Will Shiba Inu coin drop persistently or maintain its position?

Will Shiba Inu coin drop persistently? Shiba Inu coin has dropped down by -1.4% in the last 24 hours. The coin is currently dropping down each minute and in fact, it has fallen down by -0.3% in the last hour too. Besides, Shiba has dropped by -17.2% in the last seven days. Thus, it’s obvious that Shiba is currently resisting its downfall. In addition to that, the coin has lost its worth by -30.8% in the last 30 days.

The Rise And Fall of Trending Tokens

Much of the appeal of these Musk-based tokens apply to a wider group of cryptocurrencies that jump on the flavor of the month. Coins like Lorde Edge appeal to the niches of the crypto community. Those such as Dune Token target a wider audience.

The most notorious of these is Squid Game Token. Based on the hit Netflix series, SQUID received coverage from mainstream media outlets, sending its price soaring. An alleged rug pull then saw the price crash by 99.9%. It has since started to recover, too.

Musk’s tweets and actions are themselves ‘trends’. It’s also the same reason why there are so many cryptocurrencies with ‘Inu’ in their name.. However, as dictated by the very definition of a ‘trend’, the hype eventually dies down as the internet moves onto the next topic, creating cycles of volatility for these tokens.

Where the name X AE A-12 exactly fits into this vision isn’t yet clear.

The most successful cryptocurrency of this type is Floki Inu. Named after Elon Musk’s Shiba Inu puppy, FLOKI has itself spawned a number of other cryptocurrencies using the Floki name (including SpaceX Floki, just for the extra Musk keyword). It now has a self-reported market cap of $2 billion.

Of course, Elon Musk, now the world’s richest person, will likely be unaffected by these coins. Ultimately, it’s the small-time, average retail investors who could get burned.

Cryptocurrency exchange CoinDCX recently announced it will let its users trade Shiba Inu Coin, adding to the number of exchanges now supporting SHIB.

On the surface, this appears to be just another listing, as the likes of Binance and Coinbase already support SHIB. The ShibArmy’s recent attention focused mainly on the Robinhood petition or potential Kraken listing. In comparison, the CoinDCX announcement has gone relatively under the radar. However, it’s much more important than you think.

CoinDCX and Its SHIB Listing

Depending on where you are in the world, you might not have heard of CoinDCX. This is because it is primarily an exchange focused on India. With over 3.5 million users, it is among the largest cryptocurrency exchanges in the country.

Of its major competitors, WazirX (7 million users) supports Shiba Inu, as does BitBns. Meanwhile, Coinswitch Kuber and Unocoin, two other large exchanges in India, do not support Shiba Inu.

With a reported 30 million cryptocurrency investors in India, there is a demand for these exchanges. And, as seen last month when WazirX crashed following record trading volume due to Shiba Inu, there is equally a high demand for SHIB, one the market currently cannot supply. With CoinDCX now listing SHIB on its platform, Indian investors will have another avenue to invest with.

With 16% of US adults having owned cryptocurrency, the US and Indian crypto markets are similar in size. However, the US-only Robinhood remains a key focus of the ShibArmy, even with its recently poor cryptocurrency earnings.

So, while CoinDCX is unlikely to push SHIB’s price up by a substantial amount (SHIB is down 0.7% in the last 24 hours), it does highlight the global spread of cryptocurrency, and the importance of regions outside the West – something that many often forget.

Recently, it’s trading with $0.00005203 in the Crypto market. The high noted price is $0.00005291 while the low recorded price is $0.00005114. Its been a long that the coin is trading between $0.000048 and $0.000058. Seems in much trouble, as compared to its position and worth in the past two to three months, the coin seems strong.

But, its recent position is not up to the mark and shows that it’s going to hit the lowest once again. However, it’s not clear yet, as the crypto market is volatile and no one can pass stern judgment on any coin. Verily, there lies a period of growth and recession.

Moreover, Shiba is trading with rank 11 in the market. Indeed, it has come a long way and has fixed its position in the market. Nowadays, it’s the center of consideration and afresh investors invest a lot in this meme-based coin.

Shiba is also known as a shit coin because of its precarious nature. It moves up and drops down within seconds and considering the most unpredictable meme coin. The prediction based on Shiba, that it’s going to hit the highest of all time once, doesn’t seem factual. Its current position shows that the coin is struggling a lot in the digital market.

In addition to that, the piece isn’t about giving suggestions but putting forth factual information of Shiba’s current position in the market. Investing is going to be one’s own personal wish. However, Shiba is the best platform for the afresh investors as they cannot invest on such a large scale in the beginning. This provides a solid start to every new investor.