Shiba Inu price rocketed higher on Tuesday even as other cryptocurrencies remained under intense pressure. The SHIB coin jumped to the highest level since February as investors cheered the listing of the coin in Robinhood. It rose to a high of $0.000030, which was 37% above the lowest level this week. The meme coin is now valued at about $14 billion, making it bigger than popular coins like Near Protocol, Cronos, and Polygon.
Shiba Inu Robinhood prediction
Shiba Inu has been in a transition. The coin, which was initially started to take on Dogecoin and had no utility value, is finding its space in the blockchain industry. In the past few weeks, the developers announced that the coin will become a player in decentralized finance (DeFi) and the metaverse.
Shiba Inu’s ecosystem has had a DeFi component for a while. For example, last year, the developers launched ShibaSwap, a DeFi platform with a tidal value locked (TVL) of over $130 million. In addition, the platform has several features. For example, one can provide liquidity to the network and earn rewards.
Further, one can buy, sell, and trade 10,000 unique NFTs known as Shiboshis, and even stake your coins to gain rewards. Other features in the ShibsSwap ecosystem are Swap, Doggy DAO, and WOOF. The Shiba Inu price jumped sharply after Robinhood announced that it would list the token.
This is a notable step considering that Robinhood is a major American corporation with over $17 million customers in the United States. Therefore, the listing signals that there will be more demand for the SHIB token. However, judging by history, there is a likelihood that the token will have a pullback as momentum fades.
Shiba Inu price prediction
The daily chart shows that SHIB price has been in a tight range in the past few months. As a result, the token has hovered around the 25-day and 50-day moving averages. It has also formed a triangle pattern that is shown in purple. This triangle has a short period remaining to get to its confluence level.
Therefore, there is a likelihood that the coin will retreat and retest the lower side of the triangle at $0.000020. However, this view will become invalid if the coin moves above the upper side of the triangle pattern.