- Shiba Inu price has bounced back as the meme coin partners with Travala, SHIB can be used to book flights, hotels, and supercars.
- 101.6 million Shiba Inu tokens were burned overnight, increasing burn rate could fuel recovery.
- Analysts set a bullish target of $0.000014 for Shiba Inu, predicting a recovery in the Dogecoin-killer.
Shiba Inu has witnessed explosive growth in its utility. The meme coin can now be used to book supercars, travel bookings, and flights, in addition to being accepted at fast-food restaurant chains. Analysts are bullish on Shiba Inu’s recovery after the recent slump.
Also read: Shiba Inu burn rate plummets with Ryoshi disappearance, SHIB could crash like Terra’s LUNA
Shiba Inu utility gets massive boost with new partnership
The Shiba-Inu-themed cryptocurrency has seen a boost in its utility with the Travala partnership. Travala.com is a leading travel agency that enables users to book flights, hotels, trips, and even supercars like Ferrari, Lamborghini and Rolls-Royce.
Shiba Inu community members can pay for McLaren, Aston Martin and Bugatti ride bookings with their meme coin. XcelTrip, a travel-booking platform similar to Travala, recently adopted Shiba Inu as a payment method, allowing users to pay for their trips and related expenses through SHIB.
Shiba Inu is now accepted at Travala’s, and users can spend their SHIB tokens in exchange for travel bookings and hailing services like booking rides throughout the trip. Proponents have heavily criticized Shiba Inu for its lack of utility and real-world adoption, so through Travala’s partnership, Shiba Inu could witness a rise in its adoption.
Shiba Inu burn continues, 101.6 million SHIB burned overnight
Token burn is one of the critical features of Shiba Inu that reduces the meme coin’s circulating supply. Over the past 24 hours, 101.6 million Shiba Inu tokens have been burned, and a total of 410.36 trillion tokens were destroyed.
Shiba Inu tokens sent to dead wallet addresses are pulled out of the Dogecoin-killer’s supply. This reduces the number of SHIB tokens in circulation and eases the selling pressure on Shiba Inu across exchanges.
Shiba Inu is headed to the opportunity zone
The 30-day Market Value to Realized Value (MVRV), a metric used to assess whether a cryptocurrency is above or below its “fair value” based on data from Santiment, Shiba Inu is nearing the “opportunity” zone with present accumulation. If the metric indicates a rating of -10 to -15%, it implies short-term holders are losing money, and a change below -10% is referred to as the “opportunity zone.” When short-term holders are less likely to sell, there is accumulation, and long-term holders congregate.
The 30-day MVRV for Shiba Inu recently dropped below two local bottoms at -34% and -44%. Therefore, holders accumulated the meme coin.
30-day MVRV Shiba Inu
The 1,000 largest Ethereum whale addresses are holding $621.6 million in Shiba Inu tokens, based on data from WhaleStats. Whales have been more active in the last 24 hours, and there was a spike in activity (transactions higher than $100,000). An increase in whale activity is typically considered bullish for the meme coin.
Analysts set bullish target for Shiba Inu
Analysts at FXStreet evaluated the Shiba Inu price trend and noted there is low liquidity in SHIB. The upside for Shiba Inu is capped at $0.0000128. However, a breakout past that could push the price to $0.0000143.
If the Shiba Inu price plummets between $0.0000107 to $0.0000111, the meme coin could retest its lower limit and offer market participants the opportunity to accumulate.