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Shiba Inu Price Spike Amids Crypto Crash, Here Is Why

The post Shiba Inu Price Spike Amids Crypto Crash, Here Is Why appeared first on Coinpedia Fintech News

While most of the cryptocurrencies have dumped, the Dogecoin killer, Shiba Inu price has increased more than 2%. However, before the rise, SHIB had plunged near 12% dropping below $0.00001 level. Also this wasn’t the first time that the currency was testing this threshold because even in July the currency was on the same run.

At the time of publication, Shiba Inu is selling at $0.00001037 after a surge of 2.63% over the last 24hrs.

Reason For Shiba Inu Price Hike

On the other hand, as per Whale Alert which keeps eye on blockchain analytics and transactions, has claimed that the Shiba Inu Whale which had no activity since two months has suddenly became active. There was a transfer of a massive 2,871,107,075,474 (2.87T) SHIB, worth $29,164,849 ($29.16M), to the new anonymous wallet. It’s worth mentioning that this huge transfer was done in the early hours of October 13.

The same amount of SHIB was received by the then inactive whale in its wallet on August 9th 2022. As per Etherscan.io, now after such a huge transfer, the whale is left with 0 SHIB tokens.

This is one of the reasons why Shiba Inu’s SHIB token is experiencing such a spike amidst crypto market correction. However, SHIB has lost nearly 8.5% in the last seven days. The token which has regained the $0.0000100 mark should now reclaim the $0.0000200 mark to continue its upwards movement. The immediate support for SHIB lies at $0.0000999 while resistance is at $0.0000150.

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