Shiba Inu gets another exchange listing; this is how SHIB reacted

  • BTCC exchange recently announced the listing of Shiba Inu (SHIB) on its exchange.
  • SHIB has continued its downtrend as its price dropped further.

“When Shibarium?” has been the most frequently asked question among most Shiba Inu [SHIB] investors and supporters. The tease from Shiba Inu’s lead developer may make the answer to this question seem out of reach, yet the SHIB token is progressing.

Realistic or not, here’s SHIB’s market cap in BTC’s terms

Shiba Inu [SHIB] has been added to the list of tradable cryptocurrencies on the London-based BTCC exchange. The addition of SHIB to BTCC’s exchange was announced on 3 March, which will likely increase the number of options for trade available to the public.

By adding the SHIB token, BTCC demonstrates the growing interest in the dog-themed meme coin among major cryptocurrency trading platforms.

Binance recently announced the availability of the SHIB/USD trading pair. Additionally, well-known marketplaces like Coinbase and Bitstamp now provide trading support for the token.

How did Shiba Inu react?

A daily timeframe analysis of Shiba Inu revealed that the current development had not impacted it in any way. Instead, it persisted in the downward trend it had been on for the previous three days.

As of this writing, the token had lost approximately 1% and nearly 8% overall, over the last three days, trading at about $0.000011.

Shiba Inu (SHIB) daily timeframe price

Source: TradingView

The asset has entered a bear trend, as seen by the location of the Relative Strength Index (RSI) line following the price decline.

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A strong SHIB bear trend was evident by the RSI’s drop below the neutral line.

Although uncertain how long it would hold, the support line was around $0.000010. Around $0.000014 and 0.000015, there was resistance.

Volume and active address stalls

Furthermore, SHIB’s volume appeared to be declining. According to Santiment’s volume indicator, the volume decreased in February, suggesting fewer people interacted with the token. The metric stood at around 145.6 million, as of this writing.

Shiba Inu (SHIB) volume

Source: Santiment

The indicator for active addresses also noted a decline.

The seven-day active address indicator showed a fall over the previous week. There were more than 30,000 active addresses as of the time of this writing.

SHIB active address

Source: Santiment

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Shiba Inu may need a solid catalyst to start an upswing, given the muted response to SHIB’s recent progress.

Potentially providing that boost is the Shibarium launch, but the precise timing of that event is still up in the air.

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