The increase in the Shiba Inu (SHIB) burn rate is creating a bullish sentiment among investors. Analysts, on the other hand, have a bearish view of the SHIB price. Meanwhile, NFT trading volume on Ethereum decreased by 28.5% weekly. Analysts say that this drop is an indication of the decline in Ethereum prices.
SHIB Army crusade continues with massive SHIB burn
Shiba Inu continued to burn massive amounts of SHIB tokens over the weekend. The circulating supply of Shiba Inu has decreased consistently with the increase in the number of tokens sent to dead wallets. Most of the 719 million burns took place over the weekend. The burn rate increased by 136% with the increase in the burning of SHIB tokens.
According to data from Shibburn, a total of 410.35 trillion tokens have been destroyed since inception. With several community initiatives, SHIB tokens have consistently declined, with a total of 225.2 million tokens destroyed overnight and 719 million in the last 48 hours. Meanwhile, the announcement of the new SHIB Burn Visa card on July 25, 2022 fueled a bullish sentiment among cardholders. This was followed by the slogan “Make Payment, Burn SHIB” on crypto Twitter.
Whales receive SHIB; The number of holders is increasing; Analysts predict collapse
According to data from WhaleStats, Ethereum whale addresses hold $646 million worth of SHIB. Meme-coin joins the whale portfolio along with top-rated cryptocurrencies MATIC, MANA and LINK. Meanwhile, SHIB is the largest holding in the whale portfolio with USD value.
cryptocoin.com As you follow, Shiba Inu continues to break records in the total number of addresses in its network. SHIB has 1,215,000 holders. In addition, the increase in the number of holders indicates long-term investor interest. Analysts consider this a positive sign for the Shiba Inu ecosystem and SHIB holders. On the other hand, analysts at FXStreet are predicting a 26% crash in the Shiba Inu price.
Why is NFT activity important on Ethereum?
The STACKS Podcast recently explored the relationship between Ethereum and the NFT floor price. NFT Twitter’s leading influencer and authority, Punk9059, joined the podcast to share his thoughts on the relationship between the leading altcoin and NFT floor prices.
When Ethereum climbed, it has historically been positive for NFT prices, although most investors are pricing their digital art and collectibles in ETH. Therefore, Punk9059 says that Ethereum price and NFT floor prices have a direct correlation.
Relationship between Ethereum and NFT floor pricesRelationship between Ethereum and NFT floor prices
The drop in ETH price has resulted in capital outflows from NFTs as investors withdraw cash from variable assets including jpegs. Therefore, higher ETH prices are the dream scenario for NFT holders as they push the floor prices higher.
NFT marketplaces’ monthly volume was $626.11 million on July 30, down 41% from June 2022. An interesting idea is that July is the first month with more unique sellers than buyers. Unique buyer and seller wallets outlasted the volumes. NFT volumes fell for the first time year-over-year on July 30, 2022.
OpenSea Volumes: 2021 and 2022Meanwhile, NFTs, Ethereum’s dominant gas consumer, are experiencing a slump in trading volume. Checkmatey, a leading analyst, sees this as a sign of declining demand. Therefore, ETH price is likely to decline in line with the decreasing demand.
NFTs are the dominant gas consumer on Ethereum, and have been for a while.
This is low demand.
Cautious of prices folks, not seeing demand growth to support it. https://t.co/6EXZpCuyQZ
— _Checkɱate 🔑⚡🦬🌋☢️🛢️ (@_Checkmatey_) July 31, 2022
Analysts predict ETH price will pull back to $1,500
A crypto analyst by the pseudonym Wolf is looking at Ethereum’s recovery, which began on July 22, 2022, in a V shape. The first target of $1,685 was hit. The analyst’s next two targets for ETH are $2,492 and the third is $3,373. The analyst claims that Ethereum price pullback to $1,500 is guaranteed provided it completes the V-shaped recovery predicted in the altcoin roadmap.
ETH price chartMeanwhile, analysts at FXStreet are discussing the possibility of Ethereum price dropping to $300.
