The much-awaited ShibaSwap goes live, yet no notable spike is withnessed with the SHIB price
The official Shibaswap platform offers a wide range of utilities at lucrative prices, claims much less than the other platforms
The crypto space had several rounds of speculations related to the launch of Shibaswap, a decentralized exchange. Many believed it to be a rumour, while some doubted its release. Moreover, many fake websites also made rounds in order to impact the SHIB price. With the launch of the platform, many predicted a huge spike as an outcome for the Shiba Inu price. No doubt the price surge but not as predicted by some analysts or proponents.
The price rallied above $0.000009 with the lauch and quickly lost the positions. The volume rose considerably high and also a selling pressure also mounted. The price gets rejected yet again at these levels, yet still holds a strong grip over the bullish trend. And hence revisiting above these levels is quite possible shortly from now.
The multiple rejections at $0.000009 levels, converts it into a strong resistance zone and hence a massive breakout appears to be mandatory. However, the price currently is testing the newly formed support levels at $0.00000881. If the price fails to hold these levels, it may suffer a slight pullback below these levels. However, a steep drop does not reflect with the price movements any time from now.
The launch of Shibaswap did push the price to some extent but failed to kill a zero in the price. However, the newly launched decentralized exchange offer all the utilities as the other DEX yet claims to be much cheaper. The transaction fees are said to be much lower compared to the other exchange like UniSwap.
It is much astonishing that the launch of Shibaswap has not impacted the Shiba Inu price as expected. Moreover, the huge boost with the SHIB price could happen with huge events such as coin burn. If the platform burns some amount of supply, then the possibility of the price to smash above $0.00001 rises high.