Altcoins

Shiba Inu Price In Final Levels Of Consolidation, How High Could It Jump?

Highlights

    Shiba Inu price is approaching the crucial stages of accumulation where-in a breakout may lead the price higher than expected

    Shibaswap is getting a huge response from the crypto market as it achieves a huge milestone on the first day of the launch

Shiba Inu price maintained a silent rally after the launch of ShibaSwap, the token’s native decentralized exchange. The price remained low-key since then and consolidated heavily as the trading volume depletes to a large extent. Yet, on the other hand, the SHIB price also showcases a possibility of a massive uptrend.

The popular meme token attracted many traders in a very short time frame and the community called the ShibArmy also grew notably. However, many speculated a huge upside move with the launch of ShibaSwap, but it all went in vain. The price did gain a considerable push but the short-lived rally ended at the initial levels. 

shibswapprice

However, the price currently is attempting very hard to sustain above $0.00000850 levels. Moreover, the trading volume has shrunk more than 33%. Yet a decent uptrend could be fast approaching as the price is heading towards the final stages of consolidation.

No doubt it is not mandatory that the price could propel towards the north, yet the triangle breakout in many cases results in an uptrend. Therefore a coming couple of days may be very crucial for the SHIB price.

Also Read: Shiba Inu Coin Wants to Ditch Its Meme Coin Status for the Good! Will SHIB Price Ever Hit $1?

ShibaSwap Records A MileStone, Will Shiba Inu Price Rally Now?

Yet, on the other hand, Shibaswap, a newly launched decentralized exchange becomes the most popular exchange in a single day. Within hours of the launch the platform recorded half a billion Total Value Locked (TVL). However, with the completion of one whole day, the TVL rose to more than a billion, which is huge for any platform.

As the growth of the Uniswap exchange gave an immense boost for the UNI price, and also the same case with the Binance Coin(BNB) price, one can expect a similar boost for SHIB price. With the growing popularity of the ShibaSwap exchange as they offer competitively lower fees, the Shiba Inu Price may also reach a cent soon!

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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