Shiba inu soars more than 20% and Trading Volume Spikes to $3.6 Billion

Shiba Inu Trading Volume Spikes to $3.6 Billion, Following 25% Rally

Shiba Inu’s price spike was followed by the strong increase in market interest after strong buying power was present on whale-tier wallets.
Previously, whale activity was highly present on the Shiba Inu market, with the largest Ethereum wallet continuously operating with the meme-based token. In a period of global cryptocurrency market correction, whales dropped almost 50% of their previous holdings.

According to more actual data, whales have recovered their previous holdings and now own approximately $2 billion worth of tokens. Part of Shiba Inu‘s whale holdings have increased drastically since its previous ATH.

Shiba Inu has been trading at $0.000088; its previous ATH was only a month ago. It has lost more than 50% of its value since then.

But due to the swift recovery of the altcoin market, Shiba Inu whales have started to push the token forward by buying significant amounts on the market.
Currently, Shiba Inu is trading at a 25% premium compared to the most recent price. On-chain data suggests that short-term traders have not yet entered the market, which means that whales are still in control of the current trend.

Shiba inu soars more than 20% after crypto exchange Kraken’s listing, while a SHIB whale scoops up $1 million in tokens

Dogecoin-inspired cryptocurrency shiba inu rallied close to 30% on Tuesday after Kraken, one of the largest exchanges listed the coin.

The meme coin inspired had gained 28.2% in 24 hours to stand at 0.00005022 by 7:03 a.m. ET, according to CoinGecko data. Shiba inu started in August 2020 as almost a copycat coin to dogecoin, the original meme cryptocurrency, and has grown around 80,000 times in value this year, making it one of the crypto stars of 2021.

Prior to Kraken‘s announcement late on Monday, the coin had come under pressure along with other cryptocurrencies including bitcoin, which slid as concern grew over the economic impact of the Omicron virus variant that was first detected in South Africa late last week.

Kraken announced in a blog post Monday it would start offering shiba inu the following day. The coin is now tradable against the US dollar and the euro and the minimum tradable amount is 50,000 shiba inu.

The exchange teased the “SHIBArmy” earlier this month that it would list the coin on November 2 if its Twitter post attained 2,000 likes. The post garnered 60,000 likes, but Kraken backed down from its pledge, saying it was moving “through its listing process”, prompting a backlash from shiba inu fans.

Amongst the shiba inu community, there has been much anticipation for the coin to be listed on exchanges and people have even made a petition for retail trading platform Robinhood to list the coin that now has over 540,700 signatures.

“Shiba Inu is a classic meme token, so we can expect rapid ups and downs of its price, as well as fluctuations with huge amplitude,” Zach Horn, Vice President at ADAcash, a rewarding staking project for the Cardano network said.

3 Reasons Shiba Inu Is the Most Dangerous Cryptocurrency to Own

Despite last week’s stock market swoon, it’s been an excellent time to be invested in equities. In the 20 months since the coronavirus bear market bottomed out, the benchmark S&P 500 has slightly more than doubled. This represents the strongest bounce from a bear market trough in the market’s storied history.

But the gains have been even more pronounced in the cryptocurrency space. Even taking into account the shellacking digital currencies absorbed this past Friday, Nov. 26, the aggregate value of all cryptocurrencies has skyrocketed from $141 billion to $2.45 trillion in 20 months. That’s about a 17-fold increase.

Shiba Inu made investors millionaires from mere pocket change

Although it’s not the biggest nominal contributor to this $2.3 trillion increase, meme coin Shiba Inu (CRYPTO:SHIB) has captivated the crypto space with jaw-dropping gains in 2021.

According to data from CoinMarketCap.com, SHIB tokens began the year at $0.000000000073. But on Oct. 27, Shiba Inu coin hit an all-time high of $0.00008841. For you math-phobes out there, this works out to a gain of more than 121,000,000% in less than 10 months. To put this into perspective, the S&P 500 has gained close to 30,000%, including dividends paid, since the start of 1965. If a crypto investor put $0.83 into SHIB at midnight on Jan. 1, 2021 and sold at the peak, they would have become a millionaire.

A number of perceived catalysts have worked in tandem to push Shiba Inu to historic gains. In no specific order:

A growing number of crypto exchanges have listed SHIB for trading, which is improving liquidity and growing a community that just hit 1 million unique wallet addresses.

The July launch of decentralized exchange ShibaSwap has further helped liquidity and allows hodlers to stake their coins. This is important for lengthening the typical hold time.

Ethereum (CRYPTO:ETH) co-founder Vitalik Buterin, who was gifted roughly half of Shiba Inu’s 1 quadrillion token supply, burned approximately 410 trillion SHIB by sending them to a dead blockchain address. This makes each remaining token scarcer and more valuable.

Minimal pathways exist to short-sell Shiba Inu coin, creating something of a buy bias.

Shiba Inu recently landed its first major merchant, movie theater chain AMC Entertainment (NYSE:AMC).
Tweets from Tesla CEO Elon Musk pertaining to his recently adopted Shiba Inu-breed dog, or generalized Shiba Inu memes, have caused investors to stampede into SHIB.
The fear of missing out (FOMO) is encouraging hodlers to believe in massive upside, even after a jaw-dropping gain.

Shiba Inu’s hodlers are probably going to lose a lot of money

While there’s no denying that SHIB’s gains are beyond impressive, I’d opine that Shiba Inu is the most dangerous “investment” opportunity in the crypto space right now. Let me clarify that I don’t mean “dangerous” in a good way. If you own SHIB tokens, I fully expect you’ll lose a significant portion of your investment over the long run.

Below are five reasons Shiba Inu is crypto’s most dangerous investment.

1. It lacks real-world utility

To be fair and upfront, the vast majority of cryptocurrencies have no real-world use case. But when it comes to Shiba Inu, its lack of real-world involvement is particularly low. Even though it’s the 12th-largest digital currency by market value, only 365 merchants worldwide are accepting it as payment. To put this figure into some context, only around 0.00007% of all global businesses take SHIB as payment.

And before you claim AMC as a big win for the movement, consider this: Using SHIB tokens to buy gift cards, movie tickets, or concessions would be a taxable event that would need to be reported to the IRS. It might be neat that AMC will begin accepting SHIB in the first quarter of 2022, but let’s be honest, virtually no one will be using SHIB to make purchases at AMC.

2. There’s no competitive edge

To build on the previous point, there’s nothing Shiba Inu offers that represents a competitive edge. It’s an ERC-20 token built on the Ethereum blockchain, which means it deals with the same high transaction fees and occasional processing lag times that accompany the highly popular Ethereum network. There is no shortage of popular payment coins with lower transaction fees and faster processing times.

Making matters worse, new blockchain projects are constantly being introduced. Over the past month, approximately 1,900 new cryptocurrencies have been listed by CoinMarketCap.com. Though many of these projects will be unsuccessful, some will easily out-innovate what Shiba Inu brings to the table.

Elon Musk has nothing to do with Shiba Inu (SHIB)

Rallying anytime the world’s richest person tweets about his dog or a Shiba Inu-themed meme is another reason SHIB is the unquestioned most dangerous cryptocurrency. Nothing Musk is tweeting about has anything to do with the Shiba Inu project.

Furthermore, Musk lifted the hood on his crypto portfolio, and SHIB isn’t a holding.

However, Dogecoin, the Shiba Inu-inspired chief rival to Shiba Inu, is one of Musk’s holdings. Musk has previously tweeted that he’d be working with Dogecoin’s developers to improve the network.