SHIB is moving up once again with the support of whales and the market in general
Meme-based token Shiba Inu has shown a 17% increase in one day after retracing for 10% from the local top. Currently, the market shows more buy orders appearing in the order books than sell orders. In addition to increased buying power, almost 80% of holders are in profit.
Increased buying activity
After a recent tweet from Elon Musk, in which he posted a symbol-drawn animal that looks similar to Shiba Inu and is holding a rocket, the price of the memetoken increased by 10% almost immediately—but then it retraced a bit. Currently, it remains at $0.0000279 after retracing for 2% from the daily top.
According to on-chain data, buying power is currently greater than the number of sell orders, which indicates that market participants are still looking forward to buying the meme-powered digital asset.
In addition to the aforementioned indication, whale-tier addresses have begun moving funds from their addresses, which also correlates with previous price rallies.
Majority of holders staying in profit
Similar to DOGE, the majority of token holders are currently staying in profit with 78% of addresses entering the market for a price lower than the current one. Though the token has retraced from its ATH, the majority of addresses are still staying in profit.
The market is considered “overbought” when the value of the number of addresses in profit exceeds 90-95%, according to the history of correction phases on the market. The main reason behind such price action is tied to the fact that the majority of traders are more often looking to take profits when the price breaks one high after another.
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.
Shiba Inu Games Joins Forces with Australia’s Biggest Video Game Developer
The Shiba Inu community is laser-focused on taking over the mobile gaming space next year
Shiba Inu Games, a separate entity within the meme coin’s ecosystem, has partnered with PlaySide Studios, Australia’s largest video game developer.
The purpose of the collaboration is to develop a new game based on the “Shiboshi” non-fungible token collection over the next eight months.
PlaySide CEO Gerry Sakkas says that the tie-up presents an opportunity to explore crypto and NFTs:
Emerging technologies continue to gather pace, and this is an ideal opportunity for PlaySide to collaborate in this field, expand our skill base and showcase our development abilities.
The game is expected to be rolled out in early 2023.
The shares of PlaySide, which are trading on the Australian Securities Exchange, are up roughly 5% on the news, which shows that traders are excited by the new collaboration.
The price of the Shiba Inu token, however, is down 2.52% at press time.
Last month, William Volk, Activision’s former vice president of technology, joined Shiba Inu Games as a consultant to work on what he claims to be “one of the most significant” gaming projects of all time.
The Shiboshi game will be licensed for a decentralized team of developers working on a yet-to-be-launched Ethereum layer-2 solution called Shibarium.