Kraken pets the ShibaShiba went on a 24-hour bull run after getting validation from a brand new exchange listing.
- The token soared 28% in 24 hours to a two-week high, though prices still ended the month down nearly 30% after October’s rally to the top.
- The jump is thanks to a listing from The Kraken exchange, one of the biggest crypto platforms in the world. They’ve got history - Kraken previously backed down from a Twitter poll promise to list the token, sparking criticism from Shiba fans.
- Retail interest is dwindling along with the token’s price though. Google trends show declining enquiries, and analysts think it could suggest a bear market is on the cards.
Shiba hits a millionEveryone’s new favorite puppy dog has been a very good boy this week, and he's only getting gooder.
- Shiba Inu hit a million holders this week, a major milestone.
- It also got listed on Korbit, a major South Korean crypto exchange.
- It’s been volatile recently, but its Head of Projects has teased the possible launch of Shibu Games, which could send the token shooting skywards.
Daniel Bernard / Unsplash
Shiba gets left in the doghouseThe downwards trend continues, and Shiba is being abandoned by the retail traders that so lovingly adopted it during the pandemic. Remember, a dog is for life, not just for lockdown.
- The meme token is down 41% for November after seeing gains of 830% last month, and the stats show waning interest.
- It accounted for just 6.27% of Coinbase trading volume last week, down from 25% in the first week of November and sinking to third place behind Ethereum and Bitcoin.
- The bad news keeps on coming. Hot new token Avalanche kicked Shiba out of the Top 10 cryptos list last week.
Illustration by TradingView
Are dog coins left out in the cold?The market is sending dog coins back to the kennels this month, and analysts predict more losses on the way.
- Shib is down 32% this month after outrageous gains of 830% in October.
- Analysts predict a “reversion worthy of its parabolic rise,” a rally that Bloomberg’s Mike McGlone thinks was pure speculative froth on the market.
- Doge (DOGEUSD) is down 20% this month – with more credible coins now on the market, are dog coins turning back into the joke they started as?
Shiba gets the Coinbase nodThe up-and-coming dog coin gets an invitation to join the alpha pack.
🗽 Coinbase (COIN) adds joke coin Shiba Inu to its platform, though only for residents of New York (for now).
🎢 Shiba has slowed its roll recently, but prices pumped 26% when the news hit on Friday as the #ShibaArmy rejoiced in another major exchange listing.
🗣️ Fans have been calling for a listing on Robinhood (HOOD) since Shiba started its meteoric rise in October, so Coinbase (COIN) is a step in the right direction.
Shiba Inu muscles inAfter a spectacular rally this week, dog-themed joke coin Shiba Inu makes it into the top 10 cryptos list.
After a 65% jump on Wednesday, Shiba Inu popped to a new intraday high on Thursday and muscled into the top 10 cryptocurrencies by market cap before sinking down 13% for the day. Though it's been around since 2020, the coin has got people’s attention this month with its 900% gains – its market cap hit a new high of $42 billion on Thursday to be number 8 on the list. Analysts are weighing in on the fad, with Rick Meckler, partner at Cherry Lane Investments in New Vernon, saying:
It seems driven by fad buyers hoping to get in now and flip later to what will need to be a new series of buyers at even higher prices. This makes it closer to a collectible market than a currency market, and as such determining value with traditional analysis seems impossible.
Chris Kline, co-founder of Bitcoin IRA, added:
Shiba has posted incredible gains on speculation that it will rival or replace the concept of dogecoin and its utility.
Mati Greenspan, founder of crypto analysis and advisory firm Quantum Economics, gave his two cents:
People are always looking for 'the next Bitcoin'. Get rich quick is a very powerful motivator.
A Dog fightThe two joke Dog coins are finally meeting, with Shiba Inu spiking into the big leagues and teetering on the brink of Top 10 status after an unprecedented leap of over 65% in Wednesday trading, bucking the downward trend that the rest of the crypto market endured.
The joke token, which similarly to Dogecoin found its origins in a cute Japanese dog, is now up over 977% for October, boosting the coin right under the nose of Dogecoin – with a market value of $30.9 billion, it is the 11th largest crypto, just under Doge’s $31.4 billion. A Dog fight may be on the way – and Dogecoin isn’t taking it lying down, having soared 25% in Thursday morning trading.
Massive bounce sends Shiba Inu barking into #11Shiba Inu continues its rally to the top with gains of over 30% last week, taking over as the 11th largest crypto by market cap.
Shiba Inu is up an unbelievable 434% for this month so far, seeing unprecedented gains largely on the back of Elon Musk and adorable puppy tweets and rumors that popular online brokerage Robinhood will soon list the meme token. The rally boosted Shiba Inu into place as the 11th largest crypto by market cap over the weekend, which saw prices pop 60% before settling down. Prices fell from their all time high on Sunday after Elon Musk tweeted that he actually doesn't own any Shiba Inu himself, despite his puppy representing the coin – adding that Dogecoin is the only dog-themed crypto he invests in. Jonathan Cheesman, head of over-the-counter and institutional sales at crypto-derivatives exchange FTX, weighed in on the rally:
Memes have value and have been an investable thesis in 2021. Lower dollar-price tokens are attractive to retail investors.
Prices continued their gains into the new week, up over 6% in Monday morning trading.
Shiba Inu takes the market by stormThe Shiba Inu coin has seen unprecedented gains in the last week, largely fuelled by Elon Musk and his tweets about his new puppy – which is, yep you guessed it, an adorable Shiba Inu. The joke currency, which is described by its website as “a decentralized meme token that evolved into a vibrant ecosystem”, is up over 200% this month alone, and has just taken up the spot of 12th biggest crypto currency with a market value of over $10 billion.
The token has been branded as “The Dogecoin (DOGE) Killer”, which is the other joke currency that took off earlier this year. However, Doge has lost over 65% of its value since its early-May highs. Has Musk abandoned his virtual dog for his real one?
Get ready for a dogfightLooks like there may be a dog fight coming on – not long after Coinbase lists Dogecoin, Shiba Inu is also getting a listing, and the win sends prices up 27%.
Coinbase, which is the biggest crypto exchange in the world, is giving Shiba Inu a well deserved boost with a listing on its platform. While cryoptos benefit from decentralized control, there are still gatekeepers that have an impact on a currencies broader acceptance, and getting one like Coinbase to back you is great for boosting sentiment and spreading awareness for a digital token. In fact, Coinbase listings are so known for the impact on a token’s price, that the term “The Coinbase Effect” was, well... coined. Shiba Inu was created less than a year ago in 2020 by an anonymous person people refer to as Ryoshi, and was formed largely to act as an alternative to joke currency Dogecoin. In that time, the coin has managed to reach a market cap of around $3 billion, and its website boasts an expanding community of over half a million as its memes reach all corners of the world (who doesn't love pics of an adorable fluffy dog?).
The news comes not long after the other big dog-themed coin on the market, Dogecoin, went flying nearly 30% in two days on its debut. Shiba Inu and its die-hards like to champion it as the “Dogekiller”, and it’s slowly but surely making a run for Doge’s top dog title. Whilst the coin is nearly worthless, its trading has seen surges recently following Binance and OKEx listings, and Shiba fans have gone so far as to start a petition to convince brokerage Robinhood to list the coin. It’s already got over 150,000 signatures.
However, Coinbase has recently been trying to expand its listed coins with the aim of listing all that meet trading requirements instead of those that it sees as having a stamp of approval.
We want to be the Amazon of crypto where people can find and buy the assets they want and as part of this, our aim is to list every legally permissible asset possible,
said a spokeswoman.
That’s good news on the whole, but does mean investors will need to do a bit more homework.