Shiba Inu is making headlines in the cryptocurrency market. Its price takes off 200% in a week. The trigger, a tweet from Elon Musk? Questionable.
Shiba Inu and Dogecoin are posting a substantial rise in value this week. This is even more true for the SHIB course, which shows just over 200% growth in the last 7 days.
For many observers, it is a tweet by Elon Musk that would once again be at the origin of this bullish movement. Rumors about Robinhood’s addition of the Shib also fuel this phenomenon.
Shiba Inu whales at the maneuver
But not all analysts share such a favorable opinion as to the influence of Elon Musk, including accidental, on the price of token memes. As CoinDesk suggests, the rise is more likely to be driven by SHIB whales.
This is what the blockchain data suggests. These large holders of Shiba Inu tokens would be at the origin of transactions of very substantial amounts. And it is only then that the purchase by the retail market would have accentuated the trend.
Blockchain analysis specialist Santiment identifies an increase in the number of transactions of more than $ 1 million. A whale proceeded on September 30 to the purchase of 6,000 billion SHIB tokens.
This transaction took place just days before the crypto-asset price skyrocketed. Our American colleagues also note that purchases by whales take place shortly after the resale of 50 trillion tokens.
Robinhood refuses to comment
Recall that Vitalik Buterin donated these tokens to the Indian Crypto Covid Relief. The NGO announced on September 23 the end of the conversion of this capital into USDC stablecoin. This transaction was led by Wintermute, a market maker.
Sale, then purchases by the whales of very large volumes of SHIB, would therefore explain the current surprising surge in the price of the token. These triggers could also suggest its sudden stop. Moreover, the SHIB is currently losing 27% over 24 hours.
What seems more certain at the moment is the lack of correlation between Elon Musk’s tweet and the price rise. So not sure that it is necessary in the future to monitor its messages to anticipate a future growth in the price of the token.
As for his arrival on Robinhood, the broker says he does not want to comment on this rumor. This is not a formal denial. We will therefore have to wait a little longer to get the final word in this matter.
Premiere League Clubs Under Investigation Over Dubious Crypto Partnerships
The English Premiere League is investigating questionable crypto deals.
The English Premier League will take a closer look at the increasing number of cryptocurrency deals signed by its clubs, The Times reports.
The top tier of the country’s football pyramid doesn’t regulate such partnerships.
The news comes after Manchester City had to put a cryptocurrency deal on hold after it came to light that none of the executives mentioned in the press release had any sort of online presence. This gave ground to speculation about whether or not the company actually exists.
According to the Times, the EPL itself is mulling over forming a tie-up with a non-fungible token platform for issuing digital collectibles.
Strapped for cash, clubs view cryptocurrencies and NFTs as a viable source of revenue, but they are also concerned about their negative impact on fans.
Shiba Inu Whales Gobble Up Billions Worth of SHIB Following Announcement of New Gaming Partnership
Crypto whales are loading up on more Shiba Inu (SHIB) following news of the altcoin project’s potential expansion into the metaverse.
Whale-tracking platform WhaleStats reports that of the top 100 Ethereum wallets holding SHIB, the average balance increased by a whopping 42.7% to 2.523 billion in the past 24 hours alone.
The quick accumulation puts the average value of Shiba Inu sitting in each of these wallets at over $100 million at time of writing.
The massive accumulation comes in the wake of the Shiba Inu team announcing that the company has hired gaming industry veteran William Volk to help guide its foray into the metaverse.
Volk brings decades of video game experience to his new role, including having previously served as vice president of technology for industry leader Activision.
In a blog post by SHIB developer Shytoshi Kusama, he explains that while the overall project remains decentralized, Shiba Inu Games will utilize skilled contractors to create a product compatible with the Apple and Android operating systems.
“The only way to create a 7-figure game that is worthy of 1 million FriendShibs is to find a perfectly fitting AAA studio and build it with them. However, landing a great AAA game studio that has worked with the likes of Disney and Warner Bros. isn’t enough. To manage making a game, from concept to completion, requires dedication, experience, connections and wisdom that only a few people can provide.
I’m happy to announce that the consultant who will lead the charge for the Shiba Inu Games version of the Shiboshi game is none other than William David Volk. Will has seen the vision in full (and knows the AAA studio) so I’m actually excited to share his quote on working with on this unique project:
‘I am honored to be working with an amazing team on what will become one of the most significant games of all time.’”
At time of writing, SHIB is up 4.78% on the day to $0.00004. It is one of the best-performing cryptos of the year, currently up over 73,000,000% since November of 2020.
SHIB Price Analysis: Shiba Inu aims to break downtrend as meme coin steps into gaming
- SHIB price analysis turned bullish for today, rising by more than 5%
- The volumes also rose by tremendous numbers
- The daily high for the token reached $0.00004212
As per data from CoinMarketCap, the trading volume for the token rose by a whopping 6.47%, standing at $1.88 billion. The daily candle opened today at $0.00003911, reaching a daily high of $0.0004212 and a daily low of $0.00003830.
The coin claims the market position of 12 with a 6.74% rise in market capitalization, standing at $22.1 billion. In the past seven days, the token rose from $0.00003599 to $0.00004754 and is currently a 54.32% low from the all-time high of the token at $0.00008845.
SHIB prices rose by 830% in the month of October, starting at $0.00000721 and rising to the all-time high at $0.00008845. On the other hand, the token has dropped by more than $38% in the month of November.
The SHIB price analysis is currently experiencing a downtrend but, this seems to be a correction from the previous bullish phase. Recently, the lead developer of the SHIB team said that the team is looking to develop a Shiba Inu game. This seems to have affected the token’s price action.
SHIB price analysis using indicators
The indicators are now turning bullish as the prices continue to move above the 100-day Moving Average. The 50-day Moving Average is currently above the price action, indicating that the bulls will try to reclaim the important zone in the near future.
The prices broke down from the lower end of the Bollinger Bands, but after the correction, they are trying to take over the 50-day Average and form an uptrend. Currently, they progress upwards from the bearish zone of the Bands.
The RSI levels indicate a surge in buying pressure as the gradient is positive and the RSI line is trying to enter the bullish region, i.e., above the 50-level. The accumulation of the Shiba Inu token is also rising, and it seems that holders are buying the token and holding on to it, expecting higher prices.
The SHIB price analysis can be concluded on a bearish sentiment for today as the token rose by around 6%. This bullish sentiment of the market was due to Bitcoin gaining the important support of $57,000, and now, we can expect an upwards rally towards $60,000 which will be the next target.