The meme crypto market does not appear to have the necessary drivers for upswings. Dogecoin, the most popular canine-themed cryptocurrency, is fighting to recover after a series of setbacks. DOGE will climb as a result of the correct sentiment, causing SHIB to rise. However, in order to reach greater levels, the assets may have to rely on larger market surges.
SHIB Price Analysis
The price of SHIB has finally started to change in the previous few weeks. SHIB coins’ daily technical chart and price action show a declining trend. The initial support level, according to the pivot levels, is $0.0000064107. Shiba Inu price will most likely rally toward the $0.0000085 resistance level if purchasing pressure continues to increase. If the subsequent upswing fails to break past the resistance levels of $0.00000727 and $0.00000759.
SHIB Now Accepted For NFT Payments on OpenSea
SHIB is now an acceptable payment option for NFTs (non-fungible tokens) on OpenSea, according to Shiba Inu developers. Users can also sell their own NFTs for more SHIB. OpenSea is one of the most well-known and widely used NFT sales platforms.
The protocol of the coin is experiencing two major changes: a drop in the protocol’s governance token, Bone, each block, and new reward distributions to its Shiba Swap decentralized exchange.
Shiba Inu, like Dogecoin 2.0, has some copycat projects such as ArbiFloki and ASHIB. As these coins acquire traction, the rivalry is heating up. With the rise in social media presence, demand for SHIB themed coins has increased.
The DOGE Killer is now trading at $0.00000697, with a 24-hour trading volume of $250,458,440. In the last 24 hours, the price of SHIB has decreased by 4 percent. As a result, the trend stays favorable for future trading sessions, as it does for the broader market.