Shiba Inu coin (X.SHIB) has gained serious traction in the crypto community, currently the 13th largest crypto by market capitalisation. Shina Inu Coin rose to fame in May this year, after its rival, Dogecoin hit heights of $0.40. The crypto is also known for its strong social media following, lead on twitter as the #ShibArmy.
Shiba Inu Coin continued to maintain momentum in the latter half of 2021, hitting all time highs in October. However, in the past month the coin is down 38%, marking back to back monthly losses. So what is driving the coin lower over the past quarter?
This article will dive into the relevant Shiba Inu Coin news and analysis, covering everything investors need to know.
Shiba Inu Coin News Breakdown
Crypto Whale picks up 50 Billion Shiba Inu Coins amidst price fall
It seems the recent price action on Shiba Inu Coin has attracted large crypto holders, as Shiba Coin trades 38% lower this month. On Friday, Market Insider reported that an Ethereum Whale purchased just under $1.8 million worth of Shiba Inu Coin as Shiba slid by 8% for the week.
The question remains whether other large crypto investors will follow, as SHIB enters price territory not seen since October.
Flexa Network now accepts Shiba Inu Coin as payment
The Flexa Network is a fin tech company building the future of payments by solving the problems of friction and high payment costs for both merchants and consumers. On Friday, Flexa announced that its network will accept Shiba Inu coin as a form of payment.
Flexa stated the addition of Shiba will enable fast and fraud-proof payments anywhere Flexa is accepted including over 40,000 stores across the United States. The addition of Shiba on the Flexa network will enable users to pay with their Shiba Coin, which is a positive sign for Shiba Inu investors.
Increased adoption both on trading platforms and payment infrastructure allows for greater use of the cryptocurrency. This increases the demand for the coin and increases accessibility to investors and consumers. The big catalyst investors are waiting for is the possible Robinhood adoption of Shiba Inu Coin, which would greatly open up the coin to millions of investors worldwide.
What are the risks with Shiba Inu coin?
An energy efficient, secure cryptocurrency can provide advantages to businesses therefore driving an increase in demand. The key difference from today and six months ago, is the accessibility and overall adoption Shiba Inu is experiencing now is significantly higher than before.
However, Cryptocurrency provides investors with unique risks that are less common in equity markets. Shiba Inu Coin 63 Million percent over the past year. Yes you read that correctly. With such high returns, follows even greater risks when the market wants to cash out. Therefore, it is important for investors to understand what they are buying prior.
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The content above is strictly for informational purposes only and is not financial advice nor does it constitute a recommendation. Youth Investment Group has no liability for personal financial interests or investment decisions. You should make your own investment decisions based upon your own research and what you believe is best for you.