Dogecoin-killer Shiba Inu is gearing up for another bull run as SHIB may be accepted by an American movie theater chain. This is likely to boost SHIB’s utility and trigger a price rally in the memecoin.
Ethereum and Bitcoin have resumed their upward climb, and proponents have noted capital rotation from altcoins and memecoins to the top two cryptocurrencies. The overall market capitalization has crossed $3 trillion, and Shiba Inu, the memecoin, is struggling to recover from the recent drop in price.
The total number of Shiba Inu holders has been rising for the past two months, and the number has now crossed 930,000. Ethereum whales and large wallet investors continue accumulating SHIB through the dip. Historically, accumulation by whales has fueled a bullish narrative for SHIB price.
A Shiba Inu whale added $1.15 billion worth of SHIB to a wallet during the BTC and ETH bull run. This move has turned investors bullish on the memecoin’s price.
Twitter is abuzz with news of AMC Theatres considering accepting SHIB as a means of payment. Adam Smith, CEO of AMC Theatres, has hinted at a SHIB listing. Smith recently tweeted:
TWITTER POLL #2: As you know, you can now purchase AMC gift cards using cryptocurrency, and our IT group is writing code so that soon we can accept online payments in Bitcoin, Ethereum, Litecoin and Dogecoin among others. Should we strive to take Shiba Inu too?
In their Q3 earnings call, AMC Theatres revealed that they are exploring the possibility of accepting SHIB.
Shiba Inu’s social and market activity indicates a bullish outlook as the memecoin prepares for recovery.
Experts have criticized the centralized nature of SHIB, where ten wallets hold 72% of the circulating SHIB supply.
Mark Cullen, a cryptocurrency analyst and trader, has evaluated the SHIB price trend and considers the memecoin likely to bounce for another leg up.
— $SHIB UPDATE —
#Shiba looks like it could bounce here for another leg up, following the path
If it can't break the pink trend line then I fear it will drop to the next high volume node below before a major bounce@Shibtoken pic.twitter.com/y9rmL3YFw0
FXStreet analysts consider that below $0.000066 SHIB remains bearish.
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Shiba Inu (SHIB) price slipped in late trading hours on Thursday after earnings shook the markets. Instead of seeing a continuation to the downside, bulls have already pared back most of the incurred losses and are back on track to test the sloping side of a wedge pattern.
Polkadot price is at a junction where a failure to breach through significant hurdles will result in a corrective phase. On the other hand, a swift recovery above these levels could set a base for impressive gains.
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Crude oil prices continue to trade in uneventful fashion, with front-month WTI futures stuck within their intra-day ranges of the last few days in the low $100s, as traders mull various conflicting themes.
Bitcoin price reveals an opportunity to buy as it stoops to crucial support levels. This downswing looks to be a ploy from market makers to purge the sell-side liquidity before triggering an uptrend.
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