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Move over Dogecoin, SHIB coin is here

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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.

YOU MIGHT ALSO LIKE | SHIB drops 40% – Gets major exchange listing with OKEx

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.

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. 

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2 Comments

2 Comments

  1. Ma

    May 13, 2021 at 9:07 am

    My investment over 10k down on shib hope it will go up

  2. Ryoshi

    May 12, 2021 at 8:57 pm

    Why anonimity? Is this another Bitconnect? Russian Razzleton?

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Business

New York closes in on Robinhood dodgy crypto arm

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Robinhood has been fined $30 million for alleged violations of anti-money-laundering, cybersecurity and consumer protection rules

New York state is closing in on the company’s crypto arm, with concerns the trading platform isn’t devoting enough resources to address compliance and cybersecurity risks.

It follows several regulatory probes into Robinhood in recent months.

In a statement, lawyers say the company has made “significant progress” in building legal, compliance and cybersecurity programs.

As part of the settlement deal, Robinhood Crypto will also be required to have an independent consultant to evaluate compliance practices moving forward.

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Crypto

At what times does the world invest in crypto?

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New figures are out on when the most activity on the Bitcoin Network happens

Coin Metrics has found European and U.S. business hours is a hotspot for crypto investment on the Bitcoin Network.

It’s understood U.S. investors use the services in the morning hours, while Europe waits for later in the day.

Analysts are reporting a drop in the share of activity happening during Asian hours.

It seems like the use of Bitcoin in Asian markets fell around a year ago, which coincides with China’s crack downs on crypto mining.

The figures looked at when changes to wallets took place, before they were segmented based on the opening hours of various global exchanges.

Coin Metrics looked specifically at the Hong Kong Stock Exchange, London Stock Exchange, and the New York Stock Exchange.

Analysts also looked at Ethereum data, which is less clear than Bitcoin. However, the company believes Ethereum trading also tends to occur during U.S. waking hours.

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Crypto

Is this the beginning of the end for bitcoin?

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Concerns investors will lose faith in the crypto following Tesla’s sell-off

Tesla’s bitcoin sell-off has analysts concerned, after the company dumped $936 million worth of crypto, or 75% of its total holdings.

Following the news – the crypto’s price dropped and gains seen just last week were brought back down to earth.

So now the world’s biggest EV manufacturer has dropped the majority of its Bitcoin stake, should we all be doing the same?

On an earnings call, Musk said his company dumped its holdings due to the uncertainty around China’s Covid lockdowns.

He noted it’s important for Tesla to maximise its cashposition during this difficult economic period.

“The reason we sold a bunch of our bitcoin holdings was that we were uncertain as to when the Covid lockdowns in China would alleviate. So it was important for us to maximise our cash position.”

ELON MUSK

But does this really stack up? Or is it just an excuse following a nice rally?

Up until Wednesday, the last week had been good for Bitcoin, gaining 12 per cent in just seven days.

While other cryptos including ethereum and solana surged even more dramatically.

Musk says his company is still open to increasing bitcoin holdings in future.

But some analysts predict other big investors will use Tesla’s bitcoin sale as a justification to offload their own digital coins and send the price even lower.

“We are certainly open to increasing our bitcoin holdings in future, so this should not be taken as some verdict on bitcoin. It’s just that we were concerned about overall liquidity for the company.”

elon musk

They say like or not Musk can move markets and this is something to be conscious of.

But while the Tesla sell-off caught many off guard, analysts also stress this isn’t game over for Bitcoin and ebbs and flows are all just part of the market.

“The Tesla sell-off can trigger a new wave of related dumping from corporate bitcoin holders, most of which might also be distressed by the ongoing global economic downturn.”

ANDREY DIYAKONOV FROM CHOISE.COM SPEAKING TO CNN

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