While most cryptocurrencies have unraveled, the Dogecoin killer, the Shiba Inu price has risen more than 2%. However, prior to the surge, SHIB had tumbled close to 12% falling below the $0.00001 level. Also, this was not the first time that the coin was testing this threshold because even in July the coin was in the same run.
At press time, the Shiba Inu is trading for $0.00001037 after a 2.63% increase in the last 24 hours.
Reason for the Shiba Inu price increase
On the other hand, according to Whale Alert, which monitors blockchain analytics and transactions, it has claimed that the Shiba Inu whale, which was inactive for two months, suddenly became active. There was a massive transfer of 2,871,107,075,474 (2.87T) SHIB, worth $29,164,849 ($29.16M), to the new anonymous wallet. It is worth mentioning that this enormous transfer was carried out in the early hours of October 13.
The then inactive whale received the same amount of SHIB in his wallet on August 9, 2022. According to Etherscan.io, now, after such a large transfer, the whale is left with 0 SHIB tokens.
This is one of the reasons why the Shiba Inu SHIB token is seeing such a huge spike amid the crypto market correction. However, SHIB has lost almost 8.5% in the last seven days. The token that has reclaimed the $0.0000100 mark should now reclaim the $0.0000200 mark to continue its upward move. Immediate support for SHIB is found at $0.0000999 while resistance is at $0.0000150.
Was this writing useful?
This post Shiba Inu Price Rises Amid Crypto Crash, Here’s Why
was published first on https://coinpedia.org/altcoin/shiba-inu-price-spike-amids-crypto-crash-here-is-why/