News / SHIB Consolidates Further, but the Hype Remains Strong

SHIB Consolidates Further, but the Hype Remains Strong

The cryptocurrency markets have taken a dip after a major rally to the upside. Although the dip is insignificant at this point in time on the bigger picture, the momentum of the sellers on the way down is leaving clues of the downtrend to continue in the subsequent trading sessions.

After Bitcoin and Altcoins went off sync for several months, the trajectories are getting back on track. Bitcoin is slowing, inching higher and higher, while most altcoins are on the verge of breaking their ATH. In fact, the dip in some altcoins is coming from the resistance at the all-time highs.

Besides, the crypto having its own hype and trend is none other than Shiba Inu. The meme-coin that had potentially no hope earlier this year has observed a massive surge in prices lately. And interestingly, the hype and hope are still around among the mainstream.

Going by the trends, Shiba Inu cryptocurrency is getting the same or perhaps more attention than Dogecoin when its prices were hitting higher and higher.

Shiba Inu Market Update

Shiba Inu (SHIB) crypto, which was trading as low as $0.00000770 in September, has surged by more than a whopping 1000% in October alone. In fact, it recently claimed to be one among the top 10 spots in coins with the highest market cap. Currently, SHIB crypto trades at $0.00005308, with a market cap of over $28 billion and a daily trading volume of $3 billion. These figures have seen a drop after the prices went into a correction, but the coin is holding firm at the 11th spot.

SHIB To Be Listed on CoinDCX

Shiba Inu continues to make headlines, and more investors are likely to be interested in capitalizing on any possible support regions. Between October 10 and November 10, this year, the number of Shiba Inu owners climbed by 31.1 percent, from 706,808 to 926,684.

The emergence of SHIB was further aided by an upsurge in social media activity surrounding the currency. In this line, in October, the SHIB coin was the most discussed cryptocurrency on Twitter.

In other news, the CoinDCX crypto market, which is used by over 6 million users in India, revealed yesterday that Shiba Inu will be listed on Friday.

โ€œWe heard you ๐Ÿค—

We will be listing $SHIB by Friday on CoinDCX App ๐Ÿคฉ๐Ÿฅณ๐Ÿฅณ#SHIBArmy help us spread the news.โฐโฐ

๐Ÿ‘‡ ๐Ÿ‘‡ ๐Ÿ‘‡

โฐ๐Ÿ’ฌ ๐Ÿ” โ™ฅ๏ธโ€ โ€” CoinDCX November 11, 2021

This is significant since, in the previous week, DOGE and Shiba Inu ascended to become the most famous online assets on India’s cryptocurrency exchanges, with the biggest trading volume.

It’s also possible that SHIB may acquire more visibility if the token is approved for listing on popular retail investment platforms.

Supporters of SHIB are already advocating for its inclusion on the Robinhood exchange platform. A plea with the title “Kindly request of Robinhood to include Shiba Inu coin!” has gathered more than half a million signatories so far in order for SHIB to be added to Robinhood.

SHIB Whales Accumulate the Dip

Although the recent price drop in the Shiba Inu meme-coin may have alarmed certain trading groups, the huge cryptocurrency market participants, often known as whales, do not appear to be concerned.

The average purchase amount by whale addresses has remained constant at $1 million. A total of 20 billion tokens were acquired on average. Since October 28, whales have been steadily accumulating more SHIB coins with each downturn.

Ethereum was the next coin in the sequence with substantial purchasing power, with an average purchase amount of $176,000 (39 ETH).

SHIB for the Long Run โ€“ Kucoin CEO

Notwithstanding its latest price fall, Johnny Lyu, the CEO of renowned cryptocurrency trading site KuCoin, has stated that the meme-based cryptocurrency Shiba Inu (SHIB) is worth retaining over the long run.

Lyu said that the trading volume of SHIB had eclipsed that of BTC on the trading platform for at least three days in a row. Last month, the cryptocurrency temporarily overtook Ethereum, the second-largest crypto asset by market cap, in terms of trading activity across spot markets.

Furthermore, Lyu, largely aimed at retail investors, who have aided meme-based cryptos such as Shiba Inu and competitor Dogecoin this year so far. According to CryptoGlobe, SHIB has become the 3rd most Googled cryptocurrency in 2021, with an average monthly search volume of 2.8 million. In contrast, Bitcoin receives 22 million monthly searches on average, while Ethereum receives 6.3 million.

SHIB Price Prediction

After a massive rally to the upside, last month has been struggling to push higher in recent weeks. Today marks 15 days since SHIB crypto set its ATH.

That being said, the trend of the market remains unaltered as the price is trading well above the Support level. But, considering the compelling momentum of the sellers on the way down, the price could dip up to the Support region before heading back north.

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Now you can get SHIB crypto and most of your other favorite cryptos from our list of popular and reliable cryptocurrency exchanges.

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