A famous celebrity backs Shiba Inu, but can she save him from this bearish view?

  • Crypto twitter speculates about Paris Hilton’s involvement with Dogecoin competitor Shiba Inu.
  • The American celebrity recently became a Bitcoin and Ethereum investor, showed interest in the Shiba Inu metaverse.
  • Analysts reveal a bearish view of Shiba Inu and identify a bearish triangle pattern in the coin meme chart.

The price of Shiba Inu could fall as analysts predict further bloodshed in the coin meme. Famous American celebrity Paris Hilton has expressed interest in endorsing Dogecoin competitor Shiba Inu.

Paris Hilton is optimistic about Shiba Inu?

Paris Hilton, an American celebrity, socialite and actress has recently expressed her interest in cryptocurrencies. Hilton owns Bitcoin and Ethereum and has recently expressed interest in the Shiba Inu metaverse.

Crypto Twitter is speculating on Hilton’s endorsement of the Shiba-Inu-themed coin. The debate over Hilton’s endorsement of the Shiba Inu piece was sparked by a tweet from Marcie Jastrow. Jastrow is a former senior Technicolor executive who recently joined Shiba Inu to work on the project’s metaverse. Jastrow’s tweet cryptically referred to “11:11”. Hilton posted a tweet with the same number asking her followers to make a wish.

ShibArmy began speculating about Hilton’s possible endorsement of the Shiba Inu coin metaverse. Hilton has delved into the crypto ecosystem and digital assets. The celebrity deposited a series of non-fungible autobiographical tokens (NFTs) called “Paris: Past Lives, New Beginnings” on the Origin Story marketplace in early 2022.

Influencers known to charge large sums of money for approval

Prior to the Hilton story, a list surfaced online revealing how much top influencers charge for promoting cryptocurrency projects. The spreadsheet dropped big-name celebrities such as actress Lindsay Lohan, who charges $25,000 for a conspiracy tweet and $20,000 for a retweet. Lohan is apparently offering a $35,000 package for two tweets and a retweet. The vast majority of names on the list offer a service where their followers are not notified that the tweet is part of a paid promotion.

The price of the Shiba Inu may fall

Meanwhile, the Shiba Inu price chart continues to undergo technical analysis. Analysts have identified a pattern of descending triangles. According to Eno Ikenna Eteng, the price of Shiba Inu coins is at a fragile support level and struggling to hold. The leading crypto analyst believes that the movement of this pattern in the Shiba Inu chart implies a bearish continuation of the trend.

In this case, the Shiba Inu price could quickly fall to its all-time low of $0.000000507. A breakdown of the daily chart marks the completion of the bearish triangle, which would open the doors for carnage and a potential drop to $0.0000550.

The analyst has determined that a rebound is likely if Shiba Inu breaks above $0.00001202, in a move that would invalidate the triangle pattern.

SHIB-USD Chart

Ethereum Whales Continue to Accumulate Shiba Inu

Despite the bearish view of Shiba Inu, the largest Ethereum wallet addresses continued to collect the meme coin. The 100 largest Ethereum whales have yet to give up their holdings and have over $5 million worth of Shiba Inu tokens.

The sudden spike in Shiba Inu’s burn rate has been identified as a major driver of interest from major investors. So far, 410.36 trillion Shiba Inu tokens have been destroyed, based on data from the Shibburn Portal.

Shiba Inu burnt stock

Shiba Inu burnt stock

How Shiba Inu Price Can Validate Bearish Outlook?

Netcost-Security analysts believe that Shiba Inu price could validate the bearish outlook through the triangle pattern. Descending triangles are considered a bearish indication for any asset price. Analysts say it could cause a 26% drop, with a potential drop to $0.000074.

Akash Girimath, a crypto analyst at Netcost-Security, says hitting a bottom could lead to a significant purchase and accumulation of Shiba Inu, fueling a rally in the meme coin. Watch this video for more information:

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