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Shiba Inu Coin: All You Need to Know About Shiba Coin

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Shiba Inu coin tagged “dogecoin Killer” is currently the 11th biggest cryptocurrency with a $28.64 billion market value. The meme coin was created in August 2020, named after a Japanese hunting dog.

In the past few weeks, meme coin wars have seen Shiba Inu and Dogecoin fight for more recognition in trading value as the two meme coins battled for the top 10 spots on the list of top digital assets by market capitalization.

The market value of the meme coin SHIB is apparently more than other crypto-assets with significant development in the blockchain network such as Chainlink, Terra, Polygon and Stellar.

Meme Coin live or die by the attention created by its community and Shiba Inu can be said to have strong support from its community. Perceived as one of its strategies, its creator(s) Ryoshi gave one of the most respected and well-known persons in the crypto space, Vitalik Buterin, Ethereum co-founder half of the supply of SHIB coin immediate it was created.

In May 2021, Buterin announced that he has forwarded 90 percent of the Shiba Inu, estimated at about $6 billion at the time to burn wallet to be destroyed forever. He later donated the remaining SHIB coin worth $1 billion to covid-19 relief efforts in India.

The donation was the largest single COVID-19 donation and enjoyed global media attention that further bolstered the attractiveness of the Shiba Inu coin. Pleased with the decision, cryptocurrency trading platforms started listing the meme coin.

On the 10th of May, 2021, SHIB was listed on the Kucoin exchange where it opened at $0.00001029 and immediately surged as high as $0.00003915 before closing the day’s trade at $0.00003481. The meme coin was also listed on the Binance exchange the same day where it opened at $0.00001412 surging to $0.00005000 and finally closing the day at $0.00003466.

However, in the same month, the price of Shiba Inu dropped significantly after Buterin’s action as the meme coin traded as low as $0.00000510 in September on the Binance exchange. Nevertheless, its huge community persisted and the bull run began again in October, pushing the coin to a new all-time high.

A few weeks ago, it was reported that traders could possibly be moving funds from SHIB to Dogecoin following the sudden drop in SHIB price to the simultaneous rise in Dogecoin Price on the same trading day.

Despite the decline and other uncertainties surrounding the coin, traders on the largest American stock and crypto trading app, Robinhood and the Shiba Inu community have set up a campaign to convince Robinhood to list SHIB. Currently, the petition has garnered more than half a million signatures.

The Chief Operating Officer of Robinhood, Christine Brown praised the Shiba Inu community on their commitment and also said that the trading platform prioritizes safety over the “short term gain” of listing new coins.

He said, “our strategy is different than a lot of the other players out there who are racing to list as many assets as possible right now. We think that the short-term gain to us is not worth the long-term trade-off for our users.”

Recent attention on meme coins has placed Shiba Inu on the top list of most traded coins by millennials. This, experts have attributed to the affordability of the coin and its growing attention in the crypto space.

On the Shiba Inu community, Antoni Trenchev, co-founder at a crypto lender, Nexo, has this to say “This is counter-culture, cult stuff, and its disciples revel in that. The more absurd it is, the better, it’s like an inside joke—only as it goes viral, the number of people in on the joke can go into the millions pushing the valuations out of this universe.”

Jonathan Cheesman, head of over-the-counter and institutional sales at crypto derivatives exchange FTX, said, “memes have value and have been an investible thesis in 2021,”

Joanna Ossinger further affirmed that milliennials in the meme community should not be taken lightly. “Don’t short things millennials think are funny,” she said.

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Bitcoin

Binance CEO Forecasts Bitcoin Surge Beyond $80,000 on Institutional Inflows

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Binance Chief Executive Officer Richard Teng has set his sights on Bitcoin surging beyond the $80,000 price level on the back of rising institutional investments into crypto-backed exchange-traded funds (ETFs).

Speaking at an event in Bangkok on Sunday, Teng highlighted the significant impact of the launch of Bitcoin ETFs in the United States earlier this year.

He noted that this development has attracted a considerable influx of institutional investors, propelling fresh funds into the cryptocurrency market.

Teng expressed confidence in Bitcoin’s upward trajectory, emphasizing that “we’re just getting started.”

Initially estimating Bitcoin to reach around $80,000 by the end of the year, Teng now believes that the cryptocurrency’s price will surpass this milestone.

He attributed this bullish outlook to a combination of decreasing supply and sustained demand within the market.

However, he cautioned that the rally wouldn’t be without its fluctuations, suggesting that the market’s ups and downs would ultimately benefit its overall health.

Bitcoin has already surged by an impressive 56% this year, reaching a record high of nearly $73,798 last week.

Despite concerns among some investors about a potential bubble, Teng remains optimistic about Bitcoin’s future trajectory.

Teng’s forecast comes in the wake of his appointment as CEO of Binance, succeeding co-founder Changpeng Zhao in November following the company’s $4.3 billion settlement with US authorities.

With relentless inflows into US spot Bitcoin ETFs since their approval in January, Teng expects further institutional adoption in the near term, with more endowments and family offices anticipated to increase their allocations into Bitcoin ETFs.

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Nigeria’s SEC Tightens Grip on Crypto: Raises Crypto Registration Fees

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Nigeria’s Securities and Exchange Commission (SEC) has announced a significant tightening of regulations governing cryptocurrency exchanges.

Under the proposed amendments, the registration fee for crypto exchanges is set to skyrocket from N30 million ($18,620) to N150 million ($93,000), a fivefold increase.

Also, application fees are set to rise from N100,000 ($62) to N300,000 ($186), while processing fees will surge from N300,000 ($186) to 1 million naira ($620).

These fee hikes signal the SEC’s intention to impose stricter oversight on digital asset exchanges and reflect a broader trend of regulatory scrutiny surrounding cryptocurrencies in Nigeria.

The SEC justified these changes by citing the need for clarity and incorporating feedback from industry stakeholders, particularly following engagements with the Central Bank of Nigeria (CBN).

The amendments also include a renaming of the rules and guidelines to “Rules on Digital Assets Issuance, Offering Platforms, Exchange, and Custody,” emphasizing the regulator’s comprehensive approach to regulating the digital asset ecosystem.

This latest development comes amid growing tensions between Nigerian authorities and prominent cryptocurrency platforms.

Just recently, Binance, one of the world’s largest crypto exchanges, found itself embroiled in a dispute with Nigerian authorities over allegations of currency manipulation, resulting in the detention of two Binance executives.

Against the backdrop of Nigeria’s decision to abandon its currency peg and allow the naira to trade freely, the SEC’s move underscores the government’s determination to assert control over the country’s financial landscape, even as it grapples with economic challenges such as inflation and currency devaluation.

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Bitcoin Retreats from Record Highs Amid Debate Over Market Speculation

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The cryptocurrency retreated from its recent record highs, igniting a debate over the speculative fervor gripping global markets.

In Asian trading on Friday, Bitcoin plummeted by as much as 5.6%, shedding its gains from the previous day when it reached a new pinnacle of nearly $73,798.

Despite recovering slightly to trade at $67,300, the retreat has triggered concerns about the sustainability of the crypto bull run.

The moderation in Bitcoin’s surge, alongside a similar trend in other top cryptocurrencies like Ether, BNB, and Solana, reflects a broader shift in investor sentiment.

With both Bitcoin’s ascent and the performance of the top 100 tokens hovering around 60% for the year, market participants are reevaluating their risk appetites amidst a backdrop of escalating inflationary pressures.

In a Bloomberg Television interview, Bank of America Corp.’s Chief Investment Strategist Michael Hartnett sounded alarms, likening the market’s euphoria to the characteristics of a bubble, particularly evident in the technology sector’s “Magnificent Seven” stocks and the soaring highs of cryptocurrencies.

The debate over market speculation is gaining traction on Wall Street, with questions looming about the vulnerability of various asset classes to a potential pullback.

Proponents of Bitcoin point to fundamental supports, such as significant net inflows into US exchange-traded funds and an impending reduction in token supply growth.

However, Bitcoin’s stumble coincided with a surge in US yields and the dollar following a report revealing a spike in producer prices, exacerbating concerns about the Federal Reserve’s ongoing efforts to rein in inflation.

Also, data from Coinglass indicates a rise in caution within the derivatives market, with a notable increase in liquidated bullish crypto wagers and a slump in funding rates for Bitcoin perpetual futures, favored by speculators.

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