Shiba Inu drops down by 10%? Will it rebound? Can it really beat Doge?
Shiba recently attempted to break through resistance around $0.000010 but was unable to build enough upside momentum and retreated back.
New Delhi: Started as a joke token and who itself a Dogecoin Killer surged while major altcoins are tumbling in the crypto market. SHIB has gathered huge attention and has emerged as one of the favored choices of investors.
Shina Inu is down by 10% and it is believed that this is a result of China’s Cryptocurrency crackdown. The world’s most popular cryptocurrency, Bitcoin tumbled almost 10 percent on Monday. It fell as low as $32,094 to its lowest in 12 days dragging all other coins down.
Why did Shiba Inu dip?
SHIB reached new heights in May and since then it’s tumbling. A Crypto analytics expert said that the reason Shiba Inu did so well in May was that investors thought it would be the next Doge.
However, it is being said that the hype around SHIB has died down, which is the reason the coin hasn’t seen a steep rise in value recently.
The coin rose after Coinbase announced it would add the Shiba Inu coin to its crypto exchange platform Coinbase Pro.
Later CoinBase Pro tweeted on June 16: “We are experiencing technical issues that will temporarily delay the launch of SHIB on Coinbase Pro. “At this time we are disabling deposits of SHIB; withdrawals are still available.
It is expected that it may rebound soon in the near future.
Price rebound soon?
Shiba Inu is surging, on the other hand, Bitcoin is still trying to break through the crucial resistance level. It will be a good sign for other cryptocurrencies Bitcoin manages to settle above this level.
In the past few days, the crypto market has seen some mixed signals. Shiba recently attempted to break through resistance around $0.000010 but was unable to build enough upside momentum and retreated back.
If SHIB breaks the barrier of $0.000010, it can go on to the next resistance level of $0.000012.
Per InvestorPlace.com, Shiba Inu coin will likely rebound in the near future. In fact, the rise might be enough to surpass Dogecoin.
How to buy Shiba Inu coin in India?
While there is a looming threat of a ban from the government, Indians are actively trading cryptocurrencies.
In India, Shiba Inu cryto coin is traded at an Indian exchange named WazirX.
Shiba Inu tokens are also listed on other platforms like Uniswap and CoinDCX’s web version.
On Uniswap, users can buy and sell cryto currencies in exchange for ETH & Ethereum-based tokens.
Uniswap is an Ethereum-based decentralized exchange.
How to Buy Shiba Inu
If you are looking to buy Dogecoin or Shiba Inu coin, you can use these apps:
WazirX
Download the WazirX app and sign up for the account. Before you start investing in Dogecoin, you need to do eKYC and enable the 2 Factor authentication. You also need to add your bank details to add and withdraw money.
Once you have added your bank account and perform KYC, you can check the available list of coins for trading. Tap on the Buy button in front of Dogecoin and then enter the amount you want to invest in the Dogecoin. You can make payments directly through bank deposit, credit card, debit Carr or UPI.