Shiba Inu just got endorsed by a well-known celebrity, but is it enough to rescue it from its bleak outlook?

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Last Updated on June 8, 2022 by Bitfinsider

Analysts foresee a bleak outlook for the meme coin, as the Shiba Inu price continue to tumble. However,  Paris Hilton has expressed interest in promoting Shiba Inu.

Paris Hilton, an American actress and socialite, recently showed interest in cryptocurrency. Hilton is a Bitcoin and Ethereum investor who has recently shown an interest in the Shiba Inu metaverse.

Crypto Hilton’s support for the Shiba-Inu-themed meme coin has sparked speculation on Twitter. A tweet by Marcie Jastrow started a discussion about Hilton’s support for Shiba Inu coins. Jastrow is a former Technicolor executive who recently joined Shiba Inu to work on the metaverse of the project. “11:11” was cited cryptically in Jastrow’s tweet. Hilton used the same number in a tweet and encouraged followers to make a wish.

Hilton’s possible endorsement of the Shiba Inu coin’s metaverse sparked exciting speculation among ShibArmy members. Hilton has dabbled in the crypto and digital asset ecosystems. In early 2022, the celebrity released “Paris: Past Lives, New Beginnings,” a series of autobiographical non-fungible tokens (NFTs) on the Origin Story marketplace.

In exchange for their endorsements, it is well-known that influencers charge a significant sums of money

Prior to Hilton’s post, a list of how much key influencers charge for supporting cryptocurrency businesses leaked online. Big names like actress Lindsay Lohan, who charges $25,000 for a shill tweet and $20,000 for a retweet, were left from the spreadsheet. Lohan reportedly charges $35,000 for two tweets and one retweet as part of a package deal. The great majority of the names on the list provide a service that keeps their followers unaware that the tweet is part of a paid campaign.

Will the price of Shiba Inu nosedive?

In the meantime, technical analysts continue to study the Shiba Inu price chart. A descending triangular pattern has been found by analysts. Shiba Inu coin price is failing to sustain a vulnerable support level, according to Eno Ikenna Eteng. The evolution of this pattern in the Shiba Inu chart, according to the renowned crypto analyst, indicates a bearish continuation of the trend.

In this situation, the Shiba Inu price might quickly drop below $0.000000507, its all-time low. The conclusion of the descending triangle is marked by a breakdown of the daily chart, which might lead to a bloodbath and a plunge to $0.00000550.

However, a bounce is probable if Shiba Inu breaks through $0.00001202, invalidating the triangular pattern, according to the expert.

Yet despite the pessimistic outlook for Shiba Inu, the meme coin has continued to accumulate in the largest Ethereum wallet addresses. The top 100 Ethereum whales have yet to sell their holdings, with Shiba Inu coins worth more than $5 million.

A main driver of interest from large wallet investors has been found as an overnight rise in Shiba Inu burn rate. According to data from the Shibburn portal, 410.36 trillion Shiba Inu tokens have been destroyed thus far.


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.


Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: Above are some affiliate links and we may collect a share of sales or other compensation from the links on this page.
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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