According to the chief developer of Shiba Inu, Shiba is not a pump and dump scheme.
The chief developer of Shiba Inu has said on Twitter that the cryptocurrency does not function as a pump and dump.
Friday TOP comment 🏅 pic.twitter.com/5JtWY0n5Kv
— ♛Gossip Shib♛ (@GossipShib) July 29, 2022
Shib team is always focusing on increasing coin utility. The coin has done enough to remove the status of the meme coin. Accepted as payment by thousands of retailers and available for trading on all world top exchanges, the shib team is busy building SHib metaverse, decentralized exchange, games, and doing partnerships with the likes of John Richmond to prove Shib worth.
Meanwhile, as prices rise, SHIB shorters were burnt, bringing the total number of SHIB liquidations to $17.14million.
Bitfinex’s Shiba Inu trading pair had the single biggest liquidation, with an estimated value of $5.57 million.
In related news, as the cryptocurrency market begins to show signs of improvement, top Ethereum (ETH) whales continue making aggressive moves to increase their holdings in SHIB. As reported by The Crypto Basic, two whales have accumulated above 1 trillion coin in the last few days.
How Shiba Inu’s Price is Doing
The price of Shiba INU is now moving upwards inside an ascending triangle, which indicates that a substantial bullish trend is developing. Since it suffered such a significant loss in May 2022, the asset has been making several efforts to climb back up to a level higher than $0.000013.
The RSI is now consolidating inside its middle bands and is getting ready to make a new high, which is another piece of evidence that the indicators are quite positive for the SHIB price. While it seems that the bears have no space to maneuver given that the MACD is positive and there is no selling pressure: