Ekta Mourya
FXStreet
Shiba Inu powered the world’s first fast-food NFT for burger joint Welly on its network. Phase one went live on June 9, 2022, and the mint has started. Analysts remain bearish on Shiba Inu price recovery.
Shiba Inu’s “Eat Wellys” NFT collection is designed by @chico_rata. The collection features 10,000 NFTs, each with different attributes and combinations. A total of 140 attributes, normal, rare and unique, are distributed among the NFTs, and the minting will take place in different stages.
Phase one of the mint started on June 9, 2022, at 8:00 PM UTC and over a twelve-hour period, LEASH and Shiboshi holders minted Welly NFTs, even if holdings were locked in staking. In the last twelve hours of the phase, BONE and Shiba Inu holders have exclusively been invited to mint the fast-food NFTs. Phase two starts at the end of phase one, and phase three will be a public sale.
The NFT project is special as it is the first collection directly linked to a real-world business, the Welly food joint, powered by Shiba Inu. The collection is available for sale on OpenSea, a peer-to-peer marketplace.
https://t.co/t0nFXv4Ib6
MINT NOW pic.twitter.com/UQxLvWZWXn
Despite the launch of the unique NFT collection and the upcoming upgrades in Shiba Inu, analysts have a bearish outlook on Shiba Inu. Shiba Inu price could fail to recover from its recent slump.
FXStreet analysts evaluated the Shiba Inu price trend and predicted a 20% price drop in the meme coin. Analysts believe Shiba Inu price has confirmed the descending triangle pattern, a bearish indicator and the meme coin could witness a 20% decline in its price. For more information, watch this video:
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XRP is set to possibly print a new low by or over the weekend as another batch of dollar strength roils markets and makes every risk asset slip to the downside. With cryptocurrencies in the forefront of these headwinds, interest and buying power could wind down, opening room for bears to go in for the kill and possibly trigger new lows for 2022, erasing the small incurred gains from May and June in the process. Expect to see bulls squashed like flies against the wall and finally squeezed out of their positions around $0.37 before price drops like a stone some 18% towards $0.30.
The creator of Cardano has announced changes in IOHK’s plans for the Vasil hard fork in response to the LUNA crash. Hoskinson told ADA's community that the de-peg and decline of Terraform Lab’s sister tokens LUNC (previously known as LUNA) and TerraUSD (UST) have prompted developers to be more careful in implementing future upgrades.
Shiba's burn rate has plummeted 70.7% overnight, over half of the meme coin’s supply is under circulation. Shiba Inu coin price hit its lowest level in eight months, seeing a rise in selling pressure across exchanges. On-chain activity in SHIB coin has dropped 94% since November 2021, alongside shrinking social dominance.
A brief technical and on-chain analysis on Ethereum price. Here, FXStreet's analysts evaluate where ETH could be heading next.
BTC is at a point in its journey through the bear market where investors are split into camps that are expecting a relief rally, a continuation of the crash and a full-blown bull rally. Interestingly, none of the aforementioned theses is wrong per se.
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