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.
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:
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.analysts consider that below $0.000066 SHIB remains bearish.
Shiba Inu Elliot Wave Analysis indicates Wave 5 has just begun
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