Analysts predict more bloodbaths in the meme coin market. If this happens, many cryptocurrencies such as SHIB and DOGE will fall. However, the famous American media personality Paris Hilton has recently become interested in the Shiba Inu project. So what awaits the price of the popular meme coin? What do analysts predict? Will the support of Paris Hilton and other celebrities drive the rise of SHIB? Let’s examine it together.
Is Paris Hilton optimistic about Shiba Inu?
American celebrity, socialite, and actress Paris Hilton recently expressed her interest in cryptocurrencies. Actually, Hilton is a supporter who already owns Bitcoin and Ethereum. Recently, however, the Shiba Inu has also gained attention by expressing her interest in the Metaverse. The Twitter crypto community is speculating about Hilton’s endorsement of the Shiba Inu. The controversy over Hilton’s support for the meme coin was sparked by Marcie Jastrow’s post. As reported by Kriptokoin.com , Jastrow is a former senior executive of Technicolor. Furthermore, she recently joined Shiba Inu’s Metaverse project. Accordingly, Jastrow shared a tweet recently. The developer mentioned “11:11” in a cryptic way in his post.
https://twitter.com/ParisHilton/status/15335118489468722321
He made a post with the number and invited his followers to make a wish. So ShibArmy began speculating about Hilton’s potential endorsement of SHIB’s Metaverse. In fact, the famous name’s past interactions with cryptoassets strengthened the theory. In early 2022, Hilton published autobiographical NFTs called “Paris: Past Lives, New Beginnings” on the Origin Story marketplace.
Celebrities who advertise with money
Before Hilton, a list has emerged showing the fees that celebrities receive for promoting their crypto projects. The published spreadsheet featured big celebrity names like actress Lindsay Lohan. Accordingly, Lohan was advertising, charging $25,000 for a tweet and $20,000 for a retweet. It looks like the actress is selling it in a $35,000 package for two tweets and a retweet. The vast majority of names on the list run a service that their followers may not realize the tweet is part of paid promotion.
However, a world-renowned chef’s Shiba Inu move has drawn attention recently. Welly, Italy-based SHIB-themed burger joint, has partnered with world-renowned American chef Flynn McGarry. The collaboration was announced during the “Surprise Twitter Space Event” for Welly’s NFT launch. After the event, the partnership was also posted on Welly’s Twitter account. Accordingly, the deal includes McGarry creating a menu for the Shiba Inu-themed restaurant.
This truly is a special announcement for @wellyfriends. We are proud to announce that World-Renowned American Chef based in New York City, @diningwithflynn, has joined Welly to launch an incredible and tasty menu! 🍔
We’re so happy to have you in the #WellyFriends family! pic.twitter.com/9GmtudkINF
— WELLY 🍔 (@wellyfriends) June 9, 2022
SHIB getting ready for a blood bath?
Meanwhile, the Shiba Inu price chart remains the subject of analysts. Accordingly, analysts identified a descending triangle chart for SHIB. According to Eno Ikenna Eteng, the meme coin is at a vulnerable support level. It is also struggling to stay above this support level. The leading analyst says this pattern on the Shiba Inu chart shows that “price continues its downtrend.”
If this happens, the Shiba Inu price could drop to its all-time low of $0.000000507. A breakdown of the daily chart shows the descending triangle being completed. Accordingly, SHIB price is opening the door for a bloodbath and a potential drop to $0.00000550. The analyst added that a move that would invalidate the Shiba Inu’s triangle pattern would be to cross $0.00001202. He also noted that a jump is likely in this case.
What if SHIB makes a new bottom?
FXStreet analysts report that Shiba Inu price may confirm the bearish outlook through the triangle pattern. Descending triangles are considered bearish indicators for any asset price. FXStreet analysts predict a potential drop to $0.0000074. Thus, they argue, a drop of 26% could be triggered. However, analyst Akash Girimath predicts that bottoming out could trigger new buying pressure in the cryptocurrency. Thus, he says, with the buying pressure, the price of the Shiba Inu will go up.
Ethereum whales Shiba Inu continue to accumulate
The bearish outlook in Shiba Inu continues. However, the largest Ethereum wallets continue to accumulate meme coin. The top 100 Ethereum whales have not lost their holdings yet. Additionally, these wallets hold over $5 million in SHIB. In fact, the increase in Shiba Inu burn rate is predicted to be a major driver of interest in whales. According to data from the Shibburn platform, 410.36 trillion Shiba Inu tokens have come out of circulation so far.
