Shiba Inu (SHIB) reached its critical support at $0.00001743 on January 22. It steadily followed a downward trend until the previous day, when it finally tested the support at $0.00002093. Due to the escalating conflict between Ukraine and Russia, the SHIB dropped significantly, but it was able to recover its losses through the support level.
The market then started to bounce back after the RSI started to move higher. Shiba Inu is a decentralized digital currency that uses the Ethereum Srypt-based mining algorithm. It is one of the many dog-themed cryptocurrencies that investors can get their hands on. Some of these are BabyDogecoin, Alaska Inu, and JINDO INU.
After the success of Shiba Inu, there were many copycats started to emerge. Some of these include King Shiba, Fantom, and SHIBAVAX. In September 2021, Coinbase, the largest US-based crypto exchange, added Shiba Inu to its platform. The price of the coin went up by over 40% in two days. Since then, the popularity of SHIB has also gained the attention of other exchanges. In September, Mexico’s Bitso, one of the biggest cryptocurrency exchanges in the country, announced that it would list the coin. Shiba Inu is based on the Ethereum blockchain.