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Shiba Inu price looks north towards $0.0001 while above 61.8% Fibo level

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  • Shiba Inu bulls gear up for another record rally, as $0.0001 beckons.
  •  About 71% of SHIB’s circulation is controlled by eight whale accounts.
  • SHIB bulls remain hopeful so long as the price holds above 61.8% Fibo level.

Shiba Inu is looking to revive the record rally, as the bulls snap the corrective pullback and gear up for a fresh leg higher.

SHIB price is posting modest gains on Saturday, building onto Friday’s upswing, as it enjoys 110% so far this week.

Over the past week, Shiba Inu’s market capitalization has surpassed that of its rival, Dogecoin, having secured the eight positions amongst the most widely traded digital assets. 

Crypto research firm Into the Block reported that a whopping 70.52% of SHIB’s circulation is concentrated in the hands of eight whale accounts, of which one whale holds 41%. 

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At the press time, SHIB/USDT is trading just below the $0.0000750 level, up 0.60% on the day, wavering within a tight range.

Shiba Inu price needs to clear this key resistance to take on $0.0001

Bargain hunters are taking advantage of the retreat in SHIB price, as they believe that there is more room to rise for the meme-coin.

From a short-term technical perspective, SHIB price has bounced off key support at $0.0000578 after the sharp correction from all-time highs of $0.0000885 reached on Thursday. That level is the 50% Fibonacci Retracement (Fibo) level of the recent upsurge from the October 21 lows of $0.00000270 to the record high.

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Over the past two trading sessions, SHIB bulls have managed to defend the 61.8% Fibo level of the same ascent at $0.0000650 on a daily closing basis, underpinning the buyers’ sentiment.

The 14-day Relative Strength Index (RSI) is looking north once again, having eased from extremely overbought conditions, adding credence to a potential advance in SHIB price.

Currently, SHIB price is battling the 78.6% Fibo level at $0.0000752, awaiting acceptance above it to retest the lifetime highs.

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A sustained move above the record highs could initiate a fresh upswing towards the $0.00010 level, above which the 127.2% Fibo level at $0.000105 will come into play.

SHIB/USDT: Daily chart

Alternatively, the abovementioned 61.8% Fibo support could continue limiting the corrective declines in SHIB price.

The 50% Fibo level at $0.0000578 will be the level to beat for SHIB bears should the downside pressure mount. However, $0.000050-$0.0000460 will emerge as powerful support, which is the confluence of Wednesday’s low and 38.2% Fibo level.

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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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