After a dreadful month full of bearish momentum and FUD, Shiba Inu just pumped over 26%, currently trading at $0.000049. Is the market finally ready for a new all-time high? Why is Shiba Inu’s price rising? Let’s find out.
After peaking at $0.000087 on October 27th, SHIB’s price has been on a downwards trajectory. Some of the most significant contributors to the price decline were FUD about the Robinhood and Kraken listings.
Even after reaching 500,000 signatures on Change.org, Robinhood refused to list Shiba Inu on their platform. Unfortunately, many traders took that as a sign that Shiba Inu had reached its peak and decided to sell-off.
In recent news, however, Kraken said in a blog post that deposits for Shiba Inu would be live on November 30th. The company said that users would be able to trade SHIB with USD and EUR, with a minimum amount of 50,000 SHIB (~$2.43).
It comes as no surprise that we’ve seen Shiba Inu’s price rise over 26% today in response to the positive news.
Unfortunately, there is still no news regarding any integration of Robinhood with Shiba Inu. Looking at their latest tweets, they were dealing with login issues on November 11th, which have since been fixed.
The last we’ve heard from Robinhood was via a Q&A when the company’s COO Christine Brown said:
“The short term gain that [Robinhood] might gain, is not worth the long term trade off for our users.”
At the time of writing, Shiba Inu is trading at $0.00004794, with a 24-hour trading volume of $6.1 billion. With a market cap of $26.1 billion, SHIB is now the 11th largest coin on the market, recently overtaking Avalanche (AVAX).
As we’ve mentioned in our previous Shiba Inu price prediction, $0.00005 is an important level for SHIB, not only because it’s an emotional level but because it served as significant support for most of November.
As such, if SHIB can maintain the current $0.00005 support level until December when crypto markets usually heat up, then Shiba Inu will be poised for a new all-time high come 2022.
Remember that Q1 is usually an extremely slow month for crypto, so if you’re in it for the long run, prepare to HODL until May.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency.
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