Heightened demand for low cap cryptocurrencies and meme-themed virtual currencies has seen eToro list Shiba Inu among its investment assets.
eToro has been adding popular cryptocurrency assets on demand from users. It now supports the Dogecoin killer project, Shiba Inu, which recently amassed 600,000 holders with range-bound price action despite being a recent release.
The Ethereum-based virtual currency has become a top choice for people trading on exchanges like Crypto.com. Crypto.com’s data shows that listing Shiba Inu had a big overall impact on the number of crypto traders it attracted, with an increase of 54% from May to June and 221 million users compared to 132 million at the end of April.
Will eToro List Shiba Inu and potentially drive a price rally?
SHIB was created as a sound alternative to the popular meme-themed Dogecoin, and the developers have already developed a decentralized exchange (DEX) platform dubbed ShibaSwap.
With the current Shiba Inu listing on eToro, demand is set to continue increasing. At the time of writing, the crypto is equivalent to 100 million units of one-hundredth of a Shiba Inu or a “Lot.’
“A lot” of financial instruments is a unit of that instrument and could vary in size on different exchanges.
eToro traders can invest any number of lots over the minimum investment requirement, which is currently $25.
Shiba Inu isn’t in any CopyPortfolios at this time. Notwithstanding, the eToro investment team regularly rebalances portfolios and may add SHIBxM to a portfolio if it seems appropriate in the future.
Until recently, eToro allowed investors to buy positions on the SHIBxM index without leverage. SHIBxM demand has significantly increased, which may be reflected in the coin’s current price action. Currently, the cryptocurrency is up 7% over a ten-day span, and simultaneously, eToro opens SHIBxM for copy trading, which could lead to more significant gains.
Shiba Inu listing comes amidst significant danger of price declines
Before the listing, a symmetrical triangle pattern has been observed on the 12-hour chart for SHIB, suggesting a sideways motion. The higher lows and lower highs recorded by SHIB created two trends connecting at the apex and thereby forming a symmetrical triangle pattern.
Despite the chart suggesting that SHIB’s price is indecisive, the coin is now at the edge of a sharp decline after crossing below the crucial support line. The primary pattern’s measurements suggested the meme-themed token might fall 19% down, with bears eyeing the $0.0000050 target.
If the price falls below the diagonal support trend line, high chances of a bearish SHIB forecast lie on the sides.