Shiba Inu Launches Burn Portal To Reward Shib Holders; plus our weekly BTC and ETH analysis
- Shiba Inu Launches Burn Portal To Reward Shib Holders
- Bitcoin/USD – Chop Til’ You Drop
Shiba Inu Launches Burn Portal To Reward Shib Holders
The Shiba Inu team has launched a Shib burn portal to decrease the supply of the tokens while also rewarding Shib holders with passive rewards. Shiba Inu is a meme coin that was launched in 2020 by pseudonymous developer “Ryoshi” as an experiment and is known by many in the crypto community as a counterpart to Dogecoin. The Shiba Inu team stated that the burn portal was created specifically to increase the scarcity of Shiba Inu. There will be two incentives for users to burn Shib tokens. The first incentive is that burning tokens will reduce the circulating supply of the token, thus making it more scarce and valuable. The second incentive for Shib burners is that they will receive another token known as “BurntShib” in their Ethereum wallet, which will pay holders in Ryoshi rewards. On Monday the Shib burning portal went live and the official Shiba Inu twitter page tweeted that within the first 24 hours of the portal launch, over 8 Billion Shib were burned. The portal was launched in collaboration with Ryoshis Vision (RYOSHI), an ERC-20 token aimed at supporting growth of Shib’s ecosystem.
Bitcoin/USD – Chop Til’ You Drop
BTC Daily Chart
BTC Weekly Chart
At the time of writing, Bitcoin is priced at about $39k around the same level that it was last week. Bitcoin is still chopping back and forth as the market seems very indecisive on the next move. As we also stated last week, bitcoin is at the midpoint of the range and price has consolidated at this level as we await the next move. A bounce from this area would be the bullish scenario while a daily close under this level would ultimately lead to the bearish scenario. If price can manage bounce from here I believe that we could revisit the $44k level. A daily close under the midpoint level would lead me to believe that we revisit the range low.
Bitcoin Bull Scenario
Bitcoin holds the current level and retests the $44k resistance while possibly flipping it back into support.
Bitcoin Bear Scenario
Bitcoin loses the midpoint level and I believe we drop to the range low around $34k or lower at the $30k level.
ETH Daily Chart
ETH Weekly Chart
At the time of writing, Ethereum is priced at $2986 and has remained choppy similar to bitcoin. At the moment it seems that sellers still have the upperhand. When looking at the weekly timeframe it seems that Ethereum has lost the $3k level on a closing basis and is giving a bearish retest from below. If the $3k level cannot be reclaimed soon I would expect the $2.7k area or lower to act as support again.
Ethereum Bull Scenario
Ethereum reclaims the $3k level and pushes back up to the $3.2 – $3.6k level
Ethereum Bear Scenario
Ethereum loses the $3k area and we look for either $2.7k or the $2.3k level to act as support.