Shiba Inu is one of the best performing altcoins in the market right now. Shiba Inu has garnered much support as one of the leading meme coins, and its value has largely grown since its launch. SHIB’s popularity is mainly derived from influencers on social media platforms.
SHIB is trading at $0.00000787 at the time of writing after a 0.5% decline in the past 24 hours.
SHIB Price Analysis
Shiba Inu has suffered slight gains in the past 24 hours. At the time of writing, SHIB has dipped, and it is now trading at a lower critical support level of $0.000007. SHIB needs to maintain support at this level because a retreat towards a downtrend might lead to sharper bears that will cause investor losses.
To retreat to such low levels will depend on a lack of market support for the token. If this support lacks and the broader market collapses, such declines will be witnessed. However, consolidation might be witnessed if buyers jump in to buy during the dip.
On the upswing, there is also a likelihood that the price of SHIB will increase if there is market support. In this case, Shiba Inu could retest the $0.000008 resistance level, and if there is a breakout here, we might see bulls pushing the token even further.
Recently, Shiba Inu launched a new DeFi platform known as ShibaSwap. This DeFi platform accumulated more than $1 billion in total value locked (TVL) 24 hours after its launch. Such numbers show that the interest in SHIB is still high.
1 Billion dollars #TVL (Total Value Locked) in a single day!
— Shib (@Shibtoken) July 7, 2021
Because of this growth, ethereum gas fees have increased significantly because of the boom of the SHIB token in the DeFi sector. in 24 hours, the SHIB token generated more than $1.7 million in gas fees, hence ranking it second in terms of profitable DEXs after UniSwap V2.
Where to Buy Shiba Inu
Those who want to buy SHIB can do so from the following exchanges:
One of the crypto exchanges that support SHIB is eToro. eToro is a reputable crypto exchange that supports a wide range of cryptocurrencies and trading pairs. The exchange also offers competitive trading fees and has a copy-trading feature.
The other exchange that supports SHIB is Coinbase. Coinbase is a reputable exchange that also offers competitive trading fees. It is also one of the largest exchanges; hence users enjoy high liquidity that enhances trades.
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