BitPay adopts Shiba Inu puppy token amid whale hoarding

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BitPay adopts Shiba Inu puppy token amid whale hoarding For Hannah perez

Amid whale movements, payment processor BitPay integrated with Shiba Inu. Some reports suggest that the creators of the ‘Squid Game’ scam are buying SHIB.

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It seems that the whales of the crypto space are accumulating extraordinary amounts of the token puppy Shiba Inu (SHIB), and some reports suggest investors include the creators of the infamous SQUID token, inspired by the South Korean series “The Squid Game“. Meanwhile, announcements of adoption of payments with SHIB continue.

BitPay processor adopts SHIB

The leading cryptocurrency payment processor BitPay has started accepting SHIB. This was reported by the company in a press release shared through its official Twitter account this week. “We are pleased to announce that consumers can now pay and merchants can accept Shiba Inu (SHIB) immediately for payments ”, they wrote in a tweet.

According to the official statement, BitPay has integrated the ERC-20 Shiba Inu token into its wallet application that allows you to store, buy, exchange and spend cryptocurrencies. The measure offers the different commercial clients of the company the option to easily add support for SHIB as a means of payment. It also allows users to pay with meme currency at thousands of merchants.

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The token meme has now joined the list of cryptocurrencies supported by the platform, including Bitcoin, Ether Y Dogecoin. BitPay offers its users the ability to buy gift cards with cryptocurrencies to use in hundreds of stores and businesses. Also cardholders BitPay now they will be able to spend their SHIB tokens anywhere it is accepted Mastercard.

The adoption news comes shortly after the chain of cinemas AMC will announce the addition of SHIB to its payment methods for tickets and other products. Also the online electronics store, Newegg, recently indicated support for payments in that cryptocurrency. Now both businesses will be able to accept Shiba Inu through the payment processor BitPay.

Shiba Inu records whale movements

Meanwhile, some metrics suggest that whales are accumulating large amounts of SHIB.

As reported U.Today, the crypto whale tracker WhaleStats reported Thursday that Ethereum’s whale named ‘Jiraiya‘bought an amount of 99 billion tokens Shiba Inu for an approximate value of USD $ 3.5 million. The tracker’s Twitter account indicated that that address is the 17th largest among the 1,000 wealthiest wallets in Ether (tracked).

Other whales also appear to be following the same buying and hoarding actions. WhaleStats reported this Friday that another address, identified as ‘Hulk’, has also been acquiring SHIB coins to currently hold more than 13,000 million tokens valued at USD $ 463 million.

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It is worth remembering that the term ‘whale’ in the crypto space refers to an individual, organization or wallet address that owns many funds of a cryptocurrency (a sufficiently large amount, capable of causing significant price movements in the market).

In general, the action of buying currencies in bulk is interpreted as a bullish signal, as investors buy lower in anticipation of a price rise in the future. However, the accumulation could also indicate price manipulation intentions in the market.

Do SQUID Scam Creators Buy SHIB?

According to another report, cited by Finbold, the creators of token SQUID, inspired by the popular Netflix series “Squid Game“, Translated into Spanish as”The Squid GameThey have joined the Shiba Inu whales after purchasing massive amounts of the token.

An unofficial Twitter account of SHIBArmy, a community advocating for the widespread adoption of the doggy coin, reported that an address linked to Squid Game bought 3 million SHIB tokens worth $ 125 million. The team said the funds were sent through various wallets and expressed concerns that there may be price manipulation.

As reported Daily bitcoin, SQUID emerged at the end as the unofficial cryptocurrency of the acclaimed South Korean series and quickly became very popular in the crypto market, surging more than 40,000% in price in a stock that practically replicated the worldwide fame of the program. However, the project ended up being declared a scam after investors were unable to sell the token. The founders of the project also dropped out and SQUID plummeted in price.

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Now, it appears that the creators behind SQUID have decided to use the proceeds of the scam to accumulate SHIB. Although it should be noted that the official Shiba Inu Twitter account has not made any announcement about it.

The accumulation of Shiba Inu tokens by whales comes after a reduction in market capitalization for that cryptocurrency. The doggie coin has seen its prices fall in recent weeks amid a widespread bearish movement in the market. At press time, SHIB is trading at $ 0.000034, down 3.4% in the last 24 hours.


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Article by Hannah Estefanía Pérez / Daily bitcoin

Image from Unsplash

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