Shiba Inu (SHIB) Gearing Up to Touch New ATH On Rising Adoption?
Aiswarya Gopan • 2 min read
It looks like Shiba Inu (SHIB) has successfully managed to live up to its goal of being the Dogecoin killer, consistently holding above the original memecoin in terms of market cap and trading in the green since the previous session. At the time of writing, SHIB/USD is trading around $0.000071.
SHIB’s rise has become the talk of the town, with data revealing a sharp uptick in Google search for the coin. Google Trends analysis reveals that search activity around ‘Shiba Inu’ has surged to the highest levels in three months, rising steadily over the period and peaking on 27 and 28 October. And the interest in the coin is high across most parts of the world – from North America and Europe to South America, the Middle East and APAC.
Shiba Inu’s Adoption Rising
The rally in Shiba Inu has not only seen more buying activity among investors in the memecoin but has also spurred its adoption as a payment option among businesses as well. The latest in the list is a Paris-based bistro, Le Bistrot d’Eléonore et Maxence, which started accepting SHIB as a payment option last week.
Meanwhile, AMC CEO’s latest Twitter poll asking for the community’s suggestions on whether the leading theater chain should start accepting payments in SHIB have helped AMC’s stock climb higher in Monday’s trading session. The poll, which will run for one more day, has already received nearly 150,000 votes. And if the price action in AMC’s stock is anything to go by, users seem to be quite keen on this idea.
Celebrities are also getting in on the latest Shiba Inu hype, with popular rapper Soulja Boy auctioning off his latest single “Black Cartier” on leading NFT marketplace OpenSea, letting users pay only with SHIB coins. The highest bid received so far stands at 150 million SHIB (a little over $10,000), and will run for another 13 days before it goes to the highest bidder.
SHIB/USD Technical Analysis
On the H4 price chart of SHIB/USD, moving averages are exhibiting a strong bullish bias. Although, leading technical indicators MACD and momentum are flashing sell for now.
Although it has eased slightly lower, Shiba Inu’s price remains above the pivot point at $0.000063. However, it would take higher buying pressure for SHIB to move higher and break past its ATH to newer highs until the immediate resistance is encountered at $0.000092.