Shiba Inu Gets Major Merchant Adoption Boost with BitPay Integration

Shiba Inu was attacked a few days for being a useless cryptocurrency, but the token has gained huge adoption since that time. It is now becoming easier to pay for goods using Shiba Inu thanks to the adoptions.

SHIB Dips Despite BitPay Adoption

The cryptocurrency market has underperformed over the past few hours, with the prices of most coins down by more than 5% during that period. Bitcoin is currently struggling below the $48k level while Ether is down by over 4% in the last 24 hours.

BitPay, one of the leading payment processors in the cryptocurrency space, announced yesterday that it had now added SHIB to the list of cryptocurrencies it supports. This means that SHIB holders can now pay merchants using the token.

ATTENTION: #shibarmy, we’re excited to announce consumers can now pay and merchants can immediately accept Shiba Inu (SHIB) for payments. Read more: https://t.co/xnWbmqMdzX #SHIB #shibainu #crypto pic.twitter.com/zCretwh87S

— BitPay (@BitPay) December 9, 2021

 

However, the adoption news didn’t affect Shiba Inu’s performance as the token’s price is down by more than 4% since BitPay announced the integration yesterday. SHIB’s performance has been affected by the broader cryptocurrency market, which is currently in a bearish trend.

SHIB’s technical show that the token is currently underperforming. The MACD line is dip within the bearish territory, and the token needs to rally if it intends to go back to the neutral zone. The RSI of 36 shows that SHIB is currently oversold and could record further losses in the coming hours. Shiba Inu is trading below its 50-day simple moving average, and the price oscillator is also negative at the moment.

Shiba Inu is Gaining Adoption

Earlier this month, Wolf of Wall Street, Jordan Belfort, attacked Shiba Inu, calling it a shit cryptocurrency. He said some of the creators of the meme coins deserve to go to jail for creating useless cryptocurrencies as the coins have nothing to offer.

However, Shiba Inu has been in the news for positive reasons since then. Shiba Inu is set to undergo a massive burn in the coming weeks as it prepares to enter the metaverse space. Furthermore, Shiba Inu’s partnership with Travala means that the coin is now accepted as payment for its numerous products and services. Travala provides traveling and hotel booking services to millions of customers globally, and the customers can now pay for the services using SHIB tokens.