Why Is Shiba Inu Price Rising Today?

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The Shiba Inu (SHIB) price is climbing today amid a broader recovery in the cryptocurrency market and supportive fundamental developments. After a recent dip, investor sentiment has shifted positively, fueling renewed interest in this popular meme coin. In this article, we’ll explore the key drivers behind SHIB’s latest price surge, on-chain activity from major holders, and what could lie ahead for its price in the coming weeks.

What’s Driving the SHIB Price Surge?

On August 9, Shiba Inu’s price jumped nearly 5.75%, reaching $0.00001005**. This marks a continuation of a rebound that began two days earlier, lifting SHIB approximately **15%** from its recent low of **$0.00000947.

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A significant catalyst emerged on August 8, when BitPay, a leading cryptocurrency payment processor, launched a new service called "Bill Pay". This feature allows users to pay everyday bills—such as utilities, subscriptions, and rent—directly from their crypto wallets. Notably, Shiba Inu is among the tokens supported by this service.

This integration enhances SHIB’s real-world usability, reinforcing its shift from a speculative meme token to a digital asset with growing utility. Traders likely reacted positively to this news, viewing it as a bullish signal for long-term adoption.

Additionally, the broader crypto market has seen an uplift, driven by optimism around potential regulatory clarity—particularly the anticipated approval of a spot Bitcoin ETF in the United States. As Bitcoin stabilizes and regains momentum, altcoins like SHIB often benefit from increased investor risk appetite.

Bitcoin (BTC) has climbed nearly 4.25% from its recent low near $28,650, providing a favorable environment for altcoin rallies. With improving market sentiment and expanding use cases, SHIB is riding both macro and micro-level tailwinds.

Whale Activity Shows Confidence in SHIB Recovery

On-chain data reveals that major Shiba Inu holders—often referred to as “whales”—are actively accumulating SHIB during this rebound phase.

According to analytics platform Santiment, the group of addresses holding between 100 million and 1 billion SHIB tokens has shown modest but consistent growth since August 7. While the largest holder cohort—those with over 1 billion SHIB (representing 96.5% of circulating supply)—has remained flat, the uptick in mid-tier whale accumulation suggests growing confidence among strategic investors.

This pattern often precedes sustained price movements, as increased holding by informed participants can reduce circulating supply and create upward pressure when demand rises.

Shiba Inu Price Forecast for August 2023

Despite the current rally, technical indicators suggest that Shiba Inu may face resistance in the short term.

From a fractal analysis perspective, SHIB is approaching price levels that previously triggered sell-offs. Specifically, the range between $0.00001052 and $0.00001003 has acted as strong resistance. Recent price action shows signs of rejection near this zone, hinting at potential bearish reversal momentum.

The daily Relative Strength Index (RSI) adds further caution. Currently hovering near 70, it indicates that SHIB is approaching overbought territory, which often precedes pullbacks as traders take profits.

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If the bullish momentum stalls, SHIB could retrace toward $0.00000899, representing about a 10% decline from current levels. This zone aligns with an ascending trendline support, which has historically provided buying opportunities during corrections.

Looking at the weekly chart, the outlook becomes even more cautious. The SHIB/USD pair is nearing a confluence of resistance formed by:

This dual resistance zone has blocked previous rallies and could act as a ceiling once again. A failure to break above could lead to a deeper correction toward the horizontal support level near $0.00000800—a drop of roughly 20% from current prices.

However, a decisive close above $0.00001054 could invalidate the bearish scenario and open the path toward higher targets.

Frequently Asked Questions (FAQ)

Why did Shiba Inu price go up today?

Shiba Inu’s price rose due to a combination of positive market sentiment, Bitcoin’s recovery, and the announcement that BitPay now supports SHIB for bill payments. This real-world utility upgrade boosted trader confidence.

Is Shiba Inu a good investment right now?

While SHIB shows signs of recovery, technical indicators suggest short-term overbought conditions and potential resistance ahead. Investors should conduct thorough research and consider risk tolerance before investing.

Can Shiba Inu reach $0.0001?

Reaching $0.0001 would require a 900%+ increase from current levels. While possible in a strong bull market, it would depend on sustained adoption, ecosystem growth, and broader crypto market performance.

Are whales buying Shiba Inu?

Yes, on-chain data shows that addresses holding 100 million to 1 billion SHIB tokens have been accumulating since early August. This suggests growing confidence among mid-tier large holders.

What factors influence Shiba Inu’s price?

Key factors include market-wide crypto trends, Bitcoin’s performance, real-world utility developments (like payment integrations), social sentiment, and on-chain activity such as whale movements and exchange flows.

What is the next resistance level for SHIB?

The immediate resistance is in the $0.00001052–$0.00001054 range. Breaking above this zone could pave the way for further gains; failure may lead to a pullback toward $0.000009 or lower.

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This article does not contain investment advice or recommendations. All investments and trading activities involve risk, and readers should conduct their own research before making decisions.

Cryptocurrency investments are unregulated in many regions and may not be suitable for retail investors. There is a risk of losing the entire invested amount. Services or products discussed may not be targeted at or accessible to investors in certain jurisdictions, including Spain.