Shiba Inu Price Jumps 50% In Jan, Will SHIB Break $0.1 Mark In 2023 ?

The post Shiba Inu Price Jumps 50% In Jan, Will SHIB Break $0.1 Mark In 2023 ? appeared first on Coinpedia Fintech News

After trading on a bearish cycle for months, it looks like the second largest meme currency, Shiba Inu price has finally started its move towards $0.1 level. Starting with Bitcoin, Shiba Inu has now spiked nearly 50% in just a few weeks. This comes as a surprise move for the investors as SHIB outperforms its rival currency, Dogecoin.

At the time of reporting, Shiba Inu Is trading at $0.00001245 with a surge of 3.30% over the last 24hrs.

Shiba Inu Price At $0.1 ?

Meanwhile, a veteran trader Ali claims that Shiba Inu is about to hit a target of $0.017. However, he believes that this can happen only if SHIB maintains its trade above $0.011.

#ShibaInu appears to be breaking out of a bull pennant. If $SHIB continues to trade above $0.011, it could run towards $0.017. #SHIB pic.twitter.com/O9RCY4RsXj

— Ali (@ali_charts) February 2, 2023

It was on January 19 that Shiba Inu had its last trade below $0.000011 after which the meme currency is maintaining its trade between $0.000011 and $0.000012.

Shiba Inu was created in August 2020 which was then viewed as a pump-and-dump scheme. However, now the Shiba Inu network has developed tremendously well and all thanks to the team that is working strongly towards its use cases. The team is achieving this goal through various methods and one such is the business partnerships.

Recently, the Shiba Inu has entered into partnership with Flex network which is a known fraud-proof payment network. This partnership will allow SHIb holders to use their digital holdings in the US and Canada.

Let’s get a head start on the weekend… $SHIB is here! Now you can use @Shibtoken for fast and fraud-proof payments anywhere Flexa is accepted—including more than 40,000 stores across the US. #25DaysofFlexa pic.twitter.com/X7L0lc8fa6

— Flexa (@FlexaHQ) December 10, 2021

Binance Transfers 6.4 trillion SHIB To An Anonymous Wallet

The other reason for SHIB’s continued bull run is the hype for Shibarium, a layer-2 solution scheduled to be launched this year. One of the core developers, Shytoshi Kusams recently posted a testing tweet ahead of the Shibarium launch.

Another tease from @ShytoshiKusama
… link was posted and erased… #Shibarium docs coming… WEN pic.twitter.com/3HsVXCrDT9

— Lucie ➹ ➹ ➹ (@LucieSHIB) February 1, 2023

On the other hand, the lead crypto exchange, Binance, has moved 6.4 trillion SHIB to an anonymous wallet in the past day. The same was confirmed by Etherscan data. The reason for such a huge transaction is still unknown.

499,999,677,307 #SHIB (6,051,246 USD) transferred from #Binance to unknown wallethttps://t.co/bbnyRCWshI

— Whale Alert (@whale_alert) February 3, 2023

However, there was no impact on Shiba Inu’s SHIB price action as the currency is still among the top 20 gainers list