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Shiba Inu (SHIB) price has managed to defend the $0.000008 support on Jan. 23 amid intense volatility in the crypto markets, thanks to a recent update from Elon Musk’s X.
Shiba Inu price slid to $0.0000086 at press time on Jan. 23, down 14% in the last 3 days. However, the SHIB team’s response to X proposed X payments service has sparked optimism within the community.
Can Shiba Inu investors trigger a spike in SHIB market demand in the coming days?
Shiba Inu marketing lead pitched SHIB token to Elon Musk
On Jan. 9, Elon Musk-led social media giant X, published its official roadmap for 2024. In the roadmap, X outlined plans to launch its own native peer-to-peer payments product.
On Jan. 22, X took a major step toward the official launch of XPayments, a dedicated page for the service.
“We will launch peer-to-peer payments, unlocking more user utility and new opportunities for commerce, and showcasing the power of living more of your life in one place.” – X(Twitter), Jan 2024.
X(formerly Twitter), January 2024.
In a tweet directed at Elon Musk, Shiba Inu marketing lead, LucieSHIB, stated that the SHIB token deserves to be listed on the payments service.
The Shiba Inu community, expressed optimism about the SHIB token’s prospects of becoming one of accepted currencies on the X payment platform, a move that could trigger massive global adoption and possibly an upward price reaction in the near future.
Shiba Inu whales spotted buying the rumor
The social media comments surrounding SHIB tokens potential adoption on XPayments were dominantly optimistic. A closer look at the recent trends in Shiba Inu whale transaction data suggests that strategic corporate investors could already be making big bets on the rumor.
IntoTheBlock’s whale transaction count metric tracks the trading activity of large investors by tracking the number of transactions exceeding $100,000 on a given day.
Shiba Inu witnessed a spike in Whale Transactions on Jan. 22, signaling early moves by large investors looking to buy-the-rumor.
As seen below, the 57 SHIB whale transactions recorded on Jan. 22 is the highest since Jan. 11.
Amid bearish headwinds across the broader crypto markets, his rise in whale transactions could impact SHIB price positively in the coming days. Firstly, it could provide much-needed market liquidity to those looking to exit, to sell at favorable prices without triggering major price downswings.
Secondly, Elon Musk’s and X’s affinity with memcoins has been well documented over the years. In effect, X’s newly-unveiled plans to launch a peer-to-peer network has triggered speculations that the social media giant could adopt the leading mega cap coins like Shiba Inu and Dogecoin (DOGE) as official currency options on the proposed payments service.
Hence, If the big players continue to make large bets on SHIB to front-run XPayments’ launch, they could inadvertently trigger a bullish rebound in the short-term.
SHIB price prediction: Can the bulls hold the $0.000008 support?
From an on-chain perspective, the media narrative behind XPayments potentially adopting SHIB appears to have triggered early bullish reaction among Shiba Inu whales. If they keep buying the dip SHIB could gain enough traction to mitigate the impact of the market wide bearish and effectively sustain the $0.000008 support level in the short-term.
IntoTheBlock’s in/out of the money (IOMAP) data also affirms this stance. It currently depicts that 88,700 addresses had acquired 36 trillion SHIB at the average price of $0.000008. In addition to the whales’ buying pressure, this large cluster of current Shiba Inu holders could also make timely purchases to avoid slipping into a net-loss position.
If Shiba Inu can avoid a breakdown below $0.000008, the bulls could swoop in and possible target $0.00001 in the short-term.
Alternatively, the bears could invalidate this forecast if SHIB price fails to hold firm above the $0.000008 area in the coming days. In that case, a reversal towards $0.000007 could be on the cards.
This article first appeared at crypto.news
