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Shiba Inu (SHIB) May Hit Roadblock Soon, But Here's the Play

Wed, 09/13/2023 - 12:15
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Godfrey Benjamin
Shiba Inu is facing major resistance; however, it is plotting breakthrough strategies
Shiba Inu (SHIB) May Hit Roadblock Soon, But Here's the Play
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Shiba Inu (SHIB) is in the spotlight at the moment as stakeholders are exploring to see whether or not it will beat its next major resistance price level. At the time of writing, Shiba Inu is worth $0.00000724 on spot exchanges after recording a mild loss of 0.84% in the past 24 hours, per CoinMarketCap data.

Shiba Inu Hits Big Milestone as SHIB Transaction Volume Jumps 299%

The mild drop is exhibiting somewhat of a subtle deceit to those observing the Shiba Inu growth trend as it symbolizes much more than meets the eye. Mild as the drop in growth momentum may be, it accounts for an extension of the drawdown in the price of SHIB, which has been attempting to break free from the psychologically important resistance point at the $0.0000084 level.

The renowned meme coin has traded below this price point for more than three weeks as a confluence of bull and bear activity has dragged the digital currency down across the board. The current outlook underscores the stark reality that Shiba Inu is now hitting another roadblock to stunt its growth in the near term.

Per its current outlook, the coin is down by over 31% in the past month, trending in the opposite direction from other top altcoins like Toncoin (TON).

Obvious SHIB bullish play

Shiba Inu has the right ecosystem intrigue to uplift its outlook, but the drag is more the influence from the broader market. Drawing on current realities, Shiba Inu is poised to keep focusing on its Shibarium development and utility push.

Shiba Inu: Five Exciting Developments Coming for SHIB, Here's When

By fighting for more innovations that can stir the adoption of new solutions within the Shibarium ecosystem, a demand for SHIB might be generated that will undoubtedly impact the price of the digital currency in the mid- to long term. In the interim, the visible play is to redirect focus on the burn rate and the obvious benefit to the protocol.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.