Shiba Inu prepares to resume bull run as AMC theaters explores accepting SHIB as payment
- Shiba Inu whale adds $1.15 billion worth of SHIB tokens to his portfolio amidst ongoing ETH and BTC bull run.
- AMC entertainment announces in their Q3 earnings call that they are exploring ways of accepting SHIB payments at their theatres.
- Shiba Inu has crossed over 930,000 holders.
- Over 12% of new SHIB wallets were added when the memecoin was at its peak.
Dogecoin-killer Shiba Inu is gearing up for another bull run as SHIB may be accepted by an American movie theater chain. This is likely to boost SHIB’s utility and trigger a price rally in the memecoin.
Shiba Inu prepares for comeback in the current bull market
Ethereum and Bitcoin have resumed their upward climb, and proponents have noted capital rotation from altcoins and memecoins to the top two cryptocurrencies. The overall market capitalization has crossed $3 trillion, and Shiba Inu, the memecoin, is struggling to recover from the recent drop in price.
The total number of Shiba Inu holders has been rising for the past two months, and the number has now crossed 930,000. Ethereum whales and large wallet investors continue accumulating SHIB through the dip. Historically, accumulation by whales has fueled a bullish narrative for SHIB price.
A Shiba Inu whale added $1.15 billion worth of SHIB to a wallet during the BTC and ETH bull run. This move has turned investors bullish on the memecoin’s price.
Twitter is abuzz with news of AMC Theatres considering accepting SHIB as a means of payment. Adam Smith, CEO of AMC Theatres, has hinted at a SHIB listing. Smith recently tweeted:
TWITTER POLL #2: As you know, you can now purchase AMC gift cards using cryptocurrency, and our IT group is writing code so that soon we can accept online payments in Bitcoin, Ethereum, Litecoin and Dogecoin among others. Should we strive to take Shiba Inu too?
— Adam Aron (@CEOAdam) October 29, 2021
In their Q3 earnings call, AMC Theatres revealed that they are exploring the possibility of accepting SHIB.
Shiba Inu’s social and market activity indicates a bullish outlook as the memecoin prepares for recovery.
Experts have criticized the centralized nature of SHIB, where ten wallets hold 72% of the circulating SHIB supply.
Mark Cullen, a cryptocurrency analyst and trader, has evaluated the SHIB price trend and considers the memecoin likely to bounce for another leg up.
-- $SHIB UPDATE --
— AlphaBTC (@mark_cullen) November 8, 2021
#Shiba looks like it could bounce here for another leg up, following the path
If it can't break the pink trend line then I fear it will drop to the next high volume node below before a major bounce@Shibtoken pic.twitter.com/y9rmL3YFw0
FXStreet analysts consider that below $0.000066 SHIB remains bearish.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
