Crypto Payment Service CoinGate has Added Shiba Inu Token

SHIB token is one of the altcoins that has covered a massive distance in one year. While the rest of the cryptocurrency market kept falling and rising, the SHIB token was able to keep rallying consistently throughout the year and become the 11th largest cryptocurrency in the market. According to estimates, if the per-unit price of SHIB token gets to $1, its market cap can exceed $800 trillion.

Despite its massive price rally, the SHIB token has been criticized by investors for its lack of utility in the real market. However, now the token has partnered with crypto payments services provider CoinGate. The partnership will allow SHIB tokens to be used as a mode of payment for more than 500 merchandisers.

Shiba Inu Integration

The investors who have added SHIB tokens to their investment portfolio are thought to be seeking the short-term advantage from the market rally. However, the SHIB token has shown resilience, considering that the investors have continued to buy the token during the current 37% price dip. It is worth noting that on the year-to-date index SHIB prices have been appreciated by 483,700%.

CoinGate has posted the update regarding the partnership on its website. The blog mentions that the 500 registered merchants will be able to accept SHIB tokens via gift card integration. Among these registered merchants are names like Amazon, Walmart, and eBay. The Shopping.io website allows the SHIB owners to buy the products that they want with their SHIB investment returns.

The Shiba Inu token has experienced a major price correction in the current month. At press time, the meme coin is valued at $0.00048 per unit and has surged by 4% in the last 24 hours. However, technical market analysis suggests that the meme coin may be ready for another ATH touchdown since the price action hints at consolidation.

Therefore, the probability of SHIB breaking out of the current downtrend is increasing by the minute. Nevertheless, several investors are still worried about whale investors holding 78% of the total circulatory supply of the Shiba Inu token. For the time being, SHIB and BNB have been granted the position of being the most popular cryptocurrency by Binance.