HSBC Bank, one of the world's top eight banks, now accepts SHIB as payment.
Whale activity in the SHIB market has surged in recent days, indicating increased interest.
Shiba Inu's price currently rides above an ascending trendline on shorter timeframes, a bullish sign.
Despite the optimism, SHIB faces challenges with notably low volatility and declining trading volumes.
The ongoing partnership between the crypto ecosystem and HSBC holds the potential to revive SHIB's volatility and impact the broader crypto market.
Shiba Inu Gets Embraced by HSBC Bank
In a significant development, HSBC Bank, one of the world's largest financial institutions, with assets totaling $3.04 trillion as of August 2023, has announced its acceptance of Shiba Inu and several other cryptocurrencies as valid payment methods.
This move signifies HSBC's acknowledgment of SHIB's growing popularity and its adoption within the crypto community.
Whale Activity Surges on SHIB
Recent data from Etherscan reveals unusual whale activity involving two previously undisclosed addresses, "0x6ab" and "0xA75," which withdrew a staggering 61 billion SHIB tokens from exchanges Binance and MEXC.
What's intriguing is that these addresses had no prior transaction history, making this development even more mysterious.
Massive SHIB Holdings Accumulated
In a separate instance, another whale acquired a staggering $33.6 million worth of SHIB, equivalent to approximately $33.37 million at the time.
This newly activated whale address now holds a substantial 4.596 trillion SHIB coins, ranking the owner as the 25th largest SHIB holder globally.
Shiba Inu (SHIB) Price Analysis:
On the chart, Shiba Inu has remained in a consolidation pattern for an extended period.
The memecoin is currently trading above an ascending trendline on smaller timeframes, displaying a bullish sentiment.
Despite this, SHIB is experiencing exceptionally low volatility and a -9% decrease in trading volumes according to CoinMarketCap.
Santiment data further confirms this declining trend in trading volumes.
However, there is hope for a volatility resurgence for Shiba Inu, driven by the ongoing collaboration between the crypto ecosystem and HSBC.
Shiba Inu is currently trading below its 20-day EMA, and a breakthrough is required to trigger upside momentum.
There is a potential bounce zone around $0.00000727 on the ascending trendline, with the daily RSI attempting to enter the neutral zone and SHIB aiming to reclaim $0.000011.
A decline below $0.00000727 could lead to further losses, indicating that the memecoin may have an upward trajectory in the near future.
