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Dogecoin-killer Shiba Inu bulls go wild as SHIB posts double-digit gains overnight

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  • Shiba Inu has recovered from its consolidation, and the memecoin has offered 13% gains overnight. 
  • SHIB and Ethereum whales continued accumulating the token through the dip, expecting a comeback above $0.000051. 
  • The total number of unique addresses holding SHIB is close to 1 million as the memecoin makes a comeback. 
  • Shiba Inu announces ShibaSwap 2.0, a new addition to the SHIB ecosystem that supports third-party community products. 

After hitting a new all-time high in October 2021, SHIB price dropped below $0.000070. The memecoin’s utility and daily transaction volume recently hit a peak, as AMC Theatres started accepting SHIB as a payment method. 

SHIB posts double-digit gains, starts second leg of bull run

Unique wallet addresses holding SHIB tokens are closing in on 1 million, based on data from Etherscan. With a rise in on-chain activity, SHIB price has recovered from the drop in the first week of November. 

The 24-hour trade volume of SHIB has flipped Ethereum and Cardano momentarily a few times over the past week. The memecoin is close to flipping Dogecoin in market capitalization as SHIB price is up 13% overnight. 

The memecoin’s 24-hour trade volume has crossed $4.2 billion as SHIB price rallies. SHIB and ETH whales have accumulated Shiba Inu through the dip. SHIB is now the largest ERC-20 holding for the top 1000 Ethereum whale wallets. 

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Shiba Inu announced the launch of its new product ShibaSwap 2.0, for third-party community projects. SHIB’s expansion to “Dog Park” will legitimize third-party products, boosting the utility of the native token. 

Shytoshi Kusama, head of SHIB ecosystem products, recently addressed Dog Park. Kusama states that the token will be a part of the larger ecosystem but not part of the core SHIB, BONE, LEASH trifecta. 

SHIB price rally was fueled by a spike in the number of Google searches. SHIB hit 2.8 million searches on average in November, against 6.3 million for Ethereum. 

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FXStreet analysts have evaluated the SHIB price trend and predicted an expansive uptrend as Shiba Inu shakes weak hands. 

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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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