After the Shiba Inu spin-offs that splashed the market with Elon Musk’s tweets, it is the turn of the crypto parent, the “Shiba Inu” to take to the stock market. Indeed, the value of SHIB has increased by 25% in the last 24 hours.
The SHIB Listing on Binance US and Coinbase gave the crypto a breath of fresh air after days of correction. While the news of the listing is the occasional root cause of this breakout in the stock market, much more fundamental factors are fueling this uptrend.
At the same time, Shiba’s big rival, Dogecoin, is struggling to take off on the stock market. After testing the $ 0.32 mark during the recent market rally, the Doge falls back below $ 0.24 and appears to be struggling to recover.
Shiba Inu: Available in a wider market
After long weeks of waiting, US traders at Binance can now buy SHIB. A petition had even been launched so that the exchange could integrate cryptocurrency into its US version platform. Binance had made the announcement since Tuesday but it was in the Thursday session that the trades on the SHIB would have been effective. The exchange has posted on his site:
Binance.US will list the Shiba Inu token (SHIB). Trading in the SHIB / BUSD and SHIB / USDT pairs will open on Wednesday, September 15, 2021 at 9:00 am EDT / 6:00 am PDT. Binance.US users can now start depositing BUSD, USDT and SHIB into their wallets in preparation for the opening of trading.
Please note: SHIB is temporarily only available for deposits. Withdrawals will not be allowed until trading is operational.
Cryptocurrency will also be available to retailers on Coinbase. Note, three months ago, the SHIB was already listed on the professional version of Coinbase. After this announcement, the price of Shiba Inu had increased by 30% in 24 hours.
The news of the listing for retailers was made official by Coinbase’s blog on Medium on September 16:
As of today, Shiba Inu (SHIB) is available on Coinbase.com and in Coinbase’s Android and iOS apps. Coinbase customers can now trade, send, receive, or store SHIBs in most regions supported by Coinbase, with some exceptions noted in each asset page here. The trading of these assets is also supported by Coinbase Pro.
This news had a “ boom effect ”On Shiba Inu’s trading volume. According to data provided by Coinmarketcap, the trading volume of SHIB has increased by 656.85% in the last 24 hours. Forex Street also reports that crypto was among the top 10 most mentioned cryptocurrencies on Twitter. Hence, the effect of the Binance and Coinbase listing on the Shiba Inu ecosystem.
Shiba Inu Layer 2 available soon
Lately, Shiba Inu Ecosystem Leader Shytoshi Kusama revealed that updates to upgrade to Layer 2 are expected to roll out in the coming days. Layer 2 should facilitate transactions that take place at the network level. According to what Shytoshi Kusama said on Medium, Shiba Inu’s layer 2 is his new blockchain and his name is Shibarium.
Shytoshi Kusama writes in his blog on Medium:
Shibarium AKA L2: Shibarium is Shiba’s own blockchain. Our team started working with our friends at Xfund to complete this project. A large team is responsible for carrying it out on time. Creating a functional blockchain is not an easy task, but we believe we will complete it this year, as it integrates with the other components of the ecosystem.
What does technical analysis tell us?
With a rebound of more than 25% intraday, the price of the Shib exceeds the moving averages of 20h and 200h. The crypto reaches $ 0.000008788. But, the ideal is to reach 0.000009 $ in the next session in order to be able to hope for the bar of 0.000013 $.
The hourly RSI confirms the runaway for the SHIB with a value of 82. This is a double-edged sword. It can have a significant impact in the long term if traders maintain the same pace for several successive sessions. Just like, it can turn out negative if it is followed by significant liquidations. That’s why we set a limit at $ 0.000013 and a stop loss at $ 0.000009 for the next session.