The Shiba Inu subreddit community of r/Shibarmy has exceeded 200k subscribers
r/Shibarmy now has over 201,521 members
ShibaSwap is now listed on DappRadar’s DeFi rankings coming in at number 11 with $1.49 billion in total value locked
SHIB/USDT has bounced off the $0.0000057 support zone to post a local high of $0.00000653
The Shiba Inu (SHIB) subreddit community of r/Shibarmy has hit a new milestone in terms of subscribers by exceeding 200k members. The remarkable growth of the r/Shibarmy community was identified by the team at @ShibToken through the following tweet.
r/Shibarmy Subscribers Started to Increase Rapidly in Mid- April
A quick glance at SubRedditStats.com reveals that the r/Shibarmy community now has 201,521 members. Additionally, subscribers to the Subreddit community have grown at a rapid rate since mid-April as highlighted in the chart below courtesy of the tracking website.
ShibaSwap is Now Listed on DappRadar’s DeFi Rankings
At the time of writing, ShibaSwap is now ranked 11th with a total value locked of $1.49 Billion. The screenshot below courtesy of DappRadar, further highlights ShibaSwap’s position relative to other popular DeFi protocols such as Pancakeswap, Yearn Finance and SushiSwap.
Shiba Inu Bounces off the $0.0000057 Support
With respect to price action, Shiba Inu (SHIB) is currently trading at $0.00000641 after bouncing off the $0.00000570 support to post a local high of $0.00000653.
However, Shiba Inu’s reversal is yet to inspire bullish confidence as SHIB continues to trade below the 50, 100 and 200 moving averages on the 6-hour chart that can be found below.
Also from the 6-hour SHIB/USDT chart, the following can be observed.
The 6-hour MACD has crossed in a bullish manner below the baseline
The 6-hour MFI and RSI are in neutral territory, but hinting of a bullish environment
The 50 moving average on the 6-hour chart coincides with the $0.000007 resistance area
The 100 and 200 moving averages also highlight another resistance area around $0.0000077
As with all analyses of altcoins such as Shiba Inu, the fate of SHIB is tied to Bitcoin providing the ideal environment for the token to thrive. Consequently, SHIB could continue moving higher if Bitcoin can maintain a value above the crucial $31k support.