For the past two weeks, SHIB's price has been stuck in a consolidation and market players were starting to show fear, uncertainty and doubt.
However, it turns out that there might be an answer to this already.
Something huge is coming for Shiba Inu, and we may see a price rally soon after a recent adoption milestone for the memecoin.
Are you ready?
HSBC Bank, the world's eighth-largest bank by total assets, with $3.04 trillion as of August 2023 has now begun accepting Shiba Inu and several other cryptocurrencies as payment.
According to this recent announcement tweet, users of HBSC can now spend some of the Shiba Inu lying around in their wallets on things like Mortgages, loans and other kinds of bills.
SHIB being accepted by HSBC, is a significant breakthrough because by enabling SHIB for payments, HSBC has now shown recognition for SHIB and its rising popularity in the crypto community.
According to data from Etherscan, two previously unidentified addresses, "0x6ab" and "0xA75," have recently withdrawn a substantial amount of SHIB from cryptocurrency exchanges Binance and MEXC, totalling a staggering 61 billion tokens.
The crazy thing about these withdrawals is that there were no previous transfers or transactions in either of these accounts before this.
In another instance, another whale amassed an astonishing $33.6 million in SHIB (valued at about $33.37 million at the time of writing).
This whale address only became activated two days ago, and now contains a massive 4.596 trillion SHIB coins.
Such a large amount of holdings now ranks this address owner as the 25th largest SHIB holder in the world.
According to the charts, Shiba Inu has been in a consolidation for a long time now.
On smaller timeframes, the memecoin is trading atop an ascending trendline as pictured above and seems sufficiently bullish in light of this.
However, Shiba Inu is suffering from extremely low volatility and is taking a -9% hit in trading volumes according to CoinMarketCap.
The snapshot below, taken from Santiment, also attests to this fact.
However, Shiba Inu holds some promise of a volatility comeback (along with the rest of the crypto market), in light of the ongoing collaboration between the crypto ecosystem and HSBC.
In all, Shiba Inu appears to be stuck under its 20-day EMA and will have to break through that to have a chance at any kind of upside momentum.
We may very well see a bounce from the $0.00000727 zone on this ascending trendline as the daily RSI tries to get above the neutral zone, and as SHIB tries to reclaim $0.000011.
Moreover, SHIB will only decline further if it falls below $0.00000727. This means that the memecoin can only go up from here, sooner or later.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.