Shiba Inu remains in a sideways trend as seen on its daily chart, but the range has narrowed even more over the past four days. A tight trading range on low volume is usually a good indicator of upcoming volatility or movement. After showing signs of a potential trend reversal over the past week, the market was once again disappointed as the major coins returned to their local support levels.
SHIB/USD daily chart, courtesy of TradingView
In this case, Shiba Inu remains in a tight range between $0.0000112 and $0.000012. At the time of publication, SHIB was trading at $0.0000119 after hitting daily highs of $0.000012. The daily chart’s RSI has flattened above the oversold level of 30, indicating a likely near-term consolidation or range before a larger move.
— MILKSHAKE (@shibainuart) May 22, 2022
Shiba Inu last went parabolic in October 2021 when the price rose sporadically and hit an all-time high of $0.000088. SHIB, meanwhile, has attracted a significant number of investors despite being 86.42% below its all-time high. Current data indicate the current Counting Shiba Inu keepers as 1,167,079. At the end of April, that number was around 1,139,000, indicating that SHIB has added nearly 20,000 new holders since May.
In addition to ordinary investors, more and more companies are accepting Shiba Inu as a form of payment. Recently, the Swiss watch manufacturer Tag Heuer announced that it would accept Shiba Inu along with Bitcoin and other cryptocurrencies.
Shiba Inu lead developer Shytoshi Kusama recently shared a tweet in a chat with energy drink brand Red Bull. Although the main developer didn’t share the details, the tweet could indicate that talks about a future collaboration are underway. Market observers believe that this could have a positive impact on the SHIB price. Other positive developments are also expected in the coming weeks.
On May 21, the lead developer wrote, “Thank you for letting me be silent this week. Next week things will get interesting. I also saw some AWESOME artwork from @PlaysideStudios for our Shib CCG. I can’t wait to share them. great co-workers!”
22 billion Shiba Inu burned by the SHIB community per Shibburn
Corresponding Shibburn’s Twitter handle, more than 22,200,398,699 SHIB were burned and 497 transactions were carried out. Likewise, in the last 24 hours, a total of 452,370,514 SHIB tokens were burned and 41 transactions were reported by Shibburn.
In the last 24 hours it was a total of 452,370,514 $SHIB burned tokens and 41 transactions. Visit https://t.co/t0eRMnyZel to see the grand total of #SHIB burned tokens, circulating supplies and more. #shibarmy
— Shibburn (@shibburn) May 22, 2022
That number had risen to 474,970,485 SHIB at press time, with the Shiba Inu burn rate increasing by almost 100%. While not guaranteed, burning will remove tokens from circulation, creating a shortage that could ultimately affect the price.