SHIB Price Dips 3.8% to $0.00000849 – How to Buy Shiba Inu

Shiba Inu Coin (SHIB)
Shiba Inu Coin (SHIB)

Shiba Inu has been making great strides this year, which led to the dog token getting the label of the DOGE killer. Like dogecoin, SHIB has strong community support and recently got Elon Musk’s endorsement, surging the token’s value upwards. However, the uptrend from the ‘Musk effect’ has been replaced by a downtrend.

In the past 24 hours, SHIB has dropped by 3.8%. At the time of writing, it is trading at $0.00000849 on major exchanges.

SHIB Price Analysis

SHIB Price Analysis July 5
Source: TradingView

Shiba Inu recently had a massive upswing after Elon Musk mentioned it in one of his cryptic tweets. SHIB holders were hopeful that its value would pick to $0.00001, marking significant gains. However, SHIB seems to have rejected this value, and the coin’s bears have resumed.

SHIB breaking past $0.00001 will depend if there is intense market support. Even after reaching this level, the coin might retreat lower if short-term traders decide to sell and accumulate gains from the upswing. If SHIB manages to push to $0.000009, then an upswing towards $0.00001 will be possible.

If SHIB fails to maintain the current levels and goes further below because of strong bears, we might see a downward trend towards $0.000007. A solid bullish flag will appear when Shiba Inu reaches $0.000006 and below. At this point, a trend reversal might happen if new traders decide to buy during the dip.

The Shiba Inu community has been publicizing SHIB for being the ‘DOGE killer’, hoping that its prices and value will surpass dogecoin. However, dogecoin is currently not the only thing that SHIB should be worried about. The newest crypto baby, BABYDOGE, is the recent dog token in the market, and its popularity is fast rising.

Nevertheless, SHIB holds a strong community, market and technological support than Baby Doge Coin; hence chances of losing its popularity as the second most popular dog token are minimal.

Where to Buy Shiba Inu

If you want to buy SHIB, you can create a crypto exchange account on the following exchanges:

  • eToro

eToro is one of the most popular crypto exchanges. eToro gives its users access to a wide range of trading features such as copy trading and a demo account. Besides, the platform is user friendly so that new traders can easily navigate.

  • Coinbase

SHIB was recently listed on Coinbase. Coinbase is also an excellent platform for crypto trading. It gives users a wide range of cryptocurrencies and trading pairs. Coinbase is also accessible in many countries.

Looking to buy or trade Crypto now? Invest at eToro!

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Remember, all trading carries risk. Past performance is no guarantee of future results.

A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.