Shiba Inu’s Utility Increases as SHIB’s Price Continues to Fall

Shiba Inu’s Price Performance

Shiba Inu (SHIB) has faced significant selling pressure since mid-August, with its price currently trading at $0.00001005. This represents a 3.39% drop in the last 24 hours and a 2.81% decline over the past week. Despite this downward trend, SHIB has found strong support at $0.000010 and $0.00001018, levels that have held firm against multiple attempts to breach them.

Key Support Levels

The daily chart highlights SHIB’s resilience at the $0.000010 support zone, which has proven difficult to overcome. Similarly, the $0.00001018 level has acted as a sturdy barrier against further declines. These support levels are crucial as SHIB navigates a descending parallel channel following its reversal from the August highs.

Growing Utility and Ecosystem

The Shiba Inu ecosystem continues to expand, driven by the passionate SHIB Army community. Recent developments, such as the partnership with NOWpayments to enable SHIB token payments for salaries, have enhanced the meme token’s utility. This growth underscores SHIB’s efforts to establish itself as a leading decentralized ecosystem, complete with its own DEX (Decentralized Exchange).

Conclusion

While SHIB’s price remains under pressure, its ecosystem and utility are gaining momentum. Investors are advised to conduct thorough research and due diligence before making any investment decisions.