Unless and until the Shiba Inu price breaks over $0.0000101, the Shiba Inu price prognosis will most likely remain bearish. On October 22nd, the SHIB/USD pair opened at $0.00001002. It has traded in the range of $0.00001007 to $0.00000992.
Shiba Inu is gaining popularity following the revelation that SHIB token holders can now pay for Netflix streaming service subscriptions and Amazon purchases with any of the SHIB ecosystem’s tokens.
According to Etherscan.io statistics, the seventh-largest SHIB Whale bought 96.74 billion SHIB tokens in a single transaction. According to statistics, this top Shiba Inu Whale had also made significant SHIB token purchases in the previous week.
Between October 13 and October 21, the most significant SHIB investor added over 322 billion SHIB tokens to his wallet, which is now worth around $31.9 million. The Whale spent $1.4 million in a single transaction to buy 131.63 billion SHIB tokens, making it his greatest SHIB token purchase to date.
With these fresh acquisitions, this SHIB Whale now owns 15.63 trillion SHIB tokens worth $155 million.
Meanwhile, WhaleStats, a well-known blockchain analytics firm, disclosed on October 21 through Twitter that the top 500 Ethereum Whales continue to own the most SHIB tokens. The price of SHIB has risen in response to the positive news regarding Shiba Inu.
Netflix and Amazon payments
According to several sources, SHIB token holders can now use any of the SHIB ecosystem’s tokens to pay for Netflix streaming service subscriptions and Amazon purchases. The Amazon and Netflix-accepting FCFPay Visa card can also be used to pay using SHIB, BONE, and LEASH tokens.
FCFPay, a Canadian cryptocurrency payment gateway, said on October 21 that holders of its crypto cards will be able to use their crypto cards to pay for goods and services on Amazon. They might also view popular documentaries, TV shows, movies, and animations on Netflix.
Customers’ payments would be successful only if they had enough crypto tokens to cover the transactions they wanted to perform, according to FCFPay. The utility of SHIB has increased investor interest in the meme currency, resulting in an increase in SHIB’s value.
Shiba Inu has been under heavy selling pressure since August. The negative cycle sell-off has taken it down to its October low. Investors that participated in the extended slide are now benefiting from the bullish days.
The SHIB Army is without a doubt the driving force behind the increasing popularity of dog-themed cryptocurrency. Through its decentralized exchange, the Shiba Inu ecosystem aims to be the best-decentralized ecosystem (DEX).
Furthermore, the announcement earlier this month that NOWpayments has partnered with Shiba Inu to pay salaries using token payments has increased the meme token’s utility. As a result of the significant occurrences, the price of SHIB/USD is rising.
The SHIB/USD currency pair is currently trading in the $0.0000098 to $0.000010 area. Breaking through this range nearly usually results in a bullish or bearish event. However, a break over $0.0000102 has the ability to prolong an advance to $0.0000105 or $0.0000108.
Shiba Inu might be reduced to $0.0000094 if $0.0000098 is broken down. Keep an eye on $0.0000098, as an increase above this level is predicted. Concurrently, the support level remains at $0.0000094.
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About Shiba Inu
Shiba Inu token is a decentralized cryptocurrency founded in August 2020 by an anonymous individual or organization known as “Ryoshi.” It is named after the Shiba Inu, a Japanese dog breed that originated in the Chubu region, and the same breed depicted in the Dogecoin logo, which was originally a satirical cryptocurrency based on the Doge meme.
Shiba Inus have been nicknamed “meme coins” and “pump and dump schemes.” Concerns have also been expressed about the coin’s concentration, with a single “whale” wallet holding billions of dollars in tokens and frenzied buying by retail investors motivated by fear of missing out (FOMO).
Shiba Inu, often known as the “Dogecoin killer,” will be released in August 2020. On May 13, 2021, Vitalik Buterin donated more than 50 trillion SHIB (worth over $1 billion at the time) to the India COVID-Crypto Relief Fund.
Disclaimer : This discussion is for educational purpose only. No trades should be taken on this behalf. Please do proper analysis and take experts opinions.
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