Shiba Inu (SHIB) appears to be making up for some losses as it is back on the up after a brief decline a few hours ago, aided by news of increased whale activity, even as the coin sees increasing corporate adoption as a payment option. At the time of writing, SHIB / USD trades at around $ 0.000033.
The second most popular memecoin is now at number 13 of the largest Cryptocurrencies after Market capitalization and its popularity continues to grow despite the bearish sentiment across the crypto sector. This has recently propelled the SHIB token up on several popular crypto exchanges around the world. The latest that Shiba Inu is adding to its platform is NiceHash, which confirmed that the meme token is now being used against its users for trading USDT is available.
Another interesting development that sparked interest in buying the Shiba Inu. coin, GameStop is partnering with Flexa to accept payments in SHIB. Leading Meme stock, which saw quite a rally and sharp decline a few months ago, has seen its stock rise again after announcing that it will accept payments in cryptocurrencies even if it tries to get into the launch of NFTs and Web 3.0 to advance.
As we also mentioned in our previous update, whales are taking advantage of the bear market to add holdings of several leading coins when the price goes down, including SHIB. According to data from WhaleStats, a major crypto owner bought 4 trillion Shiba Inu tokens for a whopping $ 136 million, which contributed to a price hike. Among the top 1000ETH-Walen, SHIB has the largest share of its portfolio with 7.71%, which corresponds to a total value of 1.7 billion US dollars.
In the meantime, Shiba Inu could expect an impending legal crisis after Canadian healthcare company Ask The Doctor dumped its holdings on the token and accused the memecoin as a fraud. The company stated that it has taken the step of selling its SHIB holdings at a loss, adding, “We’ll be back tomorrow with our first lawsuit filing against Shib tokens and Shytoshi.” Kusama starting in the UK. It is our duty 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 shows a bullish bias in most of the moving averages and the MACD. However, the 100 EMA, 200 EMA and the momentum indicator indicate some interest from sellers in the market.
SHIB / USD
Shiba Inu’s price is trading just above the pivot point at $ 0.000032, which is an encouraging sign for buyers. The next important level to keep track of is the immediate one resistance at $ 0.000035.
Source: Crypto News Deutsch