What Binance Just Did With Shiba Inu And Why SHIB Will Hit $0.01 - The Comprehensive Minds

What Binance Just Did With Shiba Inu And Why SHIB Will Hit $0.01

Binance Just Did With Shiba Inu

Disclaimer: This article is not financial advice, and any investments that you make in cryptocurrencies must be at your own risk because the market is highly volatile. Anything can happen with the cryptocurrency market. Cryptocurrencies don't have any intrinsic value, and the current prices of any cryptocurrency are based on what people are willing to pay for them. So any cryptocurrency investment is more like gambling than the traditional stock market investment that we all are familiar with

Too many stock investors look at cryptocurrencies like a foolish gamble, digital currencies have neither intrinsic value nor net earnings to traditional investors that makes them. But, Cryptocurrency has become a global phenomenon in recent years. although much is still to be learned about this evolving technology. 

Many concerns and problems are surging around the technology in its capacity. to obstruct traditional finance systems. With this, comes many opportunities to make money in the crypto space. Regarding meme coins, Shiba Inu is one of the most popular coins and most likely to grow the most. 

In fact, with the recent release of the Shiba swap, some may say that the meme coin stigma attached to the Shiba Inu coin is no longer valid. As the community in coin continues to grow the real question is, what did binance just do with Shiba Inu, and how shib can hit 1 cent. 

This question will be answered today and we will also analyze the outcome of Vitalik Buterin. and the burning of his Shiba Inu coins.  

People love meme coins, which is why we have a bunch more of them today. Let's confront it, we all love memes, but we also think that certain memes are taken a little too far, and that is precisely the case with Shiba Inu tokens. 

We could blame Elon Musk for something like this to happen because it was his tweets that pushed Dogecoin, and now we have Shiba Inu tokens today... For those of you who don't know, Shiba Inu tokens exist on the Ethereum blockchain, and the project is completely an experiment in the decentralized finance world. 

We all know that the Shiba Inu coin is named after the iconic dog breed of the Doge meme. and has dubbed itself as the "Dogecoin killer." Over the past month, Shiba Inu has soared, before dipping again in its bid to rival Tesla CEO Elon Musk's preferred Dogecoin, but can Shiba Inu make investors millionaires?. Do let us know in the comment section below. 

We did not know much about Shiba Inu tokens until the Ethereum founder Vitalik Buterin was given. 50 percent of the total supply of the Shiba Inu tokens, and he donated a percentage of His Shiba Inu holdings towards the Covid Relief Fund in India. and a majority of his holdings were burned by him as well. This will reduce the circulating supply of the tokens, which will create a digital scarcity, and it will increase the prices, at least in theory. 

Right now, there is no real-world utility for Shiba INU tokens, and the value of the coin is completely driven by the hype surrounding it. Once the hype settles down, you might lose all your investments with Shiba Inu coins, and that is a fact. Leading investment platform, eToro has been adding cryptocurrency assets on popular demand from users. 

The Dogecoin killer recently amassed 600,000 holders despite range-bound price action. With the eToro listing, demand for Shiba Inu is set to increase further. The crypto is represented on the eToro platform as Shiba (in millions), equivalent to ‘a lot’ of one million Shiba Inu units. ‘A lot' refers to a unit of a financial instrument traded on an exchange platform, and its size could vary depending on the exchange. 

But, Shiba Army is not stopping here, many petitions are going on change.org to list Shiba Inu to other crypto exchanges. Binance, one of the most popular Cryptocurrency trading apps, has allegedly brought the 'dip' by purchasing 75 trillion coins of Shiba Inu. in the largest ever pump the meme-currency has witnessed in 2021. 

If we calculate the total value of this Shiba Tokens purchase, Binance picked up these 75 trillion Shiba Inu coins as per the current price. to its wallet by paying a tremendous 500 million dollars. It is reported that Binance's wallet was at 5 trillion token holds. and suddenly jumped to the balance of 80 trillion tokens in just a day after the purchase. 

This big purchase has added energy to the Shiba Inu community, giving hope to investors that the coin is headed towards better financial days. and would reward handsomely in the long run. What do you think about this recent purchase?. Are whales like Binance taking advantage of the ongoing dip?. 

This large purchase by Binance was spotted by a 'whale watcher' and posted on Shiba Inu's Reddit group "r/SHIBArmy". The user also shared the wallet number of the holder that belongs to Binance. But the question is why Binance did this?. What could be the reason behind this?. Are whales planning something big?. 

However, Binance has not given an official statement if they have certainly purchased these 75 trillion Shiba Inu tokens or transferred them to their wallet in the form of exchanges. Shiba Swap, which was recently launched by Shiba Inu making it easy for Shib investors to buy tokens directly than to depend on third-party apps such as Uniswap and Pancake Swap among others that charge a minimal fee and deductions sometimes 10% or more, burning a hole in investor's pockets. 

Even after this big purchase, Why the price is not rising?. Many users responded to Shiba Inu's tweet as Binance has not confirmed it yet. Not only this, but the price is also stable, if this purchase report was correct, the price would have shown some surge. 

We believe that this is something Binance using transferred Another user on Reddit also claimed that, the wallet address belonging to Binance might not be Binance's purchase. But, Binance might have transferred thousands of investors' Shiba tokens to their wallets in the form of exchanges. 

The user said "Binance didn't purchase all those tokens. If you open up a Binance account and then you decide to transfer your Shib tokens. to Binance from your private wallet, those tokens show up in Binance's wallet. Binance didn't buy them from you, and you are still the owner of those tokens," Despite this, Shiba Inu's price is 24 hours red with a 1% drop. 

Also, another downside to the Shib coin is that it doesn't innovate at all. It's not even running on its network. It's an Ethereum-based token. As a result, the Shib coin must meme its way to the top or wherever it ends up. 

According to Gov Capital, the future price of Shiba Inu is predicted at $1.6 after a year. After five years, it might reach the $5 mark. But, We believe this prediction is very unlikely without any huge coin burn, But it is possible to cut a few zeroes out of the price of Shib. 

And a final note, this article was meant to be infotainment content and should only be viewed as such. 

Also Read: A researcher invents a toilet that turns human feces into cryptocurrency

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