I hope that you are in for some good news because there is quite a bit of that in today’s article. The biggest has to be the fact that Shiba Inu is showing a lot of promise, price-wise. The token has made so many gains in such a short time that some might say it is officially on the road to recovery.
But we’ll leave that for you to decide though, after reading this article. Hello everyone, and welcome to “The Proficiency Post”. First-time readers are also highly welcome. If you are looking for where to get regular Shiba Inu updates, plus a dash of general crypto news, you will feel right at home here.
Going right into it, the fact that Shiba Inu dropped to some new lows in the past weeks is no longer news. The drop was so low that an extra zero was added, pushing Shiba Inu farther away from its $1 goal.
Whales buying Shiba Inu in Bulks
However, in the past week, things have started to look up. It all kinda started with whales buying billions of Shib, which led to a significant jump in price. And then, just a couple of days ago, the price of the token jumped by an impressive 30% in just 12 hours, an action which has been associated with the announcement of the Shibarium Public Beta TestNet.
This has brought Shib’s cumulative price increase to an impressive 53% in just 7 days. If you stopped to think about it, this is really incredible. The fact that Shib has maintained such a high price increase for a week should mean that it is really on the path to recovery, shouldn’t it?
Even more so is the fact that the token has maintained a 10% increase over the last 30 days. According to Planet Crypto, “It is now trading at around the price SHIB fell to after the major Luna crypto crash of early May, consecutive crashes amid this bear market sent SHIB down even further, following the entire market.
Shiba Inu performance
SHIB, however, broke the broader cryptocurrency trends during the past week and outperformed the majority of other cryptocurrencies of a similar size. This places SHIB as the 9th greatest performer in the previous week among the top 100 cryptocurrencies.
However, it is the best performer in the top 15 cryptocurrencies.” Now, not only has Shib experienced or been experiencing an increase in its price, it has also experienced an increase in its trading volume.
Increase Trade Volume
The token saw an impressive 150% increase in trading volume, compared to the week before. And it’s not just Shib that has been experiencing this. Even BONE and LEASH have experienced a hike in trading volume; with that of BONE increasing by 41% and of LEASH increasing by 46%. Moving on from that, those who have been burning Shib on the Shib burn portal can expect their rewards to come in soon.
On June 26th, ShibaSwapDex posted this on Twitter:
SHIB Burn Portal Rewards Update: Ryoshi Vision rewards will be distributed in the next 48 to 72 hours. We know this has been long awaited for all, and did not expect such delays. We will post another update upon release & completion. Thank you for your patience, and support.
Considering after 26th June Shib burn rewards would be distributed anytime between one or two days. Now, whether these rewards have been the reason why people have been faithfully burning Shib or it’s just due to a love for the project, it is laudable that a lot of burns have been happening.
In just 24 hours, Shibarmy managed to burn about 8 billion Shib, bringing the token closer to a more profitable amount. It’s really anyone’s guess what this week holds for Shiba Inu. But if the performance of the past week is anything to go by, Shiba Inu could very well be on its way to recovery, and it is doing this better than most other cryptocurrencies right now.
Now, let’s expand our reach a bit here. So, it is pretty common knowledge that ETH is the second biggest cryptocurrency, after Bitcoin, but Ethereum is the biggest blockchain project. The reason Ethereum is this is that its platform is very flexible, which makes it attractive to developers and investors alike.
So, right now, Ethereum is the blockchain platform with the most DeFi and smart contracts projects. However, it looks like the tide is changing. In this whole crypto crash, Ethereum TVL experienced a huge drop from $158 billion in November 2021 to $48.80 billion in June 2022.
And some are saying that this drop is due to contagion fears in the DeFi industry. What’s more, CoinTelegraph records that “institutions have withdrawn $458 million this year from Ethereum-based investment funds as of June 17, suggesting that interest in Ethereum’s DeFi boom has been waning.”
Now, what does this have to do with Shiba Inu? Well. could the fact that developers are currently withdrawing from the Ethereum blockchain mean that there is even more of an opportunity for the soon-to-be-launched Shibarium?
We don’t exactly know what is causing institutions to pull out, but it could be because of how expensive it is to carry out transactions on Ethereum. It could mean that these institutions are looking for a faster and more affordable platform.
If it is true that investors and institutions are looking for faster and more affordable platform, Shibarium would definitely be launched into a waiting market, because, as has been mentioned time and time again, the idea behind Shibarium is to allow for quicker and more affordable transactions which are still very secure.
So, Shibarium should provide a home for these seeking institutions and developers. Anyway, what’s really peculiar about Ethereum’s price dip is that Bitcoin, which is the less flexible platform, has been doing a lot better.
For instance, both BTC and ETH have experienced price dips during this crypto crisis, but ETH’s price has dipped 5% lower than BTC’s price. What’s more, while Ethereum has seen investors and institutions pull out funds, Bitcoin has actually seen inflows of up to $480 million during the same period.
That said, CoinTelegraph has mentioned that
The ETH/BTC breakdown might coincide with an extended ETH/USD market decline, primarily due to the Federal Reserve’s quantitative tightening that has recently pressured crypto prices lower against the U.S. dollar. Conversely, weaker economic data could prompt the Fed to cool down on its tightening spree. This could limit Ether and the other crypto assets’ downside bias in the dollar market, per Informa Global Markets.
One more thing before we call it a day. Since Bitcoin made people millionaires for the first time a couple of years back, many people have been scrambling for the coin, hoping to be one of the next set of millionaires, and maybe even billionaires.
However, considering how expensive Bitcoin has been, going up as high as $69,000, a lot of people found it difficult to purchase. This is why as the coin dipped below $20,000, a lot of small-time investors decided to use that as an opportunity to grab as much as they could.
CoinTelegraph records that “the number of Bitcoin wallet addresses containing one BTC or more increased by 13,090 in just one week. While the number of addresses holding 1 BTC saw an immediate reduction in days to come, the crypto community on Reddit continues to welcome new crypto investors that hodled their way into becoming a wholecoiner.”
What this means is that a number of investors have used this price dip as an opportunity to buy 1 BTC at once. And then, some who were already holders of BTC, were able to use this opportunity to pad their investment portfolio to 1 BTC.
Is there anyone here who is also a holder of BTC? If you are, have you upgraded your portfolio to $1 BTC. And if you aren’t already a holder of BTC, do you plan on buying one? Whatever you do, make sure to do your own research and study the market before taking an step.
With that we come to the end of this post. If you enjoyed the article, then please share it with your friends.