'Dogecoin Killer' Shiba Inu Drops 12% In 7 Days, But 'It's Not Done Yet,' Says Trader

Zinger Key Points
  • Despite a 12% drop over the past week, traders remain optimistic about the meme coin’s performance.
  • Shibarium notes a spike in new accounts and transactions.

‘Dogecoin Killer' Shiba Inu's SHIB/USD recent price drop did not stop traders from remaining optimistic about the meme coin. Positive community developments cushion the meme coin's price.   

What Happened: Lookonchain data shows a whale withdrawing 353.8 billion SHIB, worth $6.6 million, from Binance. This added to the whale's existing position, taking the current balance to 838.9 billion SHIB, worth $15.5 million. The whale's current profit on SHIB stands at $6.12 million.

Lucie, the marketing lead of Shiba Inu, highlighted that Shiba Inu is not just a meme coin but can be used for making payments to businesses. In the entertainment sector, SHIB users can purchase movie tickets, concessions and merchandise at AMC Theatres and Regal Cinemas.

In another development, Lucie revealed that Shiboshis, an NFT, can soon be used to play and earn in a SHiba Inu game.

Price Action: In the past 24 hours, SHIB is trading at $0.00001862, up 1.8%.

Also Read: Is Shiba Inu Getting Ready For A Pump? Burn Rate Surges 84,642%

Why It Matters: Trader Eljaboom voiced optimism on Shiba Inu, pointing out that "SHIB was one of the top performers of the last cycle, and it’s not done yet."

In the past 24 hours, Shibburn data shows 2.2 million coins burned in one transaction and 5.4 million coins removed in another transaction.

Shibariumscan data notes new transactions growing from 5,768 on June 18 to 9,214 on June 19. New accounts increased from 39 to 68 and active accounts from 746 to 782 over the same timeframe.

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: Dogecoin, Shiba Inu, Floki Are ‘Dino Coins,’ Says Trader: He Likes These 3 Other Meme Coins As ‘Blue Chips’

Image: Shutterstock

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