Cryptocurrency: Expert on how financial system is being 'remade'
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The so-called “Dogecoin killer” surged by almost 200 percent since the start of the week October 4, reaching a dizzying new high of $0.000025. The sudden bullish impulse caught many market users by surprise after more than 100 days of stagnancy. However, behaviour analytics platform Santiment suggested “crowd hype” which increased in tandem with the prices which is often followed by a steep correction.
The IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model shows that $0.000021 represents a strong foothold for the asset.
More than 10,000 addresses have previously purchased over 630 billion SHIB around this price level.
Such a major demand wall suggests that a decisive drop below this level could lead to further losses.
This would mean that Shiba Inu could dive to $0.000017 or even $0.000015.
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Why did Shiba Inu explode this week?
The Dogecoin spin-off crypto Shiba Inu has now surged by around 8,000 percent in the last year and a staggering 45 percent since Monday.
The latest price jump has been attributed to Elon Musk who tweeted a photo of his dog on Monday.
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