As a seasoned crypto investor with a knack for navigating through turbulent market conditions, I find myself once again standing at the crossroads of opportunity and uncertainty. The recent 7% plunge in Shiba Inu’s price, following the escalation of the Israel-Iran conflict, has stirred a mix of emotions – from fear to anticipation.
Over the past 24 hours, the value of Shiba Inu (SHIB) plummeted by 7%, mirroring a general decline in the broader cryptocurrency market. The ongoing pressure on Shiba Inu’s price suggests that its anticipated October surge might be in jeopardy as a result of external factors.
Why The Shiba Inu Price Crashed by 7%
On October 1, the price of Shiba Inu plummeted as a result of escalating tension between Israel and Iran. This tension arose following Iran’s missile attack on Israel in response to the deaths of Iranian-supported militia leader Hassan Nasrallah and others, who were killed earlier. The increased hostility in the Middle East has triggered apprehension and doubt within the market, leading to a surge of sell-offs for SHIB, ultimately causing its price to plummet.
In periods of geopolitical tension, such as the current Israel-Iran conflict, riskier assets like Shiba Inu tend to be impacted the most. This is because these tensions often ripple through global markets. Notably, Bitcoin (BTC) has experienced a substantial price decrease since Iran’s missile attacks on Israel. The value of Bitcoin dropped to around $60,000 after the attack.
Since both SHIB and Bitcoin have a strong positive relationship, it’s likely that the SHIB price would also drop if Bitcoin did. However, with recent news that Israel’s Prime Minister Benjamin Netanyahu is planning a retaliatory strike on Iran, the Shiba Inu price could potentially experience further decreases.
As an analyst, I’m expressing my perspective: It appears Iran has taken a significant misstep, one which may have serious consequences. Their threat of broader strikes should Israel respond suggests that this situation could escalate into a full-scale conflict. Such a development might potentially cause the Shiba Inu price to relinquish its September gains.
Additionally, the ongoing Israel-Iran conflict may hinder Shiba Inu’s anticipated surge this month. This digital coin was poised for a significant milestone in October, given its consistent history of positive monthly gains. However, these gains could be compromised if the escalating tension in the Middle East continues.
SHIB Whales Remain Unbothered
Despite the ongoing Israel-Iran conflict and drop in price, significant investors continue to amass Shiba Inu coins, as shown by data from market intelligence platform IntoTheBlock. This is indicated by a nearly 13% increase in large transactions within the past few days, suggesting a trend of accumulation among these investors. In fact, over 6.33 trillion SHIB tokens have been exchanged in the last 24 hours.
Santiment noted that Shiba Inu is currently causing quite a stir among the big investors, often referred to as “Whales.” Notably, the number of large transactions involving this meme coin surged by an impressive 360% over the past week. This significant increase suggests that these Whales are optimistic about Shiba Inu’s future prospects, potentially indicating confidence in the coin ahead of the upcoming phase of the bull market.
currently, Shiba Inu coins are being traded approximately at $0.000016, representing a decrease of more than 8% within the past 24 hours, as per information from CoinMarketCap.
Read More
- USD ZAR PREDICTION
- SOL PREDICTION. SOL cryptocurrency
- CKB PREDICTION. CKB cryptocurrency
- EUR ILS PREDICTION
- SEILOR PREDICTION. SEILOR cryptocurrency
- EUR RUB PREDICTION
- OOKI PREDICTION. OOKI cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- SBR PREDICTION. SBR cryptocurrency
- KATA PREDICTION. KATA cryptocurrency
2024-10-02 22:41