Shiba Inu (SHIB) Bounces Back After Brief Dip on Rising Adoption
Aiswarya Gopan • 2 min read
Shiba Inu (SHIB) seems to be recovering some losses as it makes its way back up after a brief dip a few hours ago, supported by news of increased whale activity even as the coin sees rising adoption among businesses as a payment option. At the time of writing, SHIB/USD is trading around $0.000033.
The second most popular memecoin now sits on rank 13 among the largest cryptocurrencies by market cap and its popularity continues to rise despite the bearish mood across the wider crypto sector. This has driven up the listings of the SHIB token across several popular crypto exchanges around the world in recent times. The latest one to add Shiba Inu to its platform is NiceHash, which confirmed that the meme token was now available to its users for trading against USDT.
Another interesting development that can support buying interest in the Shiba Inu coin is GameStop partnering with Flexa to start accepting payments in SHIB. The leading meme stock which experienced quite the rally and downfall a few months ago has seen its stock climb back up again on the announcement that it will start accepting payments in cryptocurrencies even as it attempts to push into NFTs and Web 3.0 adoption.
As we mentioned in our previous update as well, whales are making the most of the bear market to increase their holdings in several leading coins when the price is down, SHIB included. According to data from WhaleStats, a large crypto holder purchased 4 trillion Shiba Inu tokens for a whopping $136 million, helping its price climb higher. Among the top 1,000 ETH whales, SHIB takes up the largest share of their portfolios, at 7.71%, accounting for a total value of $1.7 billion.
Meanwhile, Shiba Inu could be looking at a looming legal crisis after Canadian healthcare company Ask The Doctor dumped their holdings in the token, accusing the memecoin of being a scam. The company stated that they undertook the move to sell their SHIB holdings at a loss, adding, “We will begin our initial lawsuit filing against Shib token and Shytoshi Kusama in UK tomorrow. It’s our obligation to protect the crypto community from these potential scammers. We will get their identities.”
SHIB/USD Technical Analysis
Technical analysis of the 4-hour chart reveals a bullish bias among most of the moving averages and the MACD. However, the 100 EMA, 200 EMA and the momentum indicator point to some interest among sellers in the market.
Shiba Inu’s price is trading just above the pivot point at $0.000032, which is an encouraging sign for buyers. The next key level to watch is the immediate resistance at $0.000035.