As more of us get on board the crypto train, SHIB coin is the new crypto player entering the market
The “Shiba Inu coin” also known as SHIB coin or $SHIB is rising in popularity. Much like Dogecoin – it started out as a meme, but now crypto investors are seeing some potential.
Cryptocurrencies have become ‘the new norm’ in 2021, with businesses, brands and celebrities investing in digital currency.
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What is Shiba Coin?
Shiba was founded by the mysterious Ryoshi, in 2020. Although Ryoshi’s identity remains unknown, they agreed to speak to Ticker reporters over a telegram chat.
Ryoshi says that Shiba is “an experiment in decentralised community” to “see if a garden can thrive without tending.”
Unlike most crypto projects which are self-funded or rely on fundraising, the founders of Shiba didn’t put any funding into the project.
“They have taken ownership of the movement themselves. “Their numbers are unstoppable and they are working as a force to change their lives.”Ryoshi, founder of Shiba inu coin
Where can you buy Shiba Coin?
Shibu Inu coin can be bought as tokens directly from their website, or through popular third parties like the Uni-swap platform.
The SHIB Token is an ERC-20, compatible with the Ethereum network. According to Shiba’s founders, they are currently ranked as the 15th currency with a market cap of about $35 billion.
It’s also been listed on many large crypto exchange platforms according to CoinMarketCap.
This includes Binance, the largest crypto exchange.
How does Shiba Coin work?
SHIB seems to draw inspiration from Dogecoin, and it has been able to ride the success of Musk’s favoured crypto.
Crypto companies on the verge of collapse
The collapse of crypto empire FTX has sent shockwaves right around the world, with many questioning the future of digital coins
Now, one Australian company is feeling the pinch.
Brisbane-based ‘Digital Surge’ says it will halt all withdrawals, citing the “greatly upsetting” news FTX is in administration.
Digital Surge allows investors to trade cryptocurrencies in a number of different ways, including through self-managed super funds.
CEO Dan Rutter says his company “operates as a broker and is committed to facilitating the best trade for users at any time”.
This means a portion of assets are actually held by trading partners.
FTX was one of these trading partners and as a result, Rutter says the company isn’t currently able to operate “business as usual”.
Withdrawals have already been blocked for over a week. The CEO says the company is still solvent and this is all related to short-term liquidity challenges.
Adding, “until a permanent solution has been implemented, it is a legal requirement for Digital Surge to suspend all deposits and withdrawals”.
But the company remains tight-lipped about how many customers are affected and what exposure it had to FTX.
BlockFI the latest crypto collapse
The contagion from the FTX crypto collapse has claimed another major scalp.
Cryptocurrency lender BlockFi has filed for Chapter 11 bankruptcy.
BlockFi claimed more than 100,000 creditors with liabilities up to $10 billion.
BlockFi was founded in 2017 and is now hoping bankruptcy protection will allow it to stabilize the company and restructure.
In a statement, the company says:
“With the collapse of FTX, the BlockFi management team and board of directors immediately took action to protect clients and the Company,”
“From inception, BlockFi has worked to positively shape the cryptocurrency industry and advance the sector.”
Days after FTX declared bankruptcy, BlockFi said it had significant exposure to FTX and its other corporate entities.
BlockFi is now the fourth crypto-focused company to seek bankruptcy protection this year, following FTX, Voyager Digital, and Celsius Network.
China protests hit global markets, crypto
The protests in China are having a negative impact on cryptocurrencies and markets around the world.
Bitcoin failed to break its descent and fell more than 3 percent.
The global crypto market cap fell over 2%, sending major cryptos into the red.
Over the last 24 hours, overall crypto market volume grew by 22%.
It comes amid a round of investor nervousness in global markets spurred by protests in China against Covid restrictions.
Protesters outraged by harsh COVID-19 regulations called for China’s strong leader to quit.
China is the world’s second-largest economy and has a significant impact on global financial markets.
Stocks and cryptos aren’t considered safe havens, leading to bearing price action.
Analysts are hoping for a sharp bullish reversal if and when the protests end.
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