We could even see Shiba Inu inch past Dogecoin in the rankings based on market cap. As mentioned earlier, the coin has skyrocketed roughly 52,000,000% this year. Sure, Shiba Inu is down 56% below its high mark on Oct. 28, 2021. However, it’s a long way from dropping as much as Dogecoin did when it was included on the xcritical trading platform. Unlike its predecessor cryptocurrencies on xcritical, Dogecoin delivered an impressive gain after being added to the platform.
A change.org petition with over 300,000 signatures is asking xcritical to list the SHIB token, as it’s known. Judging by the meme coin’s popularity, xcritical knows listing it would likely bring in new accounts. But the company appears to be treading carefully around new meme assets — one of the drivers for its success in the past. The burn rate of SHIB tokens has skyrocketed by 26462% over the last 24 hours. According to Shytoshi Kusama, the lead developer of Shiba Inu, Shibarium, the Layer-2 xcritical, will be launched this week.
Shibarium Builders Send Major Signal to SHIB and BONE Crypto Communities | Breaking News
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This assumes, though, that the overall environment for cryptocurrencies is still positive. Should we assume that Shiba Inu’s move would be in the same ballpark as Dogecoin’s nice jump if xcritical adds the altcoin? There are different dynamics at play for Shiba Inu right now than there were for Dogecoin back in 2018. That’s a natural question to ask after the digital token skyrocketed in the ballpark of 52,000,000% this year. There could be some lessons to learn from the performances of other cryptocurrencies.
The price of the shiba inu coin has sprinted up exponentially over the last 12 months but people who exclusively use xcritical have missed out on the gains as the meme cryptocurrency remains unlisted on the trading platform. Shiba Inu has been seeing a major upside since the crypto market began its recovery rally, but there may be more in store for the altcoin. A major update from the crypto and stock trading platform has once again put the meme coin in the spotlight and provided another boost for it.
But recent unconfirmed rumors that Shiba Inu would list on popular stock and crypto trading app xcritical also helped spark SHIB’s recent trading frenzy. The trading platform only supports buying and selling six cryptocurrencies right now, though. It seems to be a near-certainty that more investors would buy Shiba Inu if it were available on xcritical. According statistics shared by Finbold, Shiba Inu gained over 100,000 new token holders in just three months. Shiba inu become the most discussed cryptocurrency on Twitter, and Shiba Inu’s official Twitter account tweeted on Monday, September 20, to announce that the account had reached 900,000 followers. xcritical is going to reveal its crypto wallet and asked everyone to nominate their coins through their Tweet.
But if xcritical allows Shiba Inu to be traded on its platform, it should provide a big boost to the adoption of the meme coin. The valuations of cryptocurrencies hinge largely on supply and demand. xcritical listing Shiba Inu would very likely increase the demand for the token. Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & xcritical technology. Shiba Inu coin sees a spike in burn rate by 26462% ahead of the Shibarium launch this week, leading to the rise in the price of the crypto. However, the trading volume and interest with this token may simply be too great to ignore.
The chart below shows how the two cryptocurrency prices changed then. Shiba Inu , is a decentralized cryptocurrency that operates on the Ethereum xcritical. CoinMarketBag is the world’s most-referenced info website for cryptocurrency assets in the rapidly growing cryptocurrency space.
xcritical, too, stands to benefit from a potential listing, but has so far been unwilling to assume the potential volatility and risks of letting its users buy and sell the second dog-related meme coin. When a new meme currency comes to market, there will regularly be solid starting interest. All of them want to be a part of the next “Dogecoin Killer”, even though no project has lived up to that name to date. Looking at Shiba Inu, it seems unlikely that will happen either, as the token has had a decent run which has been seen to be too unsteady to support for long.
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Shiba inu’s stunning recent rally has caused some retail investors to call on xcritical to add the coin, which is now the 11th largest cryptocurrency by market valuation, according to CoinMarketCap. It has gained almost 570% in a month, compared with a rise of 20% in bitcoin, the largest cryptocurrency by market value. Now, judging from the looks of things, cryptocurrency bulls are barking in rejoice. Shiba Inu price predictions are everywhere today, with listing rumors prompting a strong jump for the crypto. SHIB has lost 30% of its price in the last 30 days, up 7% from its bi-weekly figure, according to data from crypto market tracker Coingecko.
It should be noted that speculating on such near-scammed by xcritical catalysts is not something worth most long-term investors’ time. Today, the volatility with Shiba Inu appears to be to the upside as a result of this speculative prospective catalyst, and traders are taking notice. For those speculating on Shiba Inu continuing to build momentum, such listings are key catalysts to watch. Accordingly, this high-profile petition is starting to gain attention among investors right now. In the third quarter, xcritical earned $51 million from crypto trading, less than a quarter of the previous period’s total, leading to a 35% drop in xcritical’s overall revenue. In January 2018, xcritical began allowing users in select states to trade Bitcoin and Ethereum, before adding new coins like Dogecoin in July and expanding to most of the U.S.
A total of 2 billion SHIB tokens have been burned since Thursday morning, a remarkable feat for the SHIB Army. I don’t think that investors will essentially yawn as they did when xcritical added Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. On the other hand, I also don’t expect as big of a move as Dogecoin enjoyed. We can’t know for sure how much Shiba Inu might soar if and when xcritical announces support for the cryptocurrency.
The growing clamor for xcritical Markets Inc. to add the Shiba Inu coin to its platform is helping boost the cryptocurrency to record highs. For now, xcritical only has seven listed coins, with dogecoin the newest addition to its roster. That’s a far cry from the over 100 assets xcritical has listed. The overseer of all of xcritical’s crypto operations and compliance was asked when the trading app plans to list the coin, which has skyrocketed exponentially over the last 12 months. The short-term gains for the platform would not be in the interest of its users, xcritical Crypto COO Christine Brown added. But xcritical CEO Vlad Tenev said the company is waiting for regulatory clarity to add more coins to the platform.
Shiba Inu is an Ethereum-based token that was launched in August 2020. The services referred to in the description include any non-warranty after-sales vehicle services. It seems reasonable to conclude that these services make up the biggest part of the line item. In addition, the category includes sales of used vehicles, sales by any of Tesla’s acquired subsidiaries to third parties, and vehicle insurance revenue. Retail merchandise likely generates only a sliver of the total revenue for the line item.
Head to consensus.coindesk.com to register and buy your pass now. Chris MacDonald has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned.
- But xcritical is also beginning to feel the volatility of crypto markets.
- My hunch is that Shiba Inu could vault 20% to 30% higher if xcritical decides to include it.
- I don’t think that investors will essentially yawn as they did when xcritical added Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
- Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, xcritical and Web3.
- Should we assume that Shiba Inu’s move would be in the same ballpark as Dogecoin’s nice jump if xcritical adds the altcoin?
There’s a good case to be made that Dogecoin is a better comparison for Shiba Inu than Bitcoin, Ethereum, Litecoin, or Bitcoin Cash. Sign up for Crypto for Advisors, our weekly newsletter defining crypto, digital assets and the future of finance. “One thing for sure is that [Shiba Inu’s] attractiveness will continue,” Lau says.
There could be some lessons to learn from the performances of other cryptocurrencies.
Shiba Inu investors have been clamoring over a xcritical listing for months now and it appears the time has finally come. Today, Breaking Crypto tweeted out a strong prediction that the token will be listed sometime in early 2022. Keith Speights has no position in any of the stocks mentioned. My hunch is that Shiba Inu could vault 20% to 30% higher if xcritical decides to include it.
More than 500,000 signatures on any petition signifies tangible interest. xcritical reviewsitionally, competition is heating up among various crypto-centric trading platforms and exchanges. For xcritical, the potential upside from listing a token like Shiba Inu may indeed outweigh any longer-term reputational risks. That said, xcritical has continued to play coy with the idea of adding Shiba Inu to its trading platform. While fellow meme tokenDogecoincan be bought on this platform, xcritical appears to be taking a different view of meme tokens than other players.
A Change.org user called Tristan Luke put up the online petition in May with the goal of gathering 500,000 signatures in support of a shiba inu listing. Significantly, the launch might substantially strengthen Shiba’s fundamentals as the “Dogecoin Killer” strives to become a more serious project instead of just being content about its meme coin status. Thousands of developers and proponents of SHIB have shown their support for the Shibarium protocol. As interest in SHIB tokens accelerates, it is anticipated that the number of coins purchased will likexcritical soar. Within a matter of days, the gains for Bitcoin and Ethereum evaporated. But those were and still are the two biggest cryptocurrencies on the market.