Why Is Shiba Inu Price Up Today?

Shiba Inu Price is up today. So, why? At the moment of writing, SHIB’s price equals 0.00001. For the first time, Shiba Inu was released as a meme coin after Dogecoin’s rise. The token raised to 3.000.000%.

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Why is the Shiba Inu Price Up?

On August 9, the SHIB price pumped up to $0.00001005. The uptrend is started about 2 days ago. But the trend did not strong. That’s why the price reversed around 15% to a low of $0.0000947. Shiba Inu price is not so volatile right now.

There is some news about the meme coin. First of all, on August 8 crypto payment company BitPay announced “Bill Pay”. The new service enables payment with some main cryptocurrencies. Shiba Inu is one of these listed tokens. That’s why the news occurs demand to the coin.

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Shiba Whales Are Accumulating

According to an on-chain perspective, most of Shiba Inu’s richest addresses accumulated SHIB tokens. They are accrued for two days. Notably, between 100 million-1 billion SHIB address whales are buying. 1 billion SHIB addresses (royal blue) hold 96.5% of the total supply as shown below.

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