The popular meme-inspired cryptocurrency Shiba Inu ($SHIB) has recently taken a new step towards broader adoption after its integration with CoinGate, a Lithuanian blockchain payment processor, added support for it on Polygon and the BNB Chain.
According to a post from CoinGate on social media, the meme-inspired cryptocurrency can now be used as a payment method at major retailers including Steam, Nike, Spotify, and Airbnb.
We love SHIB! ❤️To prove that, we have added #SHIB support for #Polygon and Binance Smart Chain.#Shibarmy, use your $SHIB to book Airbnb, grab the latest games from Steam & PS5, refresh your wardrobe with Nike & Zalando and more!Explore all options: https://t.co/bhrB9i7OrF pic.twitter.com/2dS2JVD3V8
— CoinGate (@CoinGatecom) May 10, 2024
CoinGate acts as a bridge between the cryptocurrency world and traditional finance. By integrating SHIB with Polygon and BNB Chain, CoinGate facilitates transactions using SHIB for everyday purchases.
The news comes at a time in which the price of the meme-inspired cryptocurrency has been surging, with SHIB moving up over 10.5% over the last 30 days and more than 120% year-to-date.
Notably, earlier this month a major anonymous Shiba Inu whale wallet executed a series of large transactions on the popular Robinhood exchange, accumulating a staggering 1.75 trillion $SHIB tokens, valued at roughly $40 million.
The whale’s accumulation was first spotted by whale monitoring service Whale Alert, which pointed on the microblogging platform X (formerly known as Twitter) to two massive SHIB transactions off of Robinhood’s wallets to unknown wallets. Both transactions were of 875 billion SHIB, worth nearly $20 million.
This whale activity coincides with a potential bullish signal for SHIB. According to a recent post by Ali Martinez, a prominent cryptocurrency trader, Shiba Inu’s daily chart appears to be forming a “bull flag,” a technical indicator suggesting an imminent price surge.
#ShibaInu appears to be forming a bull flag on the daily chart! I'm placing buy orders around $0.000018343, aiming for a bullish breakout that sends $SHIB to $0.000072323.So, if you want to join me in this trade, head to @coinexcom and sign up using my referral link… pic.twitter.com/er1gE0lozV
— Ali (@ali_charts) May 1, 2024
Anticipating this breakout, Martinez revealed plans to place buy orders around the $0.000018343 mark, aiming to capitalize on a potential rise in SHIB’s price.
Featured image via Unsplash.