Shiba inu, a cryptocurrency that has been described as a “dogecoin killer”, was very surprised over the last weekend.
Bizarre memecoin, which according to many experts is too speculative an asset in the cryptocurrency market, has managed to increase its price again in recent days after a recent surprise rise, reaching a new all-time high and becoming the 11th largest cryptocurrency in the world, informs Bloomberg.
It didn’t take long for the bizarre shiba inu to break other records. The cryptocurrency, which many experts call a scam, reached a new record value a few days after the last “all-time high”, which was probably helped by a petition for the inclusion of SHIB on the Robinhood platform, which is a brokerage firm and has added to its offer in the past. dogecoin.
The investor community is therefore pushing for SHIB to be added to Robinhood. They have so far collected 326,000 signatures through the petition, but the inclusion of this canine memecoin remains questionable. CEO of Robinhoodu, Vlad Tenev, in his statement for Bloomberg informed that the new cryptocurrencies they would include in their list were selected “carefully”.
But even such a reaction did not discourage shiba inu investors. The cryptocurrency reached its new ATH and in 24 hours its price jumped by another 30%. At the time of writing, this coin was selling for € 0.00004683. According to Coingecko.com, SHIB has gained up to 65,000,000% in the last year alone.
However, Shiba Inu is questioned by many more experienced investors, who say the community’s goal of getting SHIB at $ 1 is unrealistic. The number of coins in circulation is extremely huge and the capitalization would have to climb to the order of trillions of dollars to achieve this price. The maximum number of tokens here is set at an incredible million trillion tokens, and a huge number of coins in circulation would have to be burned in order to approach the set target.
Doubts are also brought about by the fact that the community is trying to connect this cryptocurrency by force with Elon Musko, who in the past significantly supported the growth of dogecoin with his statements. However, Musk distanced himself from the shiba inu and confirmed that he did not hold any such coins.
Original article from October 25, 2021:
Shiba inu distracted from dogecoin
Memecoins such as dogecoin or shiba inu have no fundamental value as such as bitcoin or ether. Many experts condemn these cryptocurrencies by naming them “shitcoins,” but they have performed relatively well on the market.
Although dogecoin from its ATH (All Time High) from May this year did not remember much after the fall, it managed to record a price increase of 7.44% in the past 24 hours.
However, his “twin” in the form of the memecoin shiba inu went to extremes. The highly volatile cryptocurrency rose in price by up to about 50% in 24 hours and reached a new ATH. At the time of writing, SHIB sells for € 0.00003379. In a month-on-month comparison, however, this memecoin grew enormously by 437%, rising from the original price of € 0.000006 at the end of September to the aforementioned current value.
According to estimates, the price, which has not yet been confirmed, could have helped the rise in prices information that the Robinhood trading platform may soon add this cryptocene to its offering. This was also supported by a relatively strong community of investors, which wrote a petition for listing SHIB on Robinhood, and this petition has already received more than 300,000 signatures.
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Further speculation led to the fact that the price of the shiba inu was allegedly influenced by Elon Musk, who some time ago shared a photo of a dog of the same breed on Twitter. However, the information was refuted by Musk himself, who after the last rise in the price of cryptocurrency negated the information that he would own some SHIB coins.
This has currently led to a drop in price of around 15%. Musk admitted on Twitter that he had only invested in bitcoin, etherea and dogecoin.
Less and less investors are afraid of risk cryptocurrencies
The growth is also helped by the low price of shiba inu itself, which is a great attraction for small investors. For just one euro, a potential investor can get almost 30,000 SHIB coins. However, it should be noted that this is a highly speculative cryptomene with high volatility, which is a risky asset. It is therefore extremely difficult to predict its further development. “Whales” also play a big role here – big investors who can control the development of the price.
An example is one of the largest, currently “dead” wallets owned by Vitalik Buterin, co-founder of the cryptocurrency Ethereum.
He transferred $ 7.3 billion worth of SHIB coins to his already inactive wallet in May, “burning” a total of 41% of all coins in circulation at the time. He destroyed 90% of his SHIB coins and sent the remaining 10% to charity.
Another large wallet is owned by an unknown investor, who currently has 7% of all shiba inu coins in circulation on it. That’s about 70 trillion coins worth up to almost $ 2 billion. Some refer to this large wallet as a “whale” and others assume that it is a coin of the founder of the cryptocurrency. It was founded last year by an unknown person under the nickname Ryoshi.
Like dogecoin, shiba inu was founded as a joke and currently functions on the market as an offshoot of dogecoin, which originated in 2013. However, as 2021 shows, people are less and less afraid to invest in such highly volatile cryptocurrencies. As a result, dogecoin has reached a market value of up to $ 34 billion, while shiba inu is approaching it with a market value of $ 21 billion.