Shiba Inu is boldly making news in the crypto industry. The meme coin has recorded another increase indicating that the coin is doing well amidst the red season in the crypto market. According to CoinGecko, Shiba Inu rose by 33% in the last 24hrs.
Why Is Shiba Inu Rising Amidst Falling Market?
The SHIB coin is still a promising investment after it made a profound increase in the last 24hrs. Part of this rise is the rise of the Shiba Inu whales, holding up SHIB coins massively.
The latest whale just bought an additional 42% SHIB adding to his holdings in the last 24hrs. Also, in November, several other whales have bought a lot. Just before this increase, another ETH whale bought 24 billion SHIB coins worth $110 million.
Besides the whales, the meme coin has been receiving a lot of support from payment companies and big businesses accepting Shiba Inu for payments in exchange for services and products.
Recently there was an introduction of the Shiba Inu coffee product, which customers will be identifying with. In the meantime, the proceeds from these sales are now being used to burn more SHIB tokens, and this might have also contributed to the increase in price in the last 24hrs. Now SHIB looks to be the favorite among the many cryptos in the market.
The other reason is the listing of Shiba Inu on exchanges such as Binance, Coinbase, and a possible listing on Robinhood. The customer base in these exchange platforms has given Shiba Inu an increase in the price as more customers buy more Shib into their wallets.
SHIB developers are also discovering new methods to grow the meme coin with the plans to join the gaming and the metaverse. To achieve this, Shiba Inu has employed William Volk to lead the charge into the gaming industry.
SHIB Technical Analysis
Shiba Inu is indicating to have left its support level untested. The coin broke through the first effective resistance to settle at $0.0000412. however, it found a need to surpass the pivot point heading to $0.0000480
The price went back to retest the support level, pushing back the price up; the price broke through the significant resistance to sitting at $0.000055, which 30% gain in the last 24hrs.
However, the market is currently on a slight pullback. Traders and analysts are optimistic that the SHIB price will make another leap to reach 0.000069 before another retracement occurs.
Currently, the price of SHIB is struggling to reach its all-time high. With the recent activities in place, we might be getting a new all-time high soon.
The question here is, is SHIB a good investment? Yes, it is. This current dip is a better opportunity for investors to continue buying SHIB. However, due diligence should be made before engaging in the investment. Once you have confirmed, you can go ahead and hold as much as you can, sit back and wait for the millions to trickle in your wallet.