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Shiba Inu (SHIB) Trading Volume Crosses $5.6 Billion, US Senate Candidate Calls it a Big Deal

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Shiba Inu’s ($SHIB) price has been consolidating above the $0.00005 mark for nearly two weeks now but despite the lost price momentum, the popularity of the meme currency has not faded. The altcoin registered a massive $5.6 billion in trading volume only behind Bitcoin ($BTC) and Ethereum ($ETH).

The massive trading volume spike caught the eye of US Senate candidate Shannon Bray, who has come out as an avid $SHIB supporter recently. Bray called the massive trading volume a big deal in a quoted tweet. Earlier the US Senate candidate has changed his Twitter header photo to a Shiba Inu poster.

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Shiba Inu ($SHIB) managed to recover above $0.00005 after retracing to a weekly low of $0.000046 during the recent flash crash in the crypto market. The $SHIB price hasn’t had the same momentum it showcased in October as it rose by 1,000% last month. It has lost nearly 5o% of its all-time high (ATH) of $0.000089 and currently trading at $0.0000525.

Shiba Inu
Source: TradingView

Will Shiba Inu’s Rise in Popularity Help its Price?

Shiba Inu has become the hottest meme currency in 2021 overtaking Dogecoin ($DOGE) both in terms of popularity and market cap. Although $DOGE has overtaken $SHIB in terms of the market cap due to the price retrace in November, $SHIB proponents still believe that it would eventually become the OG meme currency and Doge killer.

Recently, the likes of Binance and Coinbase have added new Shiba Inu pairs in light of its surging popularity and the latest to join the foray is Indian crypto unicorn CoinDCX. CoinDCX announced the $SHIB listing earlier today and called it a “Doge Killer” The growing listing among crypto exchanges and the popularity of the meme currency has propelled $SHIB to nearly 1 million userbases.

Shiba Inu is not just popular for trading amid 1000% growth, in fact, just like Dogecoin, many merchants have also shown interest in accepting $SHIB payment. US cinema chain giant AMC Theaters also confirmed that they would be adding $SHIB as a payment soon.

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New SHIB Whale Holds 3.2 Trillion Shiba Inu Tokens Amid Accumulation Spree

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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.

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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.

Whale transaction
Whale Transaction, Courtesy: WhaleStats

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.

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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.

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Dogecoin Killer Shiba Inu to Start Trading on Bitstamp

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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:

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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.

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SHIBA INU Forecast December 8, 2021

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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

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.

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