Shiba Inu Price Defends Support Amid Volatility
The price of Shiba Inu (SHIB) has managed to defend the $0.000008 support level on Jan. 23 despite intense volatility in the crypto markets. This is thanks to a recent update from Elon Musk’s X, which has sparked optimism within the SHIB community. Although SHIB price has slid 14% in the last three days, there is hope that investors can trigger a spike in market demand in the coming days.
SHIB Token Pitched to Elon Musk
The marketing lead for Shiba Inu reached out to Elon Musk, pitching the SHIB token for listing on X’s upcoming peer-to-peer payments service. X recently outlined plans to launch its own native payments product and has taken steps toward its official launch. The Shiba Inu community is optimistic about the prospects of SHIB becoming an accepted currency on the X payment platform, which could lead to global adoption and a potential price increase.
Whales Buying Into SHIB Rumors
There has been dominant optimism surrounding SHIB token’s potential adoption on XPayments. Whale transaction data suggests that strategic corporate investors may already be making significant bets on this rumor. The recent spike in whale transactions indicates early moves by large investors looking to buy-the-rumor. This increase in activity could positively impact SHIB price by providing market liquidity and potentially triggering a bullish rebound.
Can Bulls Hold the $0.000008 Support?
From an on-chain perspective, the media narrative around XPayments potentially adopting SHIB has sparked a bullish reaction among Shiba Inu whales. If they continue buying the dip, SHIB could gain enough traction to sustain the $0.000008 support level in the short-term. Additionally, the presence of a large cluster of SHIB holders who acquired the token at an average price of $0.000008 could further support the price. If SHIB can avoid breaking below this level, there is potential for a short-term target of $0.00001.
Hot Take: Shiba Inu’s Potential Surge with XPayments
Shiba Inu’s recent pitch to Elon Musk and the anticipation of its adoption on XPayments has created excitement within the community. The involvement of strategic corporate investors and the potential for global adoption could lead to a surge in SHIB demand. While the broader crypto market faces bearish headwinds, SHIB’s prospects remain optimistic. If the bullish momentum continues and SHIB can hold its support level, we may see a significant price increase in the near future.
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