Shiba Inu has again marked a new milestone as it jumped to the 20th position in the crypto market. Shiba Inu has taken off in price, rising by over 300 percent in a week and a half.
This rise in its price has caused the token to trade at $0.00002627 today, the 9th of October, with a market capitalization that exceeds $10 billion. With this positive streak in value, Shiba Inu is close to outperforming tokens like Wrapped Bitcoin and Bitcoin Cash that rank 19th and 18th, respectively, on CoinMarketCap.
Shiba Inu increase in value
The cryptocurrency market has shown that its sensitivity towards speculation is high, more so when executives like Elon Musk consistently discuss these tokens. On this occasion, the Tesla CEO posted a photo meme supporting Shiba Inu. This enabled Musk to compare the token to Floki Frunk puppy, a puppy token similar to the Japanese dog token, and the crypto’s indices surged above 40 percent in less than an hour.
Musk again used his Twitter account to talk about the token, showing he still takes precedence over decentralized investments. Repeatedly, the Tesla CEO and SpaceX founder has spoken out about cryptocurrencies, positively affecting their value. One of Musk’s most accurate tweets was when he spoke of Dogecoin earlier in the year, unlocking the token’s value.
So far, Shiba Inu trades at $0.00002627 with a historical rise of 242.11 percent in seven days. Although the purchasing power is impressive, the token lost over 2.84 percent of its capital in less than 24 hours.
Future of the SHIB token
Although the future of any cryptocurrency is uncertain, SHIB is expected to continue to climb the list of best tokens. Despite those speculations, the token has lost over 2 percent of its value since its all-time high.
Some cryptocurrencies think that Shiba Inu is going through a bubble in price, while others believe that the moment of the rise of the cryptocurrency has arrived. According to the graphs, the token has shown a downtrend line, meaning that its current price is eventual and not permanent as expected.
The position that SHIB has on the CoinMarketCap platform is due to its popularity in the market. SHIB is presently set to outperform alternative tokens like WBTC and BCH in the coming days.
It is just a matter of waiting for the next move to favor SHIB and its position in the cryptocurrency market. The meme token on which the SHIB protocol was based, Dogecoin, has also seen a bullish streak. DOGE trades at $0.2486, increasing in the last seven days.
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.