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Shiba Inu Pumps 10% as Community Eyes ‘Eating Another Zero’ – Meme Kombat Attracts Investors

Press Releases Crypto News BeInCrypto Shiba Inu Pumps 10% as Community Eyes ‘Eating Another Zero’ – Meme Kombat Attracts Investors

The meme coin Shiba Inu (SHIB) has seen renewed interest and upside price action over the past couple of days.

After consolidating under $0.000009 for most of November, SHIB finally broke out on Monday, pumping from $0.0000084 to over $0.0000095 for a gain of more than 10% before cooling off around $0.000009.

This pump seems to have reinvigorated the Shiba Inu community, with influential voices like SHIB KNIGHT, a Shiba Inu analyst with over 390k Twitter followers, tweeting:

“SHIB had a nice pump yesterday and still holding above the pump. Breaking a zero is imminent!”

So, there appears to be growing conviction among SHIB holders that the next target is to “eat another zero” and break above the key $0.00001 level. SHIB did manage to briefly surge past $0.00001 back in August after the launch of the Layer 2 scaling solution Shibarium, but it has failed to retest that level since. With the renewed optimism, the community is now eyeing another test of $0.00001, which would require a roughly 10% gain from current levels.

This burgeoning bullishness seems to be validated by some large market flows detected by on-chain analyst LookOnChain, who tweeted to his 280k followers:

“A fresh whale wallet withdrew 600B SHIB($5.7M) from #Binance in the past 30 minutes. Another wallet of this whale also withdrew 250B SHIB($2.3M) from #Binance 9 days ago.”

When whales move large amounts of coins off exchanges, it often signals an expectation of rising prices in the near future. Exchanges inherently carry counterparty risk, so large holders often withdraw to self-custody when anticipating price rises in order to eliminate the risk of exchange hacks, outages, or other issues preventing them from selling at peak prices.

So this movement of large SHIB volumes off Binance points to building whale confidence in an imminent SHIB price surge.

Adding to the growing hype is recent data from the Shibarium analytics site
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Author: BeInCrypto Team

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