- The Shiba Inu price bucked the trend on Thursday.
- It rose sharply even as other cryptocurrencies sunk.
- The coin could soon break out higher.
The Shiba Inu (SHIB/USD) price bucked the trend on Thursday. The SHIB token jumped to $0.000054, which was its highest level since Tuesday this week. The coin rose even as Bitcoin and other altcoins declined substantially.
Why is SHIB rising?
Shiba Inu had a spectacular October. The coin managed to have a major bullish breakout, which pushed its price to an all-time high of $0.000090. Recently, however, the Shiba Inu price has been left in the dust. For one, it is still about 40% below its all-time high. This has happened even as some big cryptocurrencies like Bitcoin and Ethereum have jumped to an all-time high.
There are two main reasons why the SHIB price has lagged this month. First, it is mostly because the hype surrounding it has declined. Indeed, a look at Google search results shows that the number of searches has declined sharply in the past few days. The same is true with social media platforms like Reddit and Twitter.
Second, the price has struggled as investors take profit and look for profit in other places. Some of these other places include in cryptocurrencies like IoTeX and Kadena that have exploded this month.
The Shiba Inu price rocketed higher on Thursday as investors cheered the decision by CoinDCX to list the coin in its platform. CoinDCX is an important cryptocurrency exchange in India.
It recently raised $90 million from investors, giving it a valuation of more than $1 billion. The company has about 3.5 million customers and aims to reach more than 50 million in the coming years.
Before today’s announcement, the company offered Shiba Inu in its professional platform. Still, there are concerns about regulations. In the past few months, the Indian government has warned that it could ban cryptocurrencies. However, a narrower version of the bill will come later this year.
In the United States, users have petitioned Robinhood to add Shiba Inu into its platform.
The two-hour chart shows that the SHIB price rose slightly on Thursday. The chart also shows that the coin has been in a relatively tight range in the past few weeks. It also moved slightly above the descending trendline that is shown in red.
The Shiba Inu price also moved slightly above the 25-day and 50-day moving averages. It has also formed an important support level that is shown in green.
Therefore, there is a likelihood that the coin will likely keep rising in the near term as investors target the key resistance at $0.000065.
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.