Shiba Inu (SHIB), a Floki-themed meme coin that is one of the best performing assets of 2021, was delisted by detractors a few hours ago amid widespread selling pressure. Well, now the tables have turned, with the coin posting a gain of over 21 percent in the past 24 hours.
As we noted in the file MailThere are two factors largely responsible for this bearish pattern. First, Shiba Inu supporters were concerned about an upcoming liquidation wave as the whale investor moved more than 40 trillion SHIB coins into four different wallets. However, these concerns seemed exaggerated, given that the Shiba Inu project does not currently have enough liquidity to support a liquidation of this size. Thus, if a whale investor begins liquidating his giant stake in SHIB, the entire holding will become worthless very quickly, thus ruling out the rationale behind such a potential move. Furthermore, whale investors often divide their holdings among a number of portfolios for the purposes of reducing risk.
Second, the ongoing delay in listing Shiba Inu’s SHIB coin on the Kraken exchange has also been causing a great deal of consternation.
However, this bearish sentiment has proven to be fleeting as Shiba Inu has now recovered a large percentage of its recent losses.
This brings us to the crux of the matter. Coinbase included Shiba Inu was on its platform back in September 2021. However, the SHIB coin was not available to residents of New York State. This was a major point of astonishment, given that the country is a heavyweight when it comes to the number and weight of potential investors. This vulnerability has now been patched, according to a Coinbase tweet:
We ? New York
It’s official, SHIB is now available to trade, buy, sell and store on Coinbase for New Yorkers. pic.twitter.com/9yzjsBSMUf
– Coinbase (coinbase) November 5, 2021
The next major bullish impulse for Shiba Inu investors is now likely to come Robinhood Lists Token on its platform. This move, should it materialize, would add some much-needed heft to a coin that many still write off as a temporary pump-and-dump scheme. Keep in mind that Dogecoin (DOGE) has also posted significant gains upon receiving recognition from Robinhood.
Unlike the majority of other meme coins, Shiba Inu offers a comparatively more benefit in the form of a local peer-to-peer crypto exchange, called ShibaSwap. The exchange allows users to “dig” or provide liquidity, “bury” or collect coins, and “fetch” or exchange coins from Uniswap or SushiSwap. Furthermore, the project also introduces 10,000 unique NFTs called Shiboshis – Shiba Inu dog cartoons of varying characteristics and rarities. Whenever NFTs are renamed from their generic initial tokens, the $100 SHIB coins are burned. The entire SHIB community also continues to burn some SHIB supplies in circulation in order to create deflationary conditions.