Is Shiba Inu the Next Cardano? A growing Ecosystem With No Effects on SHIB Price?

Since mid-August, the Shiba Inu coin has been the subject of selling pressure. This month’s sell-off on the upward cycle brought it to its low point in October at $0.00000928. Investors participated in the ongoing slide as well, but they are now taking advantage of the bullish sessions. However, the price of Shiba Inu is under selling pressure since it is inside a descending parallel channel after reversing from the August top.

The daily chart reveals that at $0.000010, the SHIB price found good support. This level has proven challenging to breach on several occasions this year. Additionally, its volatility has substantially decreased. The $0.00001018 support zone has also shown some tenacity after stopping the decline from going any further.

Is the Shiba-Inu ecosystem a major catalyst?

The SHIB Army is without a doubt a major driving force behind the dog-themed cryptocurrency’s increased popularity. The Shiba Inu ecosystem likewise strives to be the best-decentralized ecosystem enhanced by its own DeX. As of the time of this writing, Shib’s performance has contributed significantly to the ecosystem’s expansion. 

Token payments can now be utilized as cryptocurrency salaries thanks to NOWpayments’ announcement of a partnership with Shiba Inu in January of this year. SHIB as a whole has other practical applications besides this one.

As a component of this ecosystem, Shib Eternity was also made available everywhere. With its formal listing on BitMEx yesterday, SHIB has gained additional attention in the cryptocurrency market. The coin can also be used to pay for cloud services as a result of Google’s collaboration with Coinbase.

The creators have advanced and increased their ecology in recent months. The purpose of doing this is to increase the network’s usefulness. They have accomplished this using Shiba Swap, a Decentralized Finance (DeFi) platform with several applications. For instance, individuals might contribute liquidity to the network through the practice of “digging.”