Table of Contents
· SHIB Prices Dip, Holders Continues to Rise
· Recent Release on SHIB’s Official Twitter Leaves Everyone in Confusion
· SHIB Launches in South Korea for the First Time
· Shiba Inu (SHIB) Price Update
The consolidation in the crypto market continues as the higher timeframe bulls do not seem to have gotten back on the bids. Although the retracement is causing the prices to slump to lower and lower levels, the bigger picture bias remains unchanged.
The space that has been in the spotlight lately is the meme coin-based digital assets. After Dogecoin proved itself in the cryptocurrency market, many others meme coins popped up. And surprisingly, a few of them repeated history, with them pumping significantly in a very short period.
An excellent example would be Shiba Inu (SHIB) altcoin that had a skyrocketing rally recently. Backed up its community with huge popularity in the social media space, has observed a massive surge in prices despite not having cutting-edge technology on the backend.
SHIB Prices Dip, Holders Continues to Rise
SHIB has the fifth-largest number of holders on the Ethereum network, with more than 470,00 ERC-20 tokens recorded by Etherscan.io as of writing. Shiba Inu had a total of 995,285 owners at the time of publishing. As a result, SHIB is less than five thousand holders away from achieving the one-million milestone.
Ever since the token began its massive run to the north, there has not been a single day of decline in the number of SHIB holders. In essence, from October to November 19, the number of token holders in SHIB was on the rise.
The meme cryptocurrency SHIB is presently undergoing severe volatility, which appears to be impacting the number of people who possess the cryptocurrency amid its recent rapid surge to record highs.
Although the price is dropping, the number of holders is increasing, signaling that more private investors are joining the market to profit from another euphoric meme bubble.
Furthermore, SHIB crypto not being listed on popular trading platforms like Robinhood indicates that more retail investors believe the coin will climb again soon. For instance, the currency had an influx of $870 billion within a day after being listed on a prominent crypto exchange.
Recent Release on SHIB’s Official Twitter Leaves Everyone in Confusion
The Shiba Inu crypto's Twitter Page unveiled a short video with multiple allusions to the coin. The film provides several indications as to what would happen next for the meme token.
The first part of the teaser is comprised entirely of fluorescent lamps that gradually illuminate. The procedure appears to be more comparable to a sneak peek of a future release or perhaps a collaboration.
The light fades off after the image with the enormous lightbulbs.
Other community members have speculated that the organization is preparing to produce a real-life music film or a snippet presentation, which is not unusual within cryptocurrency initiatives such as Shiba Inu.
For instance, Floki - a meme token- previously launched a big marketing campaign in a few parts of Europe.
SHIB Launches in South Korea for the First Time
Korbit, an exchange in South Korea, has announced that it would offer Shiba Inu, making it the first crypto exchange in South Korea to do so, despite the country being known for its strict crypto rules.
Starting Today, this Korean-based cryptocurrency trading site will let customers exchange the meme coin against the Korean won.
Korbit is one of the few cryptocurrency exchanges that survived the regulatory onslaught that drove several smaller competitors to shut down a few months ago.
The exchange, in addition to becoming the first exchange for offering Shiba Inu to the South Korean crypto market, also launched the country's first NFT token marketplace this June.
Shiba Inu (SHIB) Price Update
On the price front, SHIB crypto is going through a downturn along with the entire crypto market. Amid the massive push from the bulls last month, the buyers have not stepped in ever since.
The Support level, as indicated in the below chart, was a Resistance zone before it was taken out by the buyers an earlier previous month. As the buyers charged up at these levels of $0.00003524, the Resistance was breached with high intensity, now making it a compelling demand zone.
Although the bull run was quite significant, the bulls failed to continue north by taking support at a higher level, around the ATH. With the sentiment turning bearish around the crypto market, the profit-taking got intense, which led the prices to fall further as a result of the domino effect.
Shiba Inu Price Chart on the Daily Timeframe | Source: SHIB/USDT
Currently, the Shiba Inu cryptocurrency trades at levels around $0.00003886, only a few percentages above the Support level.
If the entire crypto market changes direction to transit to the upside, there is a high possibility for SHIB to take support at current prices and resume its uptrend.
Did you know that KuCoin offers premium TradingView charts to all of its clients? With this, you can step up your SHIB technical analysis and easily identify various crypto chart patterns.
Notice: KuCoin does not provide financial advice. Please do your own risk assessment when deciding how to invest in cryptocurrency and blockchain technology.
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