From Insignificant to Worthless: The Value of $0.0000
Shiba Inu (SHIB) has successfully defended the $0.000008 support level on January 23 amid high volatility in the cryptocurrency markets, thanks to a recent update from X, which is led by Elon Musk.
At press time on January 23, the price of Shiba Inu slid to $0.0000086, experiencing a 14% decrease over the past three days. However, the response from the SHIB team regarding X’s proposed payments service has generated optimism within the community.
The marketing lead for Shiba Inu reached out to Elon Musk on January 9, pitching the SHIB token as a worthy addition to X’s payments service. X had previously outlined plans to launch its own peer-to-peer payments product in its roadmap for 2024. On January 22, X took a significant step towards the official launch of XPayments by creating a dedicated page for the service.
The Shiba Inu community expressed hope that the SHIB token would be accepted as one of the currencies on the X payment platform. This move could potentially lead to widespread adoption and a positive price reaction in the near future.
There have been indications that Shiba Inu whales, or large investors, have been buying into the rumor of the SHIB token’s adoption on XPayments. The number of whale transactions involving SHIB significantly increased on January 22, suggesting that strategic corporate investors may already be making significant bets based on this rumor.
The rise in whale transactions, despite bearish trends in the broader crypto markets, could have a positive impact on the price of SHIB in the coming days. Firstly, it could provide liquidity to those looking to sell without causing major price drops. Secondly, Elon Musk’s and X’s affinity for meme coins has led to speculation that Shiba Inu and Dogecoin could become official currency options on the proposed payments service.
If large players continue to make substantial bets on SHIB ahead of XPayments’ launch, it could inadvertently trigger a bullish rebound in the short term.
From an on-chain perspective, the narrative surrounding XPayments potentially adopting SHIB has already sparked a bullish reaction among Shiba Inu whales. If they continue to buy the dip, SHIB could gain enough momentum to withstand the bearish market and maintain the $0.000008 support level in the short term.
Additionally, data from IntoTheBlock’s in/out of the money (IOMAP) analysis supports this view. It shows that 88,700 addresses have acquired 36 trillion SHIB at an average price of $0.000008. Along with the buying pressure from whales, this large cluster of SHIB holders could also make timely purchases to avoid losses.
If Shiba Inu can avoid breaking below $0.000008, the bulls could potentially target $0.00001 in the short term. However, if the price fails to hold above the $0.000008 level, a reversal towards $0.000007 may be possible.
Overall, the fate of SHIB’s price will depend on how the market reacts to the potential adoption on XPayments in the coming days.
Read more: Shiba Inu’s burn rate up by 6,000%; Cardano and Borroe Finance are firm. Follow Us on Google News.
