The Shiba Inu coin has a dramatic role in the world of Cryptocurrency. Post hectic October, Shiba faced the same mournful music in November. In fact, the story was no different than October and the coin has been facing tough situations. Shiba’s price is dropping down and it’s because of the volatile nature of the digital market.
The meme coin, Shiba, moved up by 120% on 4 October after a tweet by Tesla CEO Elon Musk. Which gave a rebirth to the coin and people got interested in the coin. However, Musk claimed later, that he didn’t own any cryptocurrency and it dropped by 7%.
Besides, in October end and November start the coin lowered its trend according to trading data from coin Market cap.
Trading volumes for SHIB also increased, by 136% over 24 hours which accounted for more than $23bn of business.
Currently, the coin is trading with $0.00005361 in the market. The high recorded price in the last 24 hours is $0.00005430. Additionally, the low recorded price is $0.00005244 with a market capitalization of almost $29bn.
Furthermore, the coin has moved up by 0.3% in the last hour and 1.2% in the last 24 hours. Unlikely, it has lowered by -6.2% in the last seven days and –20.01% in the last 14 days. Recently hours show that coin has got momentum once again and will rise once more.
Based on the analysis, it has been told that Shiba will rise again and the coin will get great momentum. Thus, it’s not obvious and no one can pass stern statements because of its volatile nature and the market is so volatile. It moves up and drops down within seconds.
For cryptocurrency investors looking at meme tokens, Shiba Inu (CRYPTO:SHIB remains the hottest token in town. It’s once again on the run, having jumped 10% in earlier trading today before settling down. That is why the Shiba Inu coin has a dramatic role in the world of Cryptocurrency.
This momentum is infectious, and cryptocurrency investors and traders have reason to like the recent price action. This is a token that remains down more than 40% over the past two weeks.
Today’s move follows the broader cryptocurrency market, suggesting this token may be stabilizing at these levels. Additionally, speculation last week that Tesla (NASDAQ:TSLA
CEO Elon Musk might accept Shiba Inu as payment for his electric vehicles has neither been confirmed nor denied. And while Musk has repeatedly favored Dogecoin (CRYPTO:DOGE over its “little brother” Shiba Inu, there’s hope among investors that he will once again turn his tweeting attention toward SHIB.
For investors in Shiba Inu, any sort of positive catalyst is welcome at this point. A series of potential catalysts continue to be discussed on social media, where the token remains one of the hottest tickers on various popular discussion boards.
One catalyst that many retail investors are banking on right now is a potential Shiba Inu listing on Robinhood Markets (NASDAQ:HOOD
A large-scale petition has gathered steam, with approximately a half-million signatures gathered at the time of this writing. With Robinhood being a popular trading platform for cryptocurrency enthusiasts, such a move could provide momentum to the meme token.
Additionally, cryptocurrency investors will be keeping a close eye on what thought leaders such as Elon Musk say and do in the weeks to come. Should Shiba Inu gain more notoriety among cryptocurrency influencers, the possibility for capital flows into this token could result in another momentum-driven rally.
What Next?
Right now, Shiba Inu remains one of the hottest and most-volatile cryptocurrencies. For those who witnessed the over 10,000,000% gains this cryptocurrency saw this year alone, volatility has certainly been a good thing on the upside.
However, this volatility can work in both directions. And investors need to remember that volatility is a measure of risk in the investing world.
For now, this is an investment best reserved for those on the higher end of the risk-tolerance spectrum.
When our award-winning analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.
In short, Shiba Inu coin is the apple of eye of every investor and probably at the lurk to get some benefits out of it.
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