Fans and influencers of the meme coin, are planning to host a virtual party, while others do not see a need for this, some people believe this will cause a surge in price for Shiba Inu.
While the crypto market remained gloomy into Thursday, there appears to be some hope on the horizon for Shiba Inu, an emergent meme coin, to gain some upward momentum and reverse direction in the next days.
SHIB/USDT is currently trading at about $0.0000074 at the time of writing.
The debut of ShibaSwap, Shiba Inu’s own DEX, has given a new lease on life to a cryptocurrency that began as a joke, prompting numerous industry insiders to take it more seriously.
SHIB, according to many erstwhile opponents, has greater promise than the original meme coin, Dogecoin, because it has more use cases beyond enabling digital cash transfers.
Consider the fact that, less than a year after its inception, a large cryptocurrency exchange announced the addition of SHIB as a product. Coinbase, on the other hand, listed DOGE over eight years after it was first developed as a joke.
Meanwhile, ShibaSwap has managed to register a TVL of about $1.5 billion since its inception over a week ago, despite adverse sentiment dragging on the wider crypto industry, and has added more crypto pairs that may be traded on the platform — a move that is expected to lure more users to the DEX.
Looking ahead, as influential members of the Shiba Inu community announced a virtual Shiba Inu party, interest is anticipated to grow and support an upward move in SHIB in the coming sessions.
The virtual meet-up will bring together interested investors to discuss the ShibaSwap exchange, and the social media buzz building up in the days preceding up to the event could help the cryptocurrency rise.
For the time being, SHIB is holding right at the immediate support level of $0.0000074, indicating that there is a chance of purchasing interest increasing and SHIB pushing its way back up.
However, if sentiment continues to deteriorate, the token might break through this level, triggering a sharp downturn until $0.0000064, where the next support level can be found.
A move higher would necessitate buyers overcoming the pivot point and ascending to the immediate resistance level of $0.0000089.