Altcoins

Where Could the Shiba Inu Price (SHIB) Be Heading Next?

As the crypto asset selling craze continues, Shiba Inu Price has lost nearly 15% in the last 24 hours. In recent weeks, the price of SHIB has been under a lot of pressure. From its all-time peak, the coin has plunged by more than 82 percent. After continuing the instability generated by last week’s breakdown, it is hovering at the critical support level of $0.0000064. During this period of indecision and lack of buyers, SHIB’s price movement could see a strong downward trend.

The losses are minor in relation to the coin’s 10,000 percent gain this year. A new decentralized exchange (DEX) is about to emerge, which is one of several catalysts in the expanding decentralized finance (DeFi) area that might make the dog-breed cryptocurrency an appealing gamble. SHIB investors are urging one another to hold or buy more on social media. 

Its major purpose is to create a truly decentralized ecosystem centered on the Shiba Inu token, as well as a decentralized exchange (DEX) that will open soon, according to the company. Shiba has already proven to be more valuable to the world than DOGE by donating 10% of its maximum supply to a COVID-19 relief organization.

Shiba Inu token was also a victim of last month’s crypto-crisis when all major cryptocurrencies such as Bitcoin and Ethereum plummeted. Since reaching an all-time high in early April, Bitcoin and Ethereum have already lost half of their value. Also because of China’s new ban on crypto assets in the huge Asian country. 

According to reports, the Chinese government has blocked many popular crypto assets’ social media websites, including Shiba Inu. Finally, there are indications that the Federal Reserve may look at investor data related to token accumulation during the May crisis.

Anjali Belgaumkar

Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.

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