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How SHIB coin went from $17 to a massive $6.5 million

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SHIB coin has become the latest trend and cryptocurrency to take on the digital currency sector

SHIB, commonly referred to as the ‘Dogecoin Killer’, rebounded from a sharp decline alongside the top cryptocurrencies after Tesla CEO Elon Musk revealed “promising” developments on Bitcoin mining, yesterday.

According to reports, a cryptocurrency investor bought almost 200 billion Shiba tokens in October of 2020 for just $17 and as the market went up, he made almost $6.5 million from those very tokens.

Shiba Inu coin has become a trend on social media too, with the so-called ‘Shib Army’ backing the crypto as more investors jump on board. Being the latest to hit markets, it is garnering huge attention and has emerged as favoured choice of investors, especially in wake of a rapid descent in popular cryptocurrencies like Bitcoin and Ethereum.

Popularity in Indian Markets

SHIB coin is also making waves in Indian markets.

The crypto has reached a market capitalisation of more than $13 billion while Dogecoin’s valuation stands at over $61 billion – so it is creeping ever so close.

Reports suggest that many Shib coin holders who invested in Shiba Inu tokens early, are now worth millions on paper.

Since May 2021, Shiba Inu tokens have shot up in value.

According to CoinGecko, the tokens have gone from $0.0000015 to their current value of $0.00003 — a 1,900% rise.

But what about the Ethereum guy?

Ethereum co-founder Vitalik Buterin’s announced he burning 90 percent of his Shiba Inu holdings and donating the rest.

SHIB drops 40%
SHIB coin is names after the Shiba Inu.

SHIB price primed for a breakout

SHIB price has been trading within a descending parallel channel on the 4-hour chart since the middle of May.

SHIB coin has continuously formed lower highs and lower lows, which can be connected with parallel trendlines to show a downward trend.

In most recent times, SHIBA’s price bounced off the channel’s lower trend line, heading north to tag the topside resistance. Despite almost two weeks of consolidation, Shiba Inu has overcome indecision, working in favor of the bulls after gaining over 55% in market value from its bottom.

Virtual Bitcoin cryptocurrency financial market graph

Joining the #ShibArmy

Twitter has become a popular social media channel for Shib investors to embrace the growing trend of their coin.

Known as the ‘Shib Army’, Shib lovers have now formed part of a community – coming together to discuss the latest trends and events surrounding their cryptocurrencies.

Anthony Lucas is reporter, presenter and social media producer with ticker News. Anthony holds a Bachelor of Professional Communication, with a major in Journalism from RMIT University as well as a Diploma of Arts and Entertainment journalism from Collarts. He’s previously worked for 9 News, ONE FM Radio and Southern Cross Austerio’s Hit Radio Network. 

Crypto

Russian Police investigate a crypto mining facility

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Russian Police are investigating a crypto mining facility, which is suspected of defrauding clients

It’s understood the miners handed devices to those who were running a mining hotel.

They are also accused of stealing their expensive coin minting hardware, and stopping payments to their customers.

The scam allegedly took place from November to May, where the suspects worked with people who wanted to install their coin minting hardware in a mining hotel.

They were offered electricity prices that were below market value.

Electricity consumed by some of the world’s largest cryptocurrencies has dropped by nearly half.

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Crypto

Gucci goes big in metaverse with new Vault Art Space

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Forward thinkers who love fashion, this exhibit is for you

Luxury brand Gucci has opened a Vault Art Space as it continues to explore the art world and the metaverse

Gucci inaugurated the gallery in a partnership with NFT marketplace SuperRare

The debut exhibit is titled “The Next 100 Years of Gucci”

Spring Cry by Alanna Vanacore

Keep your eye out for a special selection of NFT artworks, each a collectible fragment of Gucci’s heritage.

The artworks are showcased and auctioned off directly on Vault’s website in three drops between now and the end of July.

All sales will be in Ethereum.

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Crypto

Ethereum to finally undergo shift to new energy model

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Ethereum is about to undergo its long awaited makeover, which will see the company shift from its energy intensive model.

The crypto has been working to shift from its proof-of-work method to a proof-of-stake model, which requires far less power than mining.

Crypto currencies have been criticised for their mining processes to generate new coins. But this new method will be eco-friendly and lead to faster transactions.

The transition has been repeatedly pushed back because of major flaws.

But developers reportedly say the latest test run was very smooth.

The price of Ethereum has lost nearly half its value this year and is trading at just over $1,800 USD.

Investors will continue to keep an eye out on what will come out of this upgrade.

Meanwhile, Bitcoin investors can enjoy a sigh of relief as the cryptocurrency bounces back after months of turbulence.

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