Shiba Inu (SHIB) is expanding its profits to early trading on Thursday, fueled by growing interest from traders and users in memecoin worldwide, is listed on more platforms, and is enjoying increasing adoption as a payment method lately. At the time of writing, SHIB / USD trading at around $ 0.000035.
One of the biggest developments the recent rally at SHIB supports is the increased buying activity from whales or large keepers in recent weeks. Yesterday we got you from one ETH-Wal recounts adding 4 trillion SHIB to its holdings to a whopping $ 136 million. This massive spending spree helped prop up the Shiba Inu price, causing it to skyrocket on Wednesday. In the past week alone, major holders have amassed around $ 200 million worth of meme tokens, according to WhaleStats analysis.
But it’s not just the whale activity that supports the upward trend of the second largest memecoin over the past few sessions. The Shiba Inu coin is also making the most of an improvement in market sentiment after El Salvador added 21 more bitcoins to its crypto treasury, which lifted investor sentiment towards digital assets.
In terms of fundamentals, Shiba Inu is also enjoying more attention from traders after North Carolina’s professional ice hockey team Caroline Hurricanes confirmed that they will be accepting payments in SHIB on their e-commerce platform. The team has partnered with BitPay to enable its fans to use the Cryptocurrency with the best performance of 2021 to buy.
Another significant development that may increase the value of memecoin is an update from Steven Cooper, a whale and owner of crypto record label Bigger Entertainment, who tweeted that his team is planning to sell 176 million SHIB tokens at the “Burn Party” afterwards to burn up Christmas. Bigger Entertainment was one of the first brands to recognize Shiba Inu as a payment option, adding that burning many coins at once can save huge gas fees on Ethereum instead of burning the coin separately. Burn activity can reduce the supply of SHIB coins and deflationary pressures can increase the value of the remaining tokens in the market.
SHIB / USD technical analysis
If we look at the SHIB / USD H4 price chart, we can find a bullish bias on most of the moving averages and the MACD. However, the 200 EMA and momentum indicator indicate some interest from sellers.
SHIB / USD
The price of Shiba Inu has crossed the pivot point at $ 0.000032 and is just above the pivot point at $ 0.000035. Let’s see if that level represents an increase in buying pressure from here, SHIB can take the second resistance test at $ 0.000039 and then break the key level of $ 0.000040.
Source: Crypto News Deutsch