Meme coin Shiba Inu ($SHIB), recently made a major step towards wider adoption after it was integrated with CoinGate, a Lithuanian blockchain-based payment platform.
This integration adds support for SHIB on the Polygon and BNB Chain networks, allowing users to use SHIB as a payment method at major retailers such as Steam, Nike, Spotify, and Airbnb.
According to a post from CoinGate on social media, the meme-inspired cryptocurrency can now be used to transact on various popular platforms.
"We love SHIB! ❤️ To prove it, we've added SHIB support for Polygon and Binance Smart Chain. Shibarmy, use your $SHIB to book Airbnb, get the latest games from Steam & PS5, update your wardrobe with Nike & Zalando and more!" wrote CoinGate's post on Twitter on May 10, 2024.
CoinGate Expands SHIB Adoption
CoinGate serves as a bridge between the world of cryptocurrency and traditional finance. By integrating SHIB with Polygon and BNB Chain, CoinGate facilitates transactions using SHIB for everyday purchases.
The move comes at a time when SHIB prices are on the rise, with SHIB up more than 10.5% in the last 30 days and more than 120% since the start of the year.
This integration not only marks a step forward for SHIB in terms of adoption, but also shows how payment platforms like CoinGate see potential in leveraging the popularity of meme-based cryptocurrencies to attract more users.
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SHIB Whale Activity and Bullish Potential
In addition to this integration news, the crypto community's attention has also been drawn to the huge activity of an anonymous SHIB whale wallet. Earlier this month, the wallet made a series of large transactions on the Robinhood exchange, accumulating as many as 1.75 trillion SHIB tokens, which are worth around $40 million (approximately Rp584 billion).
The whale activity was first detected by whale monitoring service Whale Alert, which recorded two large SHIB transactions from Robinhood wallets to unknown wallets. Each of these transactions amounted to 875 billion SHIB, which is worth nearly $20 million (approximately Rp292 billion).
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Bullish Signals for SHIB
This whale activity coincides with a potential bullish signal for SHIB. According to a recent post from Ali Martinez, a prominent cryptocurrency trader, Shiba Inu's daily chart seems to form a "bull flag" pattern, a technical indicator that indicates a possible price spike in the near future.
Martinez revealed his plan to place buy orders around $0.000018343 (approximately Rp0.27), in hopes of a bullish breakout that could send the price of SHIB to $0.000072323 (approximately Rp1.06). "#ShibaInu seem to form a bull flag on the daily chart! I will place a buy order around $0.000018343, eyeing a bullish breakout that will send $SHIB to $0.000072323," Martinez wrote on Twitter.
Conclusion
With the recent integration by CoinGate, support for SHIB on the Polygon and BNB Chain networks, as well as massive activity from SHIB whales indicating a potential price upside, the future seems bright for this meme-inspired cryptocurrency.
Support from payment platforms like CoinGate enables the use of SHIB in major retailers, showing how cryptocurrency adoption continues to grow.
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DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.
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