Shiba Inu Price Shoots 10% Amid Global Adoption & Shibarium Launch

This exciting partnership has enabled more than 300 cosmetics brands on the platform to start accepting payments in various cryptocurrencies supported by Binance Pay. One of the popular cryptocurrencies, Shiba Inu (SHIB), is among the supported tokens.

#Binance Pay is now accepted at @YesStyle!

You can now use Binance Pay to buy makeup, cosmetics, and more from over 300 beauty brands available in the YesStyle marketplace.

Shop today ⤵️

— Binance (@binance) August 4, 2023

SHIB, the native cryptocurrency of Shiba Inu, has gained immense popularity in the market and has become a widely used payment method in various industries. Thanks to previous collaborations with Binance Pay, SHIB is now accepted by airlines, travel services, rental services, and even Burger King in Paris, where it can be used to pay for power banks.

The new collaboration with YesStyle has strengthened SHIB’s position as a popular payment method. Customers can now easily buy products from a wide range of cosmetics brands by using their SHIB tokens. Shiba Inu (SHIB) is among the many cryptocurrencies accepted by Binance Pay.

Shiba Inu’s recognition is not solely due to Binance Pay. Other platforms like Alchemy Pay, NOWPayments, and BitPay have also embraced SHIB as a payment option, helping it grow in different industries.

While SHIB is the star in this collaboration, it’s worth mentioning that Binance Pay supports about 70 different cryptocurrencies, including popular ones like Bitcoin, Ethereum, Cardano, XRP, and many others.

Shiba Inu (SHIB) Price Up 10%

The world’s second-largest memecoin Shiba Inu (SHIB) has made a surprise move gaining more than 10% in the last 24 hours and is currently trading at $0.000009453 with a market cap of $5.57 billion. The sudden price surge comes at a time when the broader cryptocurrency market has been consolidating and facing major selling pressure.

One of the major reasons for the Shiba Inu (SHIB) price rally could be the memecoin gaining adoption for crypto payments. Another major reason is that Shiba Inu’s upcoming blockchain project, Shibarium, is set to launch soon. The Shiba Inu community has been eagerly awaiting the release of this L2 blockchain.

This week, Shiba Inu’s development team introduced a new initiative called Shibarium SSI. This project aims to provide users with sovereign digital identities, ensuring data control, privacy, and secure identity integration within the Shiba Inu ecosystem and beyond.

At the same time, the Shiba Inu (SHIB) burn rate continues to increase at a steady rate. Shiba Inu has been experiencing a gradual but consistent reduction in its burn rate. As of now, 26,706,224 SHIB tokens have been sent to dead wallets, adding to the millions already burnt earlier this week. This could also be one of the reasons behind the price driver.

Shiba Inu (SHIB) Technical Target

For nearly two months, the Shiba Inu price has been rising within a pattern called the rising wedge. Typically, this pattern suggests a potential bearish breakdown and a significant drop in price.

However, in rare cases where there is strong bullish momentum, the asset price might break out above the resistance level, leading to a bullish movement despite the bearish setup. This indicates a strong buying signal.

Courtesy: Trading View

Recently, the Shiba Inu price increased by 5% in a single day, breaking out above the upper trendline. This breakout gives buyers a good opportunity to expect further gains. The post-breakout rally could push the price up by 18%, reaching $0.0000107.