The second most popular Shiba Inu (SHIB) memecoin appears to be on a downward slope, as crypto investors across India – one of the world’s largest crypto trader user bases, panic following reports his government might consider. soon a ban on private cryptocurrencies. At the time of writing, SHIB / USD is trading around $ 0.000039.
The mood in the crypto markets darkened in the previous session after India decided to present the crypto bill for discussion in the next winter session of its parliament. New reports suggest that in addition to examining CBDCs, the bill could potentially ban trading in private cryptocurrencies, causing many investors to sell their crypto holdings across the country. Memecoins like Dogecoin and Shiba Inu saw considerable selling activity during the previous session, driving their prices down.
Meanwhile, according to Google’s latest trending analysis, the hype around the token meme may fade once again as the number of global searches for Shiba Inu has fallen to the lowest level seen in a month. Additionally, bearish sentiment in the crypto market lately has prompted many SHIB whales to engage in profit taking by selling their large stakes in this cryptocurrency. The increase in selling activity among whales or large holders of a cryptocurrency plays an important role in lowering its price and strengthening its bearish momentum.
But all may not be lost yet when it comes to the Shib Army. There is considerable interest in adopting memecoin as an acceptable payment method among several companies. One of the most promising developments comes from AMC Theaters which recently confirmed their intention to accept Shiba Inu as a payment method in the coming months. Its CEO Adam Aaron recently tweeted that he had urged BitPay, the blockchain payment business used by his company, to start. added support for SHIB. Once the payment processor adds support for this coin, it could be added to the list of cryptocurrencies that users can mine to pay for movie tickets and concessions at AMC.
Speaking of adoption, luxury car dealership Vegas Auto Gallery announced late last week that it would begin accepting payments in Shiba Inu from consumers looking to purchase cars. Consumers can purchase luxury cars such as Lamborghini, Aston Martin, Rolls-Royce and Bentley through the dealership using their holdings in SHIB.
Growing investor interest in trading Shiba Inu prompted Bitfinex Derivatives to launch perpetual swaps for SHIB on its platform. The derivatives platform will start offering perpetual contracts for memecoin which can be settled in USDT, providing users with leverage of up to 100x. The company expects a high level of interest in this product, particularly among funds and professional investors looking for hedging and risk management.
SHIB / USD technical analysis
On the SHIB / USD 4-hour chart, moving averages along with key MACD technical indicators and momentum suggest a strong bearish bias in the market. Shiba Inu’s price sits well below the pivot point at $ 0.000046.
SHIB / USD
SHIB holds just above immediate support at $ 0.000037, which looks like it may give way if selling pressure intensifies further. Keep a close eye on this level as a breakout of it may cause a drop to second support at $ 0.000031.