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SHIBA INU ($SHIB) Surges 15% in 10 Hours, Here’s the Bullish Indicator You Must Keep an Eye On

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Shiba Inu ($SHIB), the meme coin that has overshadowed Dogecoin ($DOGE) in the past month with its mammoth rally and might break past all-time-highs (ATH) during the ongoing bull run. The altcoin recovered from the weekend price correction and surged 15% within 10-hours to regain key support of $0.000028. The altcoin is currently trading at $0.00002769 with eyes set on key resistance of $0.000030.

SHIBA INU
Source: TradingView

$SHIB rose from a daily low of $0.00002388 to a daily high of $0.00002887. The altcoin has managed to keep the bullish momentum alive over the past couple of weeks. The altcoin first faced a major rejection at $0.000035 bringing a halt to its 330% surge. The rejection then triggered a major whale dump of nearly 31.07 billion SHIBA INU leading to a price decline into the sub $0.000021 levels.

While whales triggered the massive sell-off last week, the same whales could bring back the bulls again for the major altcoin. Data from Etherscan show that nearly 260 billion SHIBA INU tokens were moved by whales.

SHIBA INU
Source: Etherscan

SHIBA INU Whale Movement Could be Decisive

According to crypto analytic firm Santiment’s data, whenever SHIBA INU whales holding $100K or above worth of meme token starts accumulating, the price has seen a bullish surge. A similar whale accumulation is currently forming and that is one of the key reasons behind the current price surge.

SHIBAI NU
Source: Santiment

One must keep an eye on the whale charts for SHIBA INU to keep track of the market sentiments and possible run to ATH. $SHIB is currently 28% below its ATH of $0.000038 but that gap could be covered within a day and even a few hours if we look at the historical price momentum of the meme coins.

SHIBA INU was on the verge of breaking into the top-10 last week, and it might do that during the ongoing bull run even when $DOGE, the OG meme coin seems to have gone into a price slumber.

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Healthcare Company Adds Shiba Inu to Its Balance Sheet

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A Toronto-based healthcare company now holds Shiba Inu on its balance sheet.

Ask The Doctor, a Canadian online healthcare company, has added $1.5 million worth of Shiba Inu to its balance sheet, according to an announcement posted on its Twitter account.

Kraken facilitated the seven-figure buy. As reported by U.Today, Shiba Inu started trading on the San Francisco-based cryptocurrency exchange on Tuesday.

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The medical information website will also begin accepting the meme cryptocurrency with its healthcare partners within the next three days.

It already allows clients to pay with Dogecoin for certain services in the U.S. and Canada.   

The Toronto-based company was launched in 2010, allowing its clients to connect with medical professionals via text messages or video streaming. Notably, its list of co-founders includes former NBA player Israel Idonije and former NBA star Dikembe Mutombo.

In 2016, Ask The Doctor started accepting Bitcoin payments, becoming the first healthcare company around the globe to embrace crypto.

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The reason for adding the new payment option was to offer customers who share sensitive medical data more privacy.

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Shiba Inu Coming to Brazil’s Largest Crypto Exchange

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BBrazil’s Mercado Bitcoin is set to add support for Shiba Inu on the first day of December.

Mercado Bitcoin, the largest cryptocurrency exchange in Brazil, has announced that Shiba Inu will become available for trading starting from Dec. 1.

The token is yet to be added to the trading platform at the time of writing.

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The announcement was accompanied by a video of a Shiba Inu dog in military gear.

After listing SHIB, Mercado Bitcoin will also add support for Cosmos (ATOM), Polkadot (DOT) and Loopring (LRC) later this week.

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 2TM, the parent company of the number one exchange in Latin America, raised another $50.3 million in late November. This occurred just months after raking in $200 million in July during a Series B investment round spearheaded by Japanese conglomerate SoftBank.

Last month, Korbit became the first cryptocurrency exchange to list Shiba Inu in South Korea.

Kraken, one of the world’s top exchanges, also added support for the top token earlier this week.

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New Shiba Whale Buys $38 Million Worth of Tokens

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Another whale appears on Shiba Network after token drops from local high and consolidates

New Shiba Inu whale appears on the network after purchasing $38 million worth of tokens. The whale newcomer has bought 850 billion tokens while it was losing 5% of its previously gained value.

The transaction was made 15 hours ago, while the token had just begun its correction and was trading at $0.000048. Such strong buying power, unfortunately, could not push SHIB further up and fuel the local uptrend.

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With more whales entering the market, Shib’s fundamental background is continuously developing while the price on the market seems to struggle to break through the $0.000046 area.

Other whales also remain in the Shiba Inu sea by holding more than $2.3 billion worth of tokens while previously owning only about $1.8 billion. The change in the trend appeared shortly after the global cryptocurrency market correction.

Transaction Data
Source: WhaleStats

Most whales have entered Shib with a large discount of 15% compared to the previous trading range. Whales have also become an absolute majority on the chain by buying up 72% of the circulating supply, which puts Shiba mostly in the hands of large wallets.

At press time, Shiba is trading at $0.000046 with 3% of the daily loss. Additionally, the token is losing 15% from its previous high of $0.000054. The token failed to continue its rally and is trading at the local support, while on-chain data suggest a rapid drop of trading volume, which indicates that traders have not yet decided the future direction of the asset’s price.

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