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Shiba Inu Price Gains 23.8% to $0.00000887 – Where to buy SHIB

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

Shiba Inu has been making headlines in recent weeks because of its tremendous gains. The price appreciation of the token has also earned it the name ‘Doge killer’, with some analysts believing that it may soon replace dogecoin in terms of dominance among dog tokens. In the past 24 hours, SHIB has done exceptionally well and has gained around 23.6% to reach $0.00000887 at the time of writing.

SHIB Price Analysis

SHIB analysis 16 June
Source: TradingView

SHIB has gained tremendously gained in the past 24 hours to achieve a remarkable position on a 24 hour trading chart. On June 15, SHIB was added by Coinbase Pro as one of its tradable tokens and this pushed its value. After the Coinbase listing, SHIB increased by over 30% to start trading at $0.0000092. However, it has resisted an upper level and retreated its current position.

The drop in the past few hours may have been caused by a price correction after people overbought the token after its listing. However, its current price is still above the solid resistance level of $0.00000770.

Despite the massive 24 hour gain, SHIB still has a long way to go to meet the May high reported at $0.00001212. SHIB needs to maintain a level above the May 19 low of $0.00000607, for it to push past the bears. However, a retreat past the May 19 low may create a massive selloff and create a point of entry.

SHIB gains are not just in its prices. The token has gained massive gains in the broader cryptocurrency market. On June 10, data from CoinMarketCap revealed that the token was classified among the top ten crypto assets with the highest price estimates. The metrics show that SHIB price estimates were 9864, at an average price of $0.00001143.

However, the market is not all favourable to SHIB. In Thailand, crypto exchanges were barred from offering doge tokens because the country’s SEC claimed that their values were influenced by market forces. The claims by the SEC may have resulted from the increasing popularity of dogecoin and SHIB attributed to tweets from crypto players in China.

The popularity of SHIB has led to the dog token gaining acceptance on major exchanges and it is now listed on Binance, OKEx, FTX, and now on Coinbase.

Where to buy SHIB

To purchase Shiba Inu, you need to look for the following exchanges:

  • eToro

One of the most popular exchanges from where you can purchase SHIB is eToro. The exchange is favourable to beginner traders because it allows them to copy trade and hence follow the actions of seasoned traders. This increases their chances of making profits.

  • Binance

The other exchange that supports Shiba Inu is Binance. In terms of trading volumes, Binance is the largest crypto exchanges. It supports over 100 crypto trading pairs, making it convenient to trade.

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