On Thursday thirteenth January 2022, the worth of Shiba Inu (SHIB) elevated by 16% amid rumors that it might be listed on Robinhood. The worth of SHIB rose to a excessive of $0.00003 on thirteenth January earlier than the selloff.
Presently, Shiba Inu is ranked because the thirteenth largest crypto with a $17 billion market capitalization. Nonetheless, the cryptocurrency stays in a common downtrend, as its worth has decreased by 62% because it attained its all-time excessive of $0.00008 in October final yr. So, what has been occurring with this dog-based meme?
This publish will focus on what’s Shiba Inu, which exchanges it’s presently listed, its present market place, and whether or not or not it’ll achieve success in 2022.
What’s Shiba Inu (SHIB)?
In the event you’re not conscious of what Shiba Inu is, it’s an Ethereum-based meme coin or altcoin that includes a Japanese canine breed as its mascot (Shiba Inu). Since this meme coin entered the crypto market in 2020, it’s made important steps in 2021 and has grown to turn into a family title. Notably, its value elevated greater than 10 occasions in October 2021.
As its market capitalization and recognition stored hovering, an increasing number of cryptocurrency exchanges started itemizing it. Presently, SHIB is listed on exchanges resembling Binance, Coinbase, KuCoin, Crypto.com, DigFinex, and extra.
The token was launched to turn into a direct competitor to Dogecoin and has been nipping at DOGE’s heels. Identical to Bitcoin, Dogecoin is restricted by on-chain options like sensible contracts. SHIB is a worthy competitor to Dogecoin as a result of it’s primarily based on Ethereum’s community; thus, it makes use of sensible contract capabilities.
Rumors of Robinhood Itemizing – Are they True or False?
As aforementioned, the worth of SHIB surged by 16% within the final 48 hours to realize a value excessive of $0.00003. The worth bump occurred a short time after rumors emerged on Twitter claiming that Shiba Inu could be listed on Robinhood by February.
The information rapidly renewed the curiosity of buyers and merchants within the community-based token. This fueled the surge in SHIB’s worth to succeed in about $17 billion in market capitalization. Nonetheless, a number of critics have claimed that this was a transfer by Shiba Inu to extend the worth of its token within the quick time period.
When Robinhood’s CEO, Vlad Tenev, was requested in an interview with CNBC to touch upon the rumors, he denied any plans to listing SHIB and refused to remark a lot on the rumors. He solely mentioned that earlier than itemizing SHIB on their platform, it needed to bear a rigorous set of standards. In the meanwhile, it stays to be seen whether or not the rumor will pan out or it might simply be a smoke-and-mirrors try to extend SHIB’s value.
What’s Driving the Progress of Shiba Inu?
The bullish pattern that Shiba Inu is experiencing can also be catalyzed by different elements. First, Shiba Inu not too long ago introduced that they have been going to launch a Layer 2 blockchain that’ll be often known as Shibarium. This transfer is a part of the driving drive behind investor enthusiasm as many builders will probably be on this community. In addition to Shibarium, there are quite a few stablecoins and metaverse-themed initiatives which can be anticipated to be included within the Shiba Inu community.
The Backside Line
Because the cryptocurrency ecosystem continues to evolve, merchants and builders have gotten extra concerned about security in capital markets and growing bond yields. This setting shouldn’t be pleasant for overly bold cryptos, and Shiba Inu has seen what can occur when the market sentiment shifts considerably.
Maybe SHIB has nice potential. Maybe it’ll fade away with growing competitors. It stays to be seen whether or not it’ll moon out or not. However one factor is evident – buyers and merchants are extra involved with the potential dangers of the meme-coin quite than its potential short-term yields.