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Shiba Inu (SHIB) Jumps 50% To ATH Amid Robinhood Rumors

Shiba Inu (SHIB), one of the most popular meme coins, soared to an all-time high for the first time since May 11. The meme coin reached new heights of $0.00004432 over the weekend. SHIB was up over 50% in just 24 hours, according to the pricing from CoinGecko.

Related Reading | Shiba Inu Outranks Chainlink And Takes Place In Top 15 Crypto-Assets

With a market cap of $21.4 billion, Shiba Inu is currently the 13th biggest cryptocurrency. It is getting closer to Dogecoin, which is now in 11th place with a market cap of $33.86 billion. Both coins, however, can be quite volatile.

It is also now worth more than Africa’s richest man, Aliko Dangote, who, according to Forbes, is worth $13.6 billion.

Shiba Inu Rallies

Shiba Inu’s latest rally can be attributed to an ongoing bullish trend that started about two weeks ago. Since then, Shiba Inu maintained week-long support at approximately $0.000028 before resuming a bull run to its latest record.

Related Reading | Why Shiba Inu (SHIB) Rallied 266% Following Biggest Dump In Its History

“At this moment attention seems to have converged on SHIB and speculation is the primary driver of the price surge,” Ben Caselin, head of research and strategy at crypto exchange AAX, said on Sunday to Bloomberg. “Prior patterns and dynamics in crypto indicate that SHIB is likely to be challenged by other projects and shed much of its value further along in the market cycle,” he added.

SHIB price jumps to $0.000043 | Source: SHIBUSD on TradingView.com

Shiba Inu is a decentralized cryptocurrency created in August 2020 by an anonymous person or persons known as “Ryoshi”. The coin’s website refers to it as “a decentralized meme token that evolved into a vibrant ecosystem.” It was modeled off Dogecoin, which is also fashioned after the Japanese dog breed. It is also dubbed the “Dogecoin Killer.”

“With such meme coins it’s hard to speculate on the actual reasons for price movements, in all honesty,” Vijay Ayyar, head of Asia-Pacific with crypto exchange Luno Pte., said in a message Sunday. But “there are some interesting communities being built around them.”

Robinhood Rumors Fueling Rally

There are rumors that crypto trading platform Robinhood is getting ready to list Shiba Inu. According to the recent tweet by a prominent SHIB Twitter account, Robinhood might be considering adding the meme coin to the list of trading assets.

BREAKING NEWS: Robinhood is emailing this survey to select users of their platform.

They are including #SHIB as one of the answers to select!

Clearly doing market research on what their consumers want. pic.twitter.com/ovBNV2p0Wl

— Shiba Inu News (@ShibalnuNews) October 22, 2021

There is also a petition on Change.org urging Robinhood to list SHIB on its platform, and it has over 300,000 signatures.

During his interview with CNBC earlier this week, Robinhood CEO Vladimir Tenev reportedly refused to comment about whether or not the company would make the listing.

Featured image by Binance Research, Chart from TradingView.com

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Why Shiba Inu (SHIB) Rallied 266% Following Biggest Dump In Its History

Shiba Inu (SHIB) is still on a bull trend after its meteoric rise last week. The asset had rallied 266% and by the time the rally reached its peak, SHIB had grown over 400% in a matter of hours. Its sudden rise in price has been attributed to a number of things. One of the most prominent being the tweet by Elon Musk of his pet Shiba Inu which he had gotten last month.

However, the price recovery had occurred at a point where the asset had been seeing massive amounts of coins dumped that led to a dip in its price. SHIB had hit a new six-month high at this point and sell pressures had mounted in the community. This was mostly due to the history of the meme coin which has no utility to speak of except the hype from its backers.

SHIB Holders Dump Billions

Santiment reported the digital asset had seen a record dump following its price rally. A reported 31.07 billion coins had been dumped by holders. Mostly from wallets that held between 1 million to 10 million SHIB in their wallets.

Related Reading | FTX CEO Sam Bankman-Fried Reveals Reason Behind Billions Of Dollars Tether Purchase

An interesting fact about this dump was that it had been mostly small traders who were dumping their bags. Contrary to expectations, Shiba Inu whales have mostly held their bags through the rally. While small-time traders shed their holdings onto micro traders.

The dump patterns had shaken the price of the asset, causing its hold on its new highs to falter in the meantime. But this would prove to not have a lasting effect on the market given that the price of the digital asset had rebounded from its Thursday lows, with a green seven-day trading average of 83.45%.

SHIB price falls to $0.000028 | Source: SHIBUSD on TradingView.com
Shiba Inu Benefiting From The Altcoin Craze

Bitcoin has shown investors the potential of investing in cryptocurrencies. But at its current value, investors have moved on to find what could be ‘the next bitcoin’ and altcoins have generally benefited from this sentiment.

The push for short-term gains in the market is also a reason behind the success of meme coins like Shiba Inu. Over the long term, top cryptocurrencies like bitcoin and ethereum have proven to be the better choice. Altcoins, however, have shown the most promise with short-term gains, especially coins which are hype-driven.

Related Reading | Bitcoin Over $100,000 Is Still Possible By Year-End, Says Research Analyst

Projects like these will experience significant price movements in reaction to things like a celebrity tweeting or posting about them. Investors can see massive gains from investing in these projects in just a matter of hours. But these coins crash as quickly as they had risen. Usually due to the hype around them dying down. Or in worst-case scenarios, the developers execute a rugpull and leave investors to deal with their now worthless coins.

Featured image from CoinGecko, chart from TradingView.com

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Shiba Inu (SHIB) DEX ShibaSwap Exceeds 1.5B TVL, Adds Three New Pairs

Shiba Inu, a famed meme coin, has recently unveiled its DEX ShibaSwap. This comes on the heels of the growing popularity of SHIB as holders continue to show faith in the coin.

The coin which was started as a joke has seen a lot of growth and seems to be taking a more serious tone as time goes by. The developers are bent on showing the market that Shiba Inu has moved on from meme coin territory into serious coin territory.

Related Reading | Coinbase Pro To List Shiba Inu, The “Dogecoin Killer” Price Soars

One of the ways the project has shown this newfound seriousness is in the release of its very own DEX named ShibaSwap. ShibaSwap works like any other DEX, the likes of Pancakeswap, SushiSwap, and Uniswap. With the launch of ShibaSwap has come a lot of possibilities for the holders of Shiba Inu tokens.

So far, the total value locked (TVL) of coins on ShibaSwap has exceeded $1.5 billion. Getting over $1 billion TVL in just two days after the launch.

What ShibaSwap Offers

On the website are various ways that Shiba Inu holders can get rewards for staking their SHIB coins on the platform. On the back of this has been the release of two new tokens; LEASH and BONE.

These tokens were not made available to buy until the ShibaSwap DEX was launched. Holders can “dig” on the platform to earn BONE tokens. The term “dig” in this context just refers to SHIB holders providing liquidity on the platform.

Holders can also “fetch” on ShibaSwap. This is done by migrating UNI V2-LP or SLP tokens and holders get BONE coins in return for fetching.

Continuing on this path, holders of Shiba Inu tokens can also “bury” tokens. “Bury” refers to staking SHIB tokens in order to get rewards on your staked coins. Holders can alternatively bury their SHIB tokens, LEASH, or BONE tokens using this feature. Burying is not yet live on ShibaSwap and is slated to be coming soon to the DEX.

Shiba Inu (SHIB) chart from TradingView.com

Price of SHIB down 2% in the last 24 hours | Source: SHIBUSD on TradingView.com

The ShibaSwap DEX also provides swapping features for holders. Here, holders can swap their coins for any token listed on the platform. The tokens that can be swapped on ShibaSwap are not just limited to SHIB tokens. Users can swap a wide variety of tokens for other tokens. Eth being one of the most prominent that can be swapped on the DEX.

“Woof” is a feature that enables holders to get returns when they stake their SSLP tokens. It allows holders to farm for coins with their staked tokens.

The Bonefolio featured which has not yet launched will allow holders to track their token activities across the DEX, referred to as dogalytics on the SHIB website.

Three New Token Pairs

A recent announcement revealed that Shiba Inu would be adding three new pairs on their DEX ShibaSwap. This comes a week after the decentralized exchange had launched to much anticipation from the token holders.

The official Twitter account of Shiba Inu announced the three new token pairs and these included an ETH-USDT pair (300 AP), a LEASH-BONE pair ( 900AP), and a SHIB-BONE pair (600 AP).

The price of SHIB saw a small uptick in response to the announcement but this did not last long as the price of the coin took a nosedive shortly after the uptick.

Related Reading | Dog Eat Dog: Elon Musk Leaving Doge Behind For New Dog Coin?

Regardless of the price reaction to the news, the new pair additions have been strongly encouraged, with the official SHIB account stating that they believe the additional pairs with help to build the momentum behind ShibaSwap. They hope to achieve this by “incentivizing our ecosystem, widening their reach to external users, and providing more USDT liquidity, (which will help #ShibaSwap run smoothly with more and more rewards).”

SHIB is currently trading at $0.00000770, and BONE and LEASH are listed on SHIB’s website at $5.38 and $2587.2 at the time of this writing.

Featured image from Currency.com, chart from TradingView.com
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Dog Eat Dog: Elon Musk Leaving Doge Behind For New Dog Coin?

Elon Musk has seemingly left behind the Dogecoin for a shiny new dog coin; Shiba Inu. Shiba Inu is a dog breed. More specifically, the dog that is used in the Dogecoin memes is a Shiba Inu. Given the popularity of Dogecoin, the coin seems to have been created to benefit from that popularity.

The coin is created by someone who is only known by the name Ryoshi. Little else is known about the founder. This is very similar to the case of bitcoin with Satoshi Nakamoto. A moniker that no one has claimed is them to this date.

Related Reading | Crypto Isn’t Money, Annual Economic Report On Bitcoin

Musk posted a cryptic tweet on his Twitter earlier today apparently in reference to a dog breed he’s getting. But the message behind the tweet was received loud and clear by the market.

The tweet simply said, “My Shiba Inu will be named Floki.”

After the tweet went live, the price of Shiba Inu rose quickly. Rising 23% in a couple of hours.

More interestingly is the creation of another dog coin named Floki. The coin seems to have been created after Musk tweeted and now the coin is up a whopping 3,000 percent.

Rise Of The Dog Coins

The billionaire has always been a die-hard fan of Doge. Always tweeting in support of the coin and the project. He calls it the coin of the future. But it wasn’t until a couple of months ago that the billionaire’s tweets started leading the coin to pumps.

With the movement of market prices after his tweets, people seem to have started to hang on to the billionaire’s every word. Putting money into a newly made coin just because he mentioned that he was going to name his dog that.

Shiba Inu price chart from TradingView.com

 

Shiba Inu price pumps after Elon Musk's tweet | Source: SHIBUSD on TradingView.com

This is not the first time that Elon Musk has mentioned Shiba Inu. He made reference to the coin earlier in March when he tweeted that he was going to get a new dog. A Shiba Inu breed. The tweet read, “I’m getting a Shiba Inu. #resistanceisfutile.”

The tweet made no mention of the coin itself. But nonetheless, people took it as such and the coin pumped. SHIB, as the Shiba Inu coin is commonly known, has pretty much followed the pattern of Dogecoin ever since. Rising and falling accordingly whenever Musk tweeted and people bought the coin.

Doge And Subsequent Dog Coins

There have been a number of meme coins made as a nod to the Dogecoin. Coins like the DogeFather, Shiba Inu, ShibaPup, and others. Shiba Inu touts itself as the Dogecoin killer.

These coins have no use cases really. If anything, they are just coins made to pump and dump and make a quick buck from. There is nothing remarkable about the projects themselves.

But the remarkable thing is how these coins seem to gain market value. Coins with seemingly nothing to offer the market somehow end up with a huge market valuation. Shiba Inu currently has a $7.32 billion market cap.

Related Reading | Can Elon Musk Go To Prison For Manipulating Prices And Shilling Shitcoins?

All of these coins have one thing in common; they are all in reference to dogs.

Dogecoin itself that started all of it was created as a “tongue-in-cheek” joke towards bitcoin and the crypto market. It was not meant to do anything. Even the founders sold off all of their coins early on.

Musk has been talking about getting a Shiba Inu for months now but has still not gotten one. And people are using his tweets to manipulate the market.

Whether Musk meant the tweets to promote to coin is not known. But investors certainly think that’s what it’s meant to do.

Musk has been talking about getting a Shiba Inu for months now but there is none in sight.

Featured image from Observer, chart from TradingView.com
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Coinbase Pro To List Shiba Inu, The “Dogecoin Killer” Price Soars

The price of the shiba inu cryptocurrency rose on Tuesday after Coinbase revealed that the meme cryptocurrency would begin trading on Coinbase Pro this week.

Coinbase To Trade Shiba Inu

Coinbase announced Tuesday that shiba inu (SHIB) crypto would begin trading on Coinbase Pro this week, after the listing of the meme cryptocurrency Dogecoin (DOGE) earlier this month. Some consider the ERC20 crypto shiba inu to be a viable alternative to Dogecoin.

Coinbase Pro users can now transfer shiba inu tokens into their accounts, according to the Nasdaq-listed business. Residents of New York, however, will not be able to use SHIB. The firm clarified:

Trading will begin on or after 9AM Pacific Time (PT) Thursday June 17, if liquidity conditions are met.

Coinbase added SHIB little more than a month after that coin’s creation, in marked contrast to its addition of dogecoin, which seemed to take doge years. This reflects a sea change in the approach of the exchange, a change announced at the time of its addition of dogecoin on June 1.

The announcement also covers chiliz (CHZ) and the keep network (KEEP). Besides dogecoin, the company recently added trading support for a number of tokens on Coinbase Pro, including polkadot (DOT), gitcoin (GTC), enzyme token (MLN), amp (AMP), and internet computer (ICP).

Shiba Inu is a meme coin similar to Dogecoin, which was inspired by a Shiba Inu meme from the 2010s. It is, however, an ERC20 token, which means it functions on the Ethereum network, unlike DOGE.

SHIB is the 17th-largest coin by market capitalization, according to Nomics, with over $9 billion—more than Stellar, Ethereum Classic, or Dai.

Shiba Inu’s anonymous founder Ryoshi (a psuedonym) made the unwise decision to send half of the token’s supply to the founder of Ethereum, Vitalik Buterin. Why? Ryoshi’s claims that he wanted to minimize Shiba Inu’s supply and increase its value.

Two days after Shiba Inu got listed on Binance, Buterin donated $1 billion worth of Shiba Inu to an India-based COVID-19 fund. Unfortunately, the token suffered as a result and tanked to painful lows.

Related article | Vitalik Buterin Dumps His SHIB, Price Tanks 30% In 1 Hour

Now that Coinbase added Shiba Inu to its list of supported cryptocurrencies, “Dogecoin killer” token holders now have renewed hope that Shiba Inu can surpass its Elon Musk-led rival to the moon.

Price Soars After Announcement

The price of the shiba inu cryptocurrency jumped over 30% around the time of the Coinbase announcement. At the time of writing, the price of SHIB is $0.0000092 and its market cap is $3.6 billion, based on data from Coinbase.

ShIB/USD currently at $0.0000092 following Coinbase news. Source: TradingView.

Trading of SHIB-USD and SHIB-USDT order books will begin in three phases, post-only, limit-only, and full trading, once adequate supply of the shiba inu cryptocurrency is established on the Coinbase Pro platform, according to the firm.

Related article | Binance Lists SHIB, Will It Become The Next DOGE?

Featured image from Pixabay, Charts from TradingView.
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What Elon Musk’s Vision Of The Dogecoin Moon Could Look Like

Is this what Elon Musk wanted? To constantly be present on every type of news outlet? The bastion of quality journalism known as Page Six reports that the billionaire, his rockstar girlfriend, and musical guest Miley Cirrus went to a Dogecoin-themed party. This was after Musk’s infamous Saturday Night Live hosting gig, a night that created all kinds of disasters. 

The party was at a hotel called Public, which opened just for the celebrities for the first time in 14 months. Page Six describes it as:

“It was a cryptocurrency-themed bash for Elon,” a spy told Page Six. “Ian opened it just for Elon and his guests. Girls were dressed as aliens, walking around with trays of Dogecoin cookies and cupcakes, and there were Dogecoin ice sculptures.”

To make things worse, a handler brought a Shiba Inu dog, a live Dogecoin logo. Other celebrities in attendance were actual comedian Chris Rock, SNL’s creator Lorne Michaels, Weekend Update’s Colin Jost, and South Park’s creator Matt Stone.

Related Reading | Dave Portnoy Buys SafeMoon, Says He Doesn’t Know Why

Panic Attack for Princess Peach

Apart from that, Page Six reports that Grimes was hospitalized the day after. She informed the public herself through her Instagram page. 

“Forgot to post these cuz I somehow caused myself to have a panic attack and went to the hospital yesterday which tbh was quite scary and I suppose it’s a good time to start therapy.” Grimes captioned the pics of her dressed as Princess Peach alongside musical guest Miley Cyrus.

Yes. That was Grimes as Mario Bro’s Princess Peach in a much-mocked sketch that made the rounds on social media after Elon Musk’s disastrous performance. It’s worth noting that the billionaire was one of the very few people that has been invited to host SNL without being an actor, comedian, musician, or performer of any kind.

Dogecoin price chart for 05/18/2021 - TradingView

DOGE price chart on Bitfinex | Source: DOGE/USD on TradingView.com

Financial victims of Elon’s Performance

Grimes wasn’t the only one affected that night. As NewsBTC reported, Dogecoin took a 30% dip after Musk’s performance:

In the run-up to last weekend’s SNL show, Musk was expected to mention Dogecoin, which he did during his opening monologue, and again during a Q&A describing it as a “hustle.” But markets reacted by selling off, tanking the price by as much as 30% at one point.

At the time, the tanking went down to $0.49 per coin. Nowadays, it’s even lower. Dogecoin trades at $0.47 at the time of writing. Of course, the coin is still affected by Elon’s takedown of the whole cryptomarket by announcing that Tesla wasn’t accepting Bitcoin anymore because of bogus concerns about its environmental impact. For more information about this matter, head over to Bitcoinist.

Related Reading | Coinbase Banks On Dogecoin Listing To Revive Stuttering Fortunes

Last but not least, Musk’s fortune also took a dive after people realized how unfunny he was. According to Forbes estimations:

The fortune of Tesla’s billionaire cofounder and CEO, Elon Musk, has plunged by more than $20 billion since Musk made his controversial appearance on Saturday Night Live last weekend.

Is this what Elon Musk wanted?

 Featured Image by Ganapathy Kumar on Unsplash - Charts by TradingView