Early in to this month, cryptocurrency Shiba Inu (SHIB) was way up there by 36% after listing on Kraken, America’s major crypto exchange. While up there, Shiba Inu was worth an impressive £0.000036. That was up from a figure of 0.000029 on Monday, November 29.
Following a month of falling value, SHIB required the boost, though it seems that everything was just short lived.
But again, the coin seems to be going anywhere, especially now that developers are setting their sights on matters to do with gaming. In the last 24 hours, Shiba Inu lost a significant value of what it had managed to accrue the previous week.
At the time of writing, SHIB is worth £0.000034, a figure that translates to almost half its record high of £0.000064 back in late October.
$1500 in BTC+500 Free Spins
- Fast transactions
- Welcome bonus
- Slots with variety
18+ New Players Only. Min. Wagering Requirement. Valid until Further Notice. Full T&C's Apply
Why is SHIB coin an interest to investors?
It was in this year that the meme coin exploded to the scene. Astonishingly, it went ahead to gain a massive 71,651,844% in a period of 365 days, surpassing its main rival Dogecoin, a move that saw it occupy a position in the top 10 cryptos.
Its popularity was increased due to the fact that, as opposed to it close doggy memecoin, Shiba Inu does work Ethereum, another blockchain platform.
Undoubtedly, this all of a sudden popularity is one of the reasons as to why investors are finding interest with SHIB coin.
Currently, SHIB coin boasts of more than a million investors, a huge step that has seen its proponents – referred to as ‘FriendShibs’ by the developers seem to be all scrambling to expand SHIB more than just its current memecoin status.
The main developers of the token have for the longest time been focused on the creation of the Shiba Inu universe.
Now, former Activision VP and video game creator, William David Volk joins them, with the purpose of developing a completely new NFT, much awaited, metaverse game.
The ‘Shiboshi’ as it’s known will be initially mobile, consisting of ‘decentralized’ elements, plus a chance for players to earn themselves Shiba tokens. Shytoshi Kusama, the project’s leader asserted that they are under a non-disclosure agreement in a move aimed at ensuring that they also can be able to “competitive advantage over all the other gaming, ‘metaverse’, and NFT system clones that will pop up,” she said.
Reasons for SHIB slump
Despite its enormous leap, SHIB has failed to win the approval of Elon Musk, who has instead stuck much of his unwavering support on Dogecoin. This big industry hype can significantly affect markets. That’s true, especially if it has the involvement or opinion of one of the richest people on earth. Matters to do with volatility is a primary part of such new coins, though Shiba Inu remains highly vulnerable to market changes.
“Being a small derivative of Doge/Meme, Shiba Inu is vulnerable to WHALES – large single investors who move markets based on their trading – taking profit,” says Patrick Reid, a currency expert.
“Similar price action was popular in small cap stocks and Wall Street Bets Forums.”
Reid continues: “Also, let’s remember the smaller coins are seen as the laughing stock for serious BTC investors and prone to incredible froth and mania.
“It takes very little to move it and no-one really knows which pebble caused the avalanche.”