Shiba Inu’s Utility Increases as SHIB’s Price Continues to Fall

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• SHIB has been subject to a lot of selling pressure since the middle of August.
• The daily chart reveals that SHIB has a good support zone at $000010 and $0.00001018.
• At press time, the meme token is trading at $0.00001005.

Since the middle of August this year, the meme token, Shiba Inu (SHIB), has been subject to a lot of selling pressure. This month’s sell-off on the upward cycle has brought it down to its low for October at $0.00000928.

Investors had initially participated in the ongoing slide as well, but are now taking advantage of the bullish sessions. However, the price of SHIB is experiencing some selling pressure as it finds itself in a descending parallel channel after reversing from the August top.

SHIB/USDT daily chart (Source: CoinMarketCap)

The daily chart reveals that SHIB’s price found a good support at $0.000010. In addition, this level has proven challenging to breach on several occasions this year. The $0.00001018 support zone has also shown some tenacity after preventing the decline from going any further.

Undoubtedly, the biggest driving force behind the dog-themed cryptocurrency’s increased popularity is the SHIB Army. Likewise, the Shiba Inu ecosystem strives to be the best decentralized ecosystem with its own decentralized exchange (DEX).

The utility of the meme token has also been boosted by the recent announcement made at the start of this month that token payments can now be utilized to pay for salaries after NOWpayments partnered with Shiba Inu.

At press time, the price of SHIB stands at $0.00001005 after a 3.39% drop over the last 24 hours according to CoinMarketCap. This has also flipped the weekly performance of the token from positive to negative, as its price is now also down 2.81% over the last week.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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