By
Marco T. Lanz
April 16th, 2024
Shiba Inu has added approximately 28871148% and 264% in the past year and 30 days respectively.
Shiba Inu (SHIB) price jumped nearly 8% yesterday but closed the day 3.3% up following a fake rumor of Robinhood listing by news outlet First Squawk. There has been no official communication from the Robinhood trading app regarding the listing of meme coin Shiba Inu. Shiba Inu is one of the leading meme coins that has had significant gains since its inception by anonymous developers.
According to our data, Shiba Inu traded around $0.00002855 at the time of reporting. Notably, Shiba Inu has added approximately 28871148% and 264% in the past year and 30 days respectively. Consequently, it has attracted a huge influx of traders seeking a ride in profit, perhaps similar to Dogecoin.
However, analysts warn of an imminent bubble burst that will end up crashing on unsuspecting investors and traders. Moreover, its high circulation supply leaves it under heavy pressure from whale manipulations.
According to data provided by Coinbase, the average Shiba Inu holder has been one week or less. Indicating a lack of long-term perspective as the selling pressure keeps on re-emerging now and then. Nevertheless, the gains are attractive and have made a notable return on investment for long-term holders.
For instance, a Shiba Inu holder who had purchased $1,000 worth of SHIB at the beginning of this year, the portfolio value could be reading around $337 million to date. Insane!
However, the high level of volatility has kept long-term investors away. The pump and dump that occurs without any fundamental factor make the meme coin only good for speculative purposes.
Shiba Inu (SHIB) and the Market Outlook
As an ERC20 based token, the future market outlook is heavily dependent on Ethereum’s capacity to deal with high transaction fees. For instance, a trader with $100 USDT and wants to swap them for SHIB, the average network fee is 0.01095 Eth worth $41.46. Consequently, a lot of traders are locked out of the speculative aspect of SHIB that is largely controlled by whale traders.
Ranked position 12 by CoinGecko, SHIB has a market capitalization of approximately $14 billion. The asset reported a daily average traded volume of approximately $3.1 billion.
There are 497,730,966,630,395 SHIB coins in circulation. Binance and Coinbase are among the largest crypto exchanges that have listed the meme coin.
Hereby, a rumor of Robinhood listing may not be outrageous after all and not far-fetched. Nevertheless, the future outlook of the Shiba Inu market remains heavily speculative and not as clear as other digital assets like Bitcoin that have significant fundamental support.