Shiba Inu is up 12% in price today, even though Bitcoin and Ethereum remained relatively flat. SHIB is currently trading at $0.000056 holding support extremely well.
In our last night’s report, Shiba Inu went down 10% as Robinhood COO discussed the potential SHIB listing. However, the price correction yesterday was most likely due to the global crypto market having a bad day.
Today, Bitcoin was able to hold support, and Ethereum increased by 2%. As expected, SHIB’s price amplified ETH’s price fluctuations, increasing over 10% in the past 24 hours.
This further reinforces the idea that because SHIB is an ERC-20 token that runs on the Ethereum blockchain, its price mimics and amplifies Ethereum’s price fluctuations.
I see a lot of Shiba Inu reports only focusing on SHIB’s price or market cap, without acknowledging the relation between Shiba Inu and Ethereum’s price.
Shiba Inu News
At last night’s Crypto Goes Mainstream event, Robinhood’s COO wasn’t excited about Shiba Inu, stating:
“the short term gain that [Robinhood] might gain, is not worth the long term trade off for our users.”
On the upside, Shiba Inu got a shoutout from none other than the Island Boys!
The #IslandBoys gave $Shib a shoutout.
Welcome to the #ShibArmy. pic.twitter.com/1ggMcLnIxV
— ShibaKraken (@ShibaKraken) November 8, 2021
While in their video they mostly pumped Xfund, singing “it gives your girl delirium,” there was mention of a few other coins, one of which was none other than SHIB.
Shiba Inu Price Prediction & Analysis
In our previous Shiba Inu price prediction, we stated that
“the market needs a few more days to consolidate and recover from the massive fluctuations last week. If Bitcoin and Ethereum continue trading sideways, that will provide enough momentum for $SHIB to break through $0.00006 and rally to $0.0001.”
Source: Tradingview
We can see that while we had a slight dip in the market, SHIB is back above $0.00005.
This level seems to have extremely strong support. If Shiba Inu’s price can hold above $0.00005 through to next week, there’s a real chance of breaking through $0.00006 and knocking down another zero by the end of the year.
With the Island Boys shoutout, we can be sure that the moon is near! #SHIBAINUTOTHEMOON
This is not trading or investment advice, always do your own research before buying any cryptocurrency.
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Originally published on The VR Soldier
