Shiba Inu continues to be bullish on the market charts. The meme coin is now influencing fellow coins to follow its league. SHIB Price is trading at $0.00002332 with gains of 81.47%. The coin has peaked at its 24-hour high of 0.00002436. The market cap of the coin is now standing over ~$8.9 billion.
Similarly, DogeCoin and Floki Inu are following SHIB’s price movements. While Doge is valuing at $0.2529 with gains of ~9%. Floki Inu on the other hand is trading at $0.0000496. However, it is worth stressing that the statistics are from press time.
Catalysts Fueling Shib Price Bull Run!
It is now widely known that the run was initiated with a kickstart from Musk’s tweet. There are several other catalysts that are playing a vital role in fueling Shiba Inu leg-up. Which are as follows:
Increase in Whale Accumulation:
- Gimli has bought Shib worth $2,385,648 USD.
- Anonymous whale buys another 276 billion SHIB, after buying over 6.17 trillion SHIB tokens.
- Reports suggest that larger transactions greater than $100,000 peaked from 147 on the 1st of October to 1,300 by the 4th of October.
Acceptance of Shiba Inu by Now Payments:
- Enables online and offline stores to accept SHIB payments.
- SHIB payroll is possible.
- Charities can accept SHIB.
- Streamers can accept donations in SHIB.
Also Read Shiba Inu Surged More Than 200% ! What Next? Will SHIB Price Pull Back or Hit ATH
Automatic Shib Token Burning System:
- The Shiboshi NFTs will help burn SHIB tokens, helping reduce the supply.
- Anyone who holds these NFTs can opt for renaming them by burning the SHIB token.
- Coin burn might bring a surge to the prices, helping it propel to ~1cent.
In addition, substantial reports suggest that SHIB is now the most transacted ERC-20 token. And the biggest ERC-20 token holding. Collectively, analysts expect the token to remain bullish for the fourth quarter of 2021. Some also believe the coin to hit the 0.00005 mark. From the catalysts, we can assume the trend to be unlike Doge’s run. A significant number of factors are in SHIB’s favor.
Also Read : Bitcoin Retests Crucial Resistance!! When Cardano, Solana, And Other Altcoins Will Breakout?
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