- Nexo, a Switzerland-based crypto platform, has added Shiba Inu (SHIB) to its offerings, signifying SHIB’s transition from a meme coin to a noteworthy community-driven project.
- However, SHIB’s price has seen a significant decline, currently trading at $0.00002273, with its market cap falling to $13.41B and trading volume dropping by 34.91%.
- The token is currently holding on to a key support level at $0.00002264, which could either signal a potential reversal or further bearish decline.
Nexo lists Shiba Inu (SHIB) amid a price drop and trading volume decline. The token holds on to a key support level, indicating potential market trends.
Nexo Adds Shiba Inu to Its Offerings
Nexo, a prominent crypto platform based in Switzerland, recently announced the addition of Shiba Inu (SHIB) to its offerings. This development marks SHIB’s evolution from a simple meme coin to a significant community-driven project. However, despite this positive development, SHIB’s price has experienced a notable decline in the past day, now trading at $0.00002273 according to data from Coinstats.
SHIB’s Market Cap and Trading Volume Decline
The price decrease is part of a broader downturn seen in SHIB’s market cap, which dropped by 3.68%, now valued at approximately $13.41 billion. Consequently, SHIB now ranks as the 11th largest cryptocurrency by market capitalization. The trading volume of SHIB also reflects the market’s current volatility, having decreased by 34.91% to $395,569,488 within the same period. This substantial drop in trading activity could signal a shift in investor sentiment following the listing announcement.
Key Support Level Holds Potential Market Trends
Since May 4th, the SHIB token has been in a bearish phase, consistently dropping below key support levels on the one-hour chart. As of press time, the token is holding on to a critical support level at $0.00002264. A breach of this crucial support could lead to further declines, targeting liquidity below the current level in the bears’ range. This would indicate a more significant bearish trend, potentially pushing the SHIB token toward its May low for support. Conversely, if the current support level remains strong, SHIB could see a boost toward resistance at $0.00002423. If this level is challenged, a breakout above it could propel the token to surpass the 78.6% Fibonacci retracement level, potentially reaching higher targets.
Conclusion
The listing of SHIB on Nexo signifies the token’s transition from a meme coin to a serious community-driven project. However, the token’s price, market cap, and trading volume have seen significant declines. The token’s future trends heavily depend on the key support level at $0.00002264, which could either signal a potential reversal or further bearish decline. Investors should keep a close eye on these developments to make informed decisions.
