Bitrabo Editorial
The price of Shiba Inu (SHIB) has plummeted by 7% over the past day, mirroring a downturn in the wider cryptocurrency market. This decline is primarily driven by external circumstances that have compromised Shiba Inu’s anticipated rally for October.
Causes Behind the 7% Decline of Shiba Inu
The recent drop in Shiba Inu’s price has been largely influenced by the escalating conflict between Israel and Iran, which intensified on October 1. Following Iran’s missile strikes in retaliation for the death of Hezbollah leader Hassan Nasrallah, market anxiety has surged, leading to substantial selling pressure on SHIB and decreased investor confidence.
During times of geopolitical unrest, riskier assets like Shiba Inu tend to suffer the most as they are directly affected by market volatility. Additionally, Bitcoin (BTC) has seen a significant downturn since the onset of these tensions, recently falling to around $60,000. Because of the strong correlation between SHIB and BTC, a decline in Bitcoin’s value naturally results in Shiba Inu’s price dropping as well.
The situation remains precarious, as Israeli Prime Minister Benjamin Netanyahu has indicated plans for a retaliatory strike against Iran, asserting that Iran made a critical error and will face consequences. In response, Iran has issued threats of wider retaliatory measures, which raises the possibility of an escalating conflict. Such developments could further challenge Shiba Inu’s recent price gains from September.
Moreover, the ongoing Israel-Iran conflict poses a significant hurdle to Shiba Inu’s projected growth this month. The meme coin was on track for a remarkable October, traditionally known for its positive monthly performances. However, this potential uptrend may be jeopardized if tensions in the region do not subside.
SHIB Investors Display Resilience
Despite the market fluctuations and geopolitical tensions, Shiba Inu whales continue to gather the cryptocurrency. Recent data from the market analysis firm IntoTheBlock reveals that large transactions of SHIB have spiked nearly 13% in just a few days, reflecting a trend of accumulation among major investors. Specifically, 6.33 trillion SHIB tokens were exchanged in the last 24 hours alone.
In addition, analytics by Santiment indicate a striking growth in large SHIB transactions, with a reported spike of 360% this past week. This data highlights the ongoing confidence among whale investors concerning Shiba Inu’s future performance as they prepare for the next potential bull run.
Currently, Shiba Inu is trading at approximately $0.000016, marking an over 8% decline in the past day according to CoinMarketCap’s data.