Overview

• Shiba Inu (SHIB) is currently experiencing a bearish trend in the market.
• Shibburn, an initiative to burn Shiba Inu tokens, has announced that it will be unveiling new Web3 projects in the near future.
• WhaleAlert reported that three large sums of SHIB tokens, estimated to be worth $65 million, were transferred between whale wallets.

Shiba Inu Sparks Excitement With Web3 Marketplace And Wallet

Shibburn, an initiative to burn Shiba Inu tokens, has announced that it will be unveiling new Web3 projects in the near future. These projects will be integrated into the redesigned Shibburn website and will include a marketplace, a wallet, and other exciting features that will be fueled by the Shib token. Additionally, data from the Shibburn transaction tracker shows that over 1 billion SHIB were eliminated from circulation in the last seven days alone. This is a 45% decrease from previous weeks destruction rate but is still at a relatively high level.

Whales Accumulating SHIB Tokens

WhaleAlert has reported that three large sums of SHIB tokens, estimated to be worth $65 million, were transferred between whale wallets today. It seems these transactions were made due to upcoming launch of SHIB’s products. The total amount of tokens sent was more than six trillion SHIB which indicates whales are not missing any chance in accumulating the token during dips.

SHIB Price Will Drop More For A Fresh Reversal

On the daily time frame chart, Shiba Inu price exhibits a steep downtrend since its all-time high at $0.42 on March 15th 2021 until now where it trades slightly above $0.04 per coin with no signs of reversal yet according to this chart analysis conducted by CryptoBirb on Twitter:

The analyst suggests potential buying zones for short term traders with support levels around $022 and long term holders may find entry points around $0 017 or lower if they can wait for further dip as he believes prices may drop down further before rebounding again towards its all time high mark or higher given its current network developments and burning events going on right now within its community and ecosystem players such as whales buying up coins during dip times etcetera..

Conclusion

Overall it looks like there are some positive developments happening within Shiba Inus community which could potentially lead to some bullish action soon if everything goes according to plan so traders should keep an eye out for potential buying opportunities while long term holders should also consider entering positions at lower prices if they have enough patience waiting for further dip before taking their profits off table later on down road once conditions improve significantly over here..