Popular cryptocurrencies weakened sharply over the past 24 hours due to a sudden spike in volatility. The majority of the altcoins crashed due to the overall weakness in the cryptocurrency market. As a result of the ongoing marketwide dump, BTC’s 24-hour losses lay in excess of the 5% mark.
Among the top Altcoin, Ethereum has lost 6.1%. Meanwhile, Cardano Price is one of the worst performers with an 8% loss. Meme Coins After being trapped inside a tight trading range for several days gradually declined in price. DOGE Price has plunged 9% trading at $0.2174, SHIB Price dropped by 2% trading at $0.000007503.
Recently, Shiba Inu got listed on coinbase pro, and as a result, SHIB price surged more than 30 % in one day. Since the May crash, this was the highest single-day growth. With an extended rally, the token rose more than 55% from September 13th to 17th. However, the meme token failed to sustain the rally and retraced 17% since then the price is consolidating within the $0.00000963 level.
Shiba Inu Price Analysis
At Press time the Dogekiller dropped by 2% trading at $0.000007503. SHIB made a false breakout of the resistance at $0.00000793 it seems that sideways trading is relevant. The immediate support lies at $0.0000062, in case the SHIB Price drops below this level we can expect an extended bearish trend.
Now, SHIB is currently consolidating between two crucial barriers, anticipating a volatile move.
Will SHIB Price Reach $0.00001115 ?
The meme token is currently consolidating between the $0.00000768 and $0.00000835 levels as the buying pressure is in the same league as selling pressure. Thus, we may expect the SHIB price to rally and test the major resistance level at $0.00000963. On a successful breakout, an extended uptrend can take the token price to $0.0000101 which is quite unlikely looking at the current market sentiments.
On the flip side, if the SHIB price fails to hold $0.00000768 support, the price may drop near the $0.00000654 support level with a more than 15% plunge. However, the extended bearish trend can take the price down to the $0.00000549 level.
New SHIB Whale Holds 3.2 Trillion Shiba Inu Tokens Amid Accumulation Spree
An anonymous buyer has over 3.2 trillion SHIB tokens in his possession after a recent accumulation spree
According to WhaleStats, the crypto market has witnessed the birth of a new SHIB whale. The anonymous buyer, who has been on a recent accumulation spree, now holds nearly 3.2 trillion SHIB tokens.
In three large transactions, the SHIB whale bought $120,342,829 million worth of Shiba Inu to join the growing list of large holders for the dog-themed coin.
Woof! Woof! 🐕
👏🤔 New #SHIB whale was born!!!
Holds 3,243,484,849,528 $SHIB ($120,342,829 USD)
Welcome to the #ShibArmy Family! pic.twitter.com/vM4Ei3SHlg— WhaleStats – the top 1000 Ethereum richlist (@WhaleStats) December 8, 2021
The first large transaction appeared on the blockchain about two days ago when the whale bought nearly 3.15 trillion Shiba Inu tokens, or $105,487,757 worth. This was followed by two transactions within a period of 30 minutes of 84.7 billion SHIB ($3,233,066) and 8 billion SHIB ($275,776) on Dec. 7.
As of press time, SHIB was trading at $0.00003620.
SHIB adoption continues to grow
As reported by U.Today, SHIB is now listed as a payment method on Travala.com to book over 3 million travel products worldwide. California-headquartered electronics seller Newegg stated in late November, integrating Shiba Inu through a partnership with payment processing service BitPay.
Likewise, AMC, the number one movie theater chain in the world, became the first BitPay customer to decide to accept Shiba Inu. In mid-November, CEO Adam Aron confirmed that the new payment option would be added in early 2022.
Dogecoin Killer Shiba Inu to Start Trading on Bitstamp
Despite snubbing Dogecoin earlier this year, Bitstamp has now listed rival Shiba Inu.
Bitstamp, one of the longest-standing cryptocurrency trading platforms in the world, has listed Shiba Inu (SHIB) in what appears to be one of the most significant endorsements for the meme coin to date.
Deposits and withdrawals have already been opened, with trading kicking off on Dec. 9 at 8:00 a.m. UTC.
Apart from Shiba Inu, Perpetual Protocol (PERP), dYdX (DYDX) and Gala (GALA) have also been added to Bitstamp.
It is worth mentioning that the aforementioned cryptocurrencies will not be available in the U.S. and Singapore for now.
As reported by U.Today, Bitstamp also listed Cardano (ADA) in late November.
Quality over quantity
Bitstamp, which was launched all the way back in 2011 as a European alternative to the now-defunct Mt. Gox exchange, is known for its strong emphasis on regulatory compliance.
Sticking to its conservative listing policies, the Luxemburg-headquartered exchange chose to ignore Dogecoin despite the immense retail interest that pushed the price of the original meme coin through the roof in early 2021.
Bitstamp CEO Julian Sawyer commented on the snub in September, claiming that the exchange chooses quality over quantity. He took issue with centibillionaire Elon Musk’s influence on Dogecoin’s price action:
The issue is that if you go to some that are hyped up by a billionaire’s tweet, or crashes on a billionaire’s tweet, we don’t think that’s right.
Bitstamp remains the largest European exchange by trading volume.
SHIBA INU Forecast December 8, 2021
SHIBA INU is trading at the time of the publication of the forecast at the level of 0.00003715, and continues to move within the correction and the downward channel. Moving averages indicate a bullish trend. Prices broke through the area between the signal lines upward, which indicates pressure from buyers of the coin and a potential continuation of growth from the current levels. As part of the SHIB/USD rate forecast, one should not consider an attempt to develop a bullish correction in the value of a digital asset and a test of the resistance area near the level of 0.00003995. From where a rebound is expected again downward and an attempt to continue the fall of the SHIBA INU cryptocurrency with a potential target below the level of 0.00003005.
SHIBA INU Forecast December 8, 2021
An additional signal in favor of reducing SHIB/USD quotes for tomorrow will be a rebound from the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the descending channel. Cancellation of the growth option for the SHIBA INU cryptocurrency will be a fall and a breakdown of the 0.00004695 area. This will indicate a breakdown of the resistance area and continued growth of SHIB/USD quotes with a target above the level of 0.00004995. Confirmation of the fall in the cryptocurrency will be the breakdown of the support area and the closing of quotations below 0.00003155.
SHIBA INU Forecast December 8, 2021 suggests an attempt to develop a small correction of the coin and test the resistance area near the level of 0.00003995. Then, the continuation of the fall to the area below the level of 0.00003005. An additional signal in favor of reducing SHIBA INU will be a test of the trend line on the relative strength index (RSI). Cancellation of the fall option will be a strong growth and a breakdown of the 0.00004695 area. This will indicate a continued rise in the cryptocurrency with a target above the level of 0.00004995.