and if the bull run continues, the price might see climbing towards $0.0000500. On the other hand, if Shiba Inu drops, the price might find support at $0.0000211.
Shiba Inu To Surge As Supply Plunge
Over the past two weeks, Shiba Inu’s price has dropped nearly 5%. According to Shiba Inu supporters, there are two reasons that can fuel the SHIB price. The first is the recent 2.41 million Shiba Inu’s burning that was transferred to infero wallets. This transfer of SHIB tokens to a wallet that is dead has been withdrawn from circulation resulting in a supply crisis.
The second reason for Shiba Inu’s bull rally is the Whale accumulation. During the bear cycle, large Ethereum wallet investors have continuously accumulated Shiba Inu that has increased their SHIB holdings, and made their portfolio versatile.
In recent days one of the Ethereum whales made a purchase of $20.4 million worth of SHIB that has now given a bullish hope to the investor community.
Previously, the increased Shiba Inu scarcity and demand had pushed Shiba Inu’s rally.