The popular memecoin Shiba Inu (SHIB) may appear on the Kraken platform as early as November 2, but traders are in no hurry to buy on rumors
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Cryptocurrency exchange Kraken has promised to list the Shiba Inu (SHIB) token if the corresponding Twitter post gets 2,000 likes.
"Brian Hoffman promised to add SHIB tomorrow if we get 2,000 likes, but he doesn't think we can do it," the Nov. 1 post reads.
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Listing details are not yet available, but fans of the coin are already rejoicing and believe that Hoffman, the head of product at the company, deliberately set the bar so low. The tweet received the required number of likes in 15 minutes. Now there are more than 56 thousand of them.
Exchanges race to list SHIB
In mid-September, Coinbase, an American competitor to Kraken, added the token to its list of cryptocurrency products available for trading. This event launched a large-scale token rally that lasted throughout October and ended with a new all-time high at $0.000088.
As of November 2, a new trading pair featuring Shiba Inu appeared on Binance. The exchange announced that users will be able to trade the SHIB token as a pair on DOGE. SHIB/DOGE trading started at 11:00 (Moscow time).
In addition, there are rumors in the market that Robinhood will also add Shiba soon. The petition in support of listing the token on this trading platform has already received more than 400 thousand votes.
Shiba Inu: madness sweeps the market
The cryptocurrency market is truly crazy. All the attention of the news portal is dedicated Shiba Inu. After reaching a high of $0.00008616, traders' positions were liquidated today to the tune of approximately $1.46 million in SHIB (22.47 million coins). The situation is similar with Dogecoin.
DOGE liquidation totaled $2.41 million (7.99 million Doge coins).
Note that Shiba managed to surpass Dogecoin and enter the TOP 10 assets. SHIB's market cap has risen to $42 billion on CoinGecko. However, Dogecoin regained its position and is now in 9th place with a market capitalization of $40,269,409,893. Shiba Inu takes tenth place.
Let us remind you that the Coinbase crypto exchange on which SHIB was hosted went offline due to the enormous traffic caused by the coin. SHIB's trading volume exceeded Ethereum trading volume by $5 billion on Coinbase. In turn, Arcane Assets CIO Eric Wall believes that the coin will not face the problems that Dogecoin will have to face.
By the way, a Change.org petition demanding SHIB be listed on Robinhood has received more than 326,000 signatures. It seems that the asset expects success not only in the virtual world, but also in the real one. It's funny that Vlad Tenev is ignoring Shiba for now. At this time, the capitalization of the cryptocurrency overtook the capitalization of the entire Robinhood.
The acceptance of Shiba Inus is also expanding. In particular, the Parisian establishment Le Bistrot d'Eleonore et Maxence decided to accept payments in this coin. True, it is not clear how the process of paying for the service will proceed, since the price of coins changes all the time.
What will happen next in the market? The hype will pass in a few days and most likely next week the asset will no longer be so hotly discussed. In general, an interesting situation is emerging - some assets cause such a sharp market reaction, while others do not. It seems that some cryptocurrencies have a certain hallucinogenic effect on users, while others have this effect completely absent. What is this connected with?
So far, no research has been conducted on what kind of virtual narcotic effect this or that meme-token has on the psyche of traders and investors. But judging by the madness on the market, there is no doubt that Shiba has it.
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Author: Vadim Gruzdev, analyst at Freedman Сlub Crypto News
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Shiba Inu (SHIB) measured in the range
The price dynamics of SHIB/USDT do not yet reflect the excitement around the possible listing of the token on the Kraken exchange. The token renewed its all-time high on October 28 at $0.0000885, but, unable to hold its position, dropped to the support area around $0.00007.
At the time of writing, SHIB/USDT is trading at $0.00007. During the day, the coin fell in price by 1.3%, but on a weekly basis it is still in the black (+68%).
Listing on Kraken will increase the liquidity of the coin and could trigger a new wave of growth. However, experts advise to be extremely cautious, pointing out the extremely speculative nature of the coin. Previously, Edward Snowden advised his Twitter followers to take into account the risks and not give away their last to invest in a coin.
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Billions on dogs: how much Shiba Inu investors earned
10/28/2021 Artem Galunov
#Shiba Inu#cryptocurrencies
One of the early investors of Shiba Inu (SHIB), who invested $8,000 in the asset in August 2022, has become a multi-billionaire. With the price of the meme cryptocurrency rising, the coins in his wallet are now worth $4.84 billion.
This wallet bought roughly $8,000 of $SHIB last August.
It's now worth $5.7 billion.
From $8,000 to $5.7 billion in roughly 400 days.
We may actually be looking at the greatest individual trade of all time. pic.twitter.com/LtdgQ83bKP
— Morning Brew ☕️ (@MorningBrew) October 27, 2021
On October 27, 2022, SHIB updated its all-time high near $0.00006. Over the past 24 hours, the price of the cryptocurrency has increased by 23.5%, over the week - by 130%. During the year, the asset increased in price by 77,732,050%, according to CoinGecko.
At the time of writing, SHIB is trading around $0.000063.
Binance exchange SHIB/USDT hourly chart. Data: TradingView.
Shiba Inu's market capitalization is $34.76 billion. This means that almost 14% of the current cryptocurrency supply is concentrated at the above-mentioned address.
This has led some community members to question whether the market is liquid enough to absorb these billions if the coin holder decides to sell.
So the question is, can the SHIB market absorb $5.7b if this wallet sells?
— ᴜɴᴛʀᴀᴄᴀᴇʙʟᴇ (@DontTraceMeBruh) October 27, 2021
Analyst Chris Black noted that the investor made the purchase literally a day after the launch of Shiba Inu. According to him, the address may be one of the creators of the project or persons affiliated with them. He later suggested that the meme cryptocurrency "could have been a venture capital play all along."
Purchase was made 1 day after SHIB was created. Probably the creator or someone closely associated with him/them.
— Chris Blec (@ChrisBlec) October 27, 2021
Shiba Inu turned another investor into a millionaire in less than a year. In January 2022, he invested $434 in cryptocurrency. The assets he acquired are now valued at $71.2 million, and were worth even more at their peak.
Users also noticed the address that holds the cryptocurrency received from the Indian Coronavirus Pandemic Fund. Previously, Ethereum founder Vitalik Buterin donated 70 trillion SHIB to the organization.
It appears this single private entity bought 80% of the SHIB donated by vitalik to the India Covid Relief Fund for around 400$M worth and is now sitting on 3.3B worth of SHIB https://t.co/644vmULnaj pic.twitter. com/xP9pJYVRj5
— state (@statelayer) October 28, 2021
The address holds 80% of Buterin's donated funds, which are valued at $2.9 billion at current exchange rates. In September, the fund confirmed that it had converted about SHIB 40 trillion into fiat through the Wintermute platform.
Summary of all the $SHIBA tokens converted till date.
We've converted ~80% of @VitalikButerin's donation for a total proceeds of 387,683,398.
The remaining 20% is also transferred to @wintermute_t
(2/x) pic.twitter.com/Poh4kqt6vo
— India's Crypto Covid Relief
