Shiba Inu investors are rejoicing once again as their favorite meme-coin’s price has jumped more than 30% in the past week.
ShibArmy was prepared to buy the dip when Shiba Inu cryptocurrency broke a crucial support level. We had earlier reported that if Shiba Inu falls below the zone, the important support level for the coin would be breached and it will open the doors for some further downside in the short run.
Shiba Inu Price Today
After our initial prediction went right, Shiba Inu was bound for some great recovery in a span of four days. On 20th December, the price of Shiba Inu was $0.0000285. At the time of writing this article, the meme-coin is trading at $0.0000375 levels.
A roughly 35% price rally happened in Shiba Inu this week but what are the reasons behind this price rise?
Recently, GameStop announced that it would start accepting Shiva Inu and this news has acted as a positive catalyst for the price of the cryptocurrency.
Why The Rally?
This update recently came to us all through the cryptocurrency payment processor, Flexa, who announced that GameStop will now accept popular pupcoins such as Shiba Inu and Dogecoin. Other than these two, Bitcoin, Litecoin, Ethereum, Axie Infinity Shards ($AXS), Decentraland ($MANA), and Smooth Love Potion ($SLP) were also adopted.
Flexa’s SPEDN app has provided a method of transfers and payment for many cryptocurrencies before, and now the above listed cryptocurrencies can be used as a means of payment through the app at all GameStop stores in the United States. Earlier this year, it empowered the movie operator Regal Cinemas and convenience store chain Sheetz in a similar manner of accepting cryptos for transactions as well.
Also, a Shiba Inu whale bough $50 Million worth of Shib when the price had dipped following the breach of the support level. This gave more confidence to the ShibArmy about the future of their favorite meme-coin.
What do you think about the future of Shiba Inu cryptocurrency? Tell us your thoughts in the comments.