Why Shiba Inu Has Been More Resilient Than Some SHIB Haters Would Like to Admit (cryptocurrency)

Coindesk ^ | 10-14-21 | Muyao Shen

[aMorePerfectUnion]

While institutional investors have largely ignored SHIB, the meme-token is rising thanks to its grassroots community.

The world knows a thing or two about SHIBArmy, the community behind the self-proclaimed dogecoin killer shiba inu (SHIB). But does it know how powerful SHIBArmy can be?

SHIB, the token that’s clearly not taken seriously by most institutional investors, is still far from dead after another dumping event last week. Blockchain data reveals a tale of how small, individual investors can go against big institutions when they are united.

Since Monday, the SHIB community has been celebrating the survival of last Thursday’s bloody dump across social media platforms: “Shiba Inu rebounds 40% despite major selling by SHIB whales,” a Shiba Inu Telegram group posted on Tuesday under the title “Whales are NOT in control of Shiba.” The message has since been circulating in many Telegram groups.

“We are Shiba The Doge Killer,” the message ended. SHIB by the numbers

The whale dump mentioned in the message, according to blockchain data firm Santiment, took place on Thursday.

That’s when about 31.07 billion SHIB were shed from addresses that held 1 million to 10 million SHIB, wiping out 3.02% of all addresses with SHIB holding within the range. (For clarity’s sake, 1 million to 10 million SHIB is worth $27 to $272 at current prices.)

Santiment also captured a significant uptick in both active deposits and exchange inflow of SHIB at the time.

To be fair, with SHIB’s price still far below $1, the aforementioned message from Tuesday decrying the influence of SHIB whales isn’t fully supported. The top 10 SHIB addresses hold more than 78% of the total SHIB supply and barely moved any SHIB during the time period in question, according to Santiment data.

But nevertheless, the impact of such collective dumping among small SHIB traders is obvious: Last Thursday, the biggest dump so far, SHIB’s price dropped by more than $17% on the day, according to data from TradingView and Binance.

At press time, SHIB was changing hands at $0.00002727, up 34.4% from its latest dump.

[much more with graphs at linky]

[aMorePerfectUnion]

If YOU would like to be on a CRYPTO PING LIST, please pm me.

The Crypto Ping List covers the following:

Bitcoin
Ethereum
Other coins built on the Ethereum blockchain, Shiba, mining
etc.

Thanks! For it - or ag'in it, it'll be a wild ride.

[aMorePerfectUnion]

PING!

[aMorePerfectUnion]

[Vermont Lt]

I am a Shiba multi millionaire! Worth about $300!

[struggle]

Me too! Can’t wait until it hits $60,000 like bitcoin!

[aMorePerfectUnion]

Sweet!!

[precisionshootist]

Why be a dog killer? All dogs are good! Buy Shiba, Buy Dogecoin. Buy and hold, buy more, hold more.

[dinodino]

Only a retard would by that shitcoin.

[aMorePerfectUnion]

Then count me in!

[Betty Jane]

I wish I had known what bitcoin was long ago. It was $100 for a million.

[aMorePerfectUnion]

A few other things to consider about Shiba inu…

IIRC

India’s largest crypto exchange just added Shiba
One of Australia’s largest crypto exchanges added Shiba
Robin Hood brokerage is considering adding Shiba

Description from Coinbase: Shiba is Ethereum based.

Shiba is now the 12th biggest crypto, $11 billon

[Vermont Lt]

I’d be thrilled if it hit a cent.

[struggle]

I think Cardano’s the next big one. Could reach $10 if all the microinvestment hype lives up to the rumors.

[Malsua]

I’d be thrilled if it hit .001

If It his a cent, I’m buying a Lambo.

[Malsua]

I wish Cardano would do something. It’d been flat and or sideways down for some time now. A 5x gain means I can punch out and take some profit.

[The Unknown Republican]

I put $1k into it a few weeks ago. If the bears are right, I’m not out my life savings.

[struggle]

>I wish Cardano would do something. It’d been flat and or sideways down for some time now. A 5x gain means I can punch out and take some profit.

Yeah, it just got listed in Japan and it’s going to be used in microinvestments in third world countries and such. It looks like it would be an active crypto, but I think a lot of people are sitting back and waiting to see how the Biden bills will play out.

[bagadonutz]

Just bought a cool million SHIB. $28. Now I know what it is like to be a millionaire. This is definitely a shit coin but so was Doge. SHIB actually has better tokenomics.

[aMorePerfectUnion]

I agree.

The downside is very limited at that entry point and the upside is potentially huge.

I give that formula two thumbs up*

(always do what is right for your own situation)

[ConservativeDude]

i dropped a small amount into shiba....I’m up 100% lol