- Shiba Inu price rose sharply after being launched in Robinhood.
- SHIB has moved beyond being a meme to a real blockchain platform.
Shiba Inu price went parabolic this week as investors reacted to the decision by Robinhood to add it to its ecosystem. Other coins that have been added to the platform were Solana, Polygon and Compound. SHIB rose to a high of $0.000030, which was about 37% above the lowest level this week.
Ecosystem growth
Shiba Inu is a cryptocurrency that was initially launched to compete with Dogecoin. At the time, the developers were simply giving users an alternative to Dogecoin. It was a dog-inspired coin built in Ethereum that had no major role at all.
However, in the past few months, the developers have gone forward and expanded its ecosystem. The goal of doing this is to bring more utility to the network.
Shiba Inu’s developers have achieved this through Shiba Swap, a Decentralized Finance (DeFi) platform, ShibaSwap has multiple uses. For example, people can provide liquidity to the network through a process known as digging.
ShibaSwap also has a swapping platform that lets people swap different cryptocurrencies. It is a process that is similar to how Uniswap and PancakeSwap work.
Most importantly, Shiba Inu has gotten into the Non-Fungible Token (NFT) industry. In ShibaSwap, people can easily mint and trade NFTs, one of the biggest use-cases of blockchain technology. ShibaSwap also has staking features, meaning that you can earn returns by just holding coins.
As part of its ecosystem growth, Shiba Inu is building a metaverse platform that will let people buy and sell virtual property. In total, Shiba Inu has a total value locked (TVL) of $130 million. This is an important figure considering that a well-known platform like Cardano has a TVL of $240 million.
Therefore, the Shiba Inu price will likely do well over the years as it becomes a genuine player in other areas of the blockchain industry.
Shiba Inu price prediction
The daily chart shows that the SHIB price found a strong support at $0.000020. It has struggled to move below this level several times this year. At the same time, its volatility has declined sharply as evidenced by the Average True Range (ATR) indicator.
The Average Directional Index (ADX) has also retreated, signaling that there is no trend. The coin is also trading along the 25-day and 50-day moving averages. It also seems like it has formed a descending triangle pattern.
Therefore, this pattern means that the coin will likely have a bearish breakout. Such a breakout will be confirmed if the coin moves below the support at $0.000020. A move above the upper side of the triangle pattern will invalidate the bearish view. Here is a guide on how to buy Shiba Inu.
