Shiba Inu Supported by Surge in ShibaSwap’s TVL – Can it Overthrow Dogecoin?
Aiswarya Gopan • 2 min read
Emerging memecoin and Doge killer Shiba Inu is enjoying a bullish mood into Monday a few days after its very own DEX, ShibaSwap, went live last week and soared in popularity almost immediately. At the time of writing, SHIB/USDT is trading around $0.0000076.
Gaining support from its highly engaged online community, ShibaSwap saw its TVL surge to more than $1 billion in less than 24 hours of its launch and exceeding $1.5 billion within two days. As on date, the TVL still holds above the $1.5 billion, unlocking ample liquidity and funds for the team of developers behind the Shiba Inu coin and DEX.
ShibaSwap is enticing more users to sign up by offering attractive rewards for staking and increasing liquidity within the exchange. In addition, more crypto pairs are being made available for trading on the platform, including ETH/USDT, LEASH/BONE as well as SHIB/BONE.
Shiba Inu has also been rising in popularity as interest in the original memecoin Dogecoin recedes. Despite Musk’s retweet promoting the upcoming upgrade, DOGE continues to trade weak, indicating that traders are on the lookout for the next hot coin, and SHIB is showing a lot of potential to take up that spot right now.
Key Levels to Watch
Almost all of the moving averages except the 200 SMA and the momentum indicator are exhibiting a bearish bias in the H4 chart of SHIB/USDT. However, the MACD indicator suggests some interest building up among buyers as well.
The price is sitting well below the pivot point at $0.0000082 further reinforcing that sellers are in charge at the moment. A turnaround of the sentiment would need the price to break past the point and make an attempt at overcoming resistance at $0.0000089. A continuation of the bearish mood can see Shiba Inu’s price decline further to test the immediate support at $0.0000071.