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Another senior crypto investor has stated publicly that he will be holding Shiba Inu for the long term. Make sure to read all the way to the end of this article to find out who this top exchange CEO is.
Meanwhile, leaked emails show that a prominent exchange has been manipulating SHIB prices, and other exchanges are rushing to list SHIB as the token's utility grows. In today's article, you'll learn everything you need to know about this.
Who this top exchange CEO is
Johnny Lyu is the current CEO of KuCoin, the world's largest crypto exchange by trade volume. Now, it turns out that Lyu is a big supporter of SHIB and has stated that he has no plans to sell any of his SHIB holdings anytime soon, regardless of price drops.
In fact, he believes that SHIB will continue to rally for a long time. Lyu discussed why cryptocurrencies like Shiba Inu will continue to grow in popularity in an interview with MarketWatch.
Lyu explains that youngsters, who make up the exchange's powerhouse, appear to be particularly passionate about meme coins based on activity on his exchange, which is known as the People's Exchange.
The rationale behind this isn't implausible. Everyone wants a piece of the delectable Bitcoin pie. However, for most retail investors, who are KuCoin's target demographic, it is currently far too pricey and out of reach. For such investors, meme currencies like Shiba Inu offer a fantastic option.
Despite their low cost, these tokens nonetheless provide investors with significant returns when compared to Bitcoin and other major crypto assets.
In his words, Seeing Bitcoin’s rise, some younger investors without a lot of money want to profit from crypto as well. You’d need over $60,000 to buy one bitcoin. So, they turn to Dogecoin and SHIB, where you buy tons just $100.
The crypto market's trend appears to be shifting these days. Investors used to put their money into pricey crypto assets like Bitcoin and Ethereum in the past. However, there appears to be a shift in investors' crypto purchase patterns these days, with lower-priced tokens like Shiba Inu becoming more popular.
This is happening at a time when Bitcoin is becoming less and less volatile. As a result, the prospects of retail investors ever achieving significant returns on their investments have decreased. Meanwhile, Shiba Inu continues to work his magic.
For three days in a row on KuCoin, for example, the token had a trading volume that was three times that of Bitcoin! So you can imagine the SHIB Army's surprise when it was discovered that KuCoin was now destroying Shiba Inu.
There have been numerous demands for SHIB holders to boycott KuCoin in the Shiba Inu forum and on Twitter. Anyway, what happened? KuCoin, it turns out, sent out an email to its users inviting them to short Shiba Inu in exchange for a prize. When someone first shared the photo on Twitter, we were contacted, and believe me when I tell it is unattractive.
The email is as follows: SHIB Contract for Trade Win a 15,000 USDT prize. Dear KuCoin Supporter, Last week, the price of SHIB/USDT fell by 34.6 percent. With a 5x leverage, a $1000 short position is now worth $2730. Go to the SHIB contract today to benefit more from market fluctuations and split a $5000 reward pool.
It appears to be untrue, but it is absolutely correct. KuCoin users are encouraged to short Shiba Inu. Here's when it gets interesting. Torum, a new big investor in KuCoin, has lately entered the market. We don't know how much money they put in, but they are considered one of KuCoin's two primary investors.
It gets even more intriguing when you realize Torum and Shiba Inu are effectively competitors in the same market. According to their recent social media activity, they have been emphasizing their collaboration with KuCoin, and some analysts believe this is an intentional tactic to detract attention from Shiba Inu.
Also Read: You can become wealthy by simply holding 1 million Shiba Inu tokens
They also believe KuCoin's next move will be to heavily promote Torum on their site, almost as if it were a replacement for Shiba Inu.
If you're well-versed in the financial markets, you'll see this for what it is: textbook manipulation. However, the SHIB Army is a powerful community, and if we band together, we should be able to defeat this trickery. We might be able to put an end to this if more people are aware of it and call them out.
Regardless of KuCoin's manipulation, Shiba Inu continues to develop. Shiba Inu, in fact, has a chance to overtake Dogecoin this weekend, according to some observers. According to Benzinga, Shiba Inu was looking more bullish on Friday than Dogecoin, and if Shiba Inu can stay above its trendline break, the crypto might be in for a weekend push.
Shiba Inu broke out bullishly on Thursday from a declining trendline that had held the cryptocurrency down since October 28. Despite the fact that Shiba Inu was trading roughly 8% lower on Friday, it appeared to be backtesting the trendline as support.
The volume of the backtest of the level was substantially lower than typical, indicating that consolidation is taking place. Shiba Inu's volume had reached 4.83 trillion by Friday afternoon, compared to the normal 10-day volume of 14.66 trillion.
The longer-term market mood for Shiba Inu is optimistic, according to this technical analysis. Shiba Inu may be able to trade back up to $0.00006387 if it has sufficient bullish volume to push it beyond its present resistance level. FXEmpire analysts agree with this assessment.
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The SHIB/USD 4-hour chart is now bullish, with the MACD and RSI indicators suggesting strong buying indications among investors, according to an article published on Friday, November 12. If SHIB maintains its current climb, it could break beyond the $0.00006 mark in the next hours. SHIB would be poised for greater gains if it were to break through the psychological barrier of $0.00006.
SHIB, on the other hand, would require the assistance of the broader cryptocurrency market to climb towards the $0.00007 level. So, I hope this news brightens you up a little, especially since SHIB has been in a slump for a while, leaving fans disappointed.
Anyway, the more positive news is on the way. Shiba Inu is now supported by Gemini! On Friday, November 12, the exchange revealed it on its blog. SHIB, as well as a number of additional DeFi, metaverse, infrastructure, and data management tokens, are now accessible for trade on Gemini's platform.
Gemini, by the way, is a privately held cryptocurrency exchange that enables users to buy, sell, trade, and securely store Bitcoin, Ether, and over 40 other cryptocurrencies. Cameron and Tyler Winklevoss founded it in 2015.
The exchange sets itself apart from its competitors by emphasizing that it is regulated and licensed by the New York State Department of Financial Services. It has even gotten insurance for the crypto assets of its customers. Binance and Coinbase, for example, are direct competitors of Gemini.
Although the figures haven't been updated in a while, Gemini was claimed to have around 13.6 million users at the time of the last count, implying that Shiba Inu will benefit greatly from this listing.
Now, just 24 hours after Gemini accepted Shiba Inu, CoinDCX, India's first crypto unicorn with 3.5 million users, has announced that SHIB will be joining them. SHIB was formerly exclusively available in a trade-only mode.
CoinDCX is India's largest cryptocurrency exchange, as well as the country's first unicorn status exchange. If you're not sure what that implies, it means CoinDCX is worth more than a $1 billion valuations.
It gets a unicorn status after receiving $90 million in a round headed by B Capital, a venture capital fund founded by Facebook co-founder Eduardo Saverin. The corporation wants to sign up 50 million users across India. And as of right present, it has 3.5 million active users.
This is good news for Shiba Inu because it increases the token's exposure to its target market of small-scale retail investors. By the way, India has a large number of such investors.
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Finally, it appears that SHIB will be seeing more use cases in the near future. Take a look at this tweet by Chris Lencheski. With Prinstant Replay goods, we are seriously exploring using SHIB as a payment method. It would be the first of its kind for a major online sports license company. We will only do so if the SHIB Army and a large number of other SHIB holders show strong support.
Chris Lechenski, by the way, is the CEO of Winning Streak Sports LLC. Winning Streak Sports is a prominent licensed premium hard goods product in professional sports and entertainment, according to the company's LinkedIn profile.
All of the major sports leagues, including the NFL, NBA, MLB, and NHL, as well as significant football teams like Arsenal, Liverpool, Chelsea, and the Mexican national team, have long-standing agreements with the corporation.
So, in my perspective, this is an excellent opportunity for SHIB. Any legitimate opportunity to provide SHIB with some useful information is welcomed. As a result, make sure to show your support. Over 2000 people have retweeted Lechenski's tweet. Those figures can certainly be increased.
Disclaimer: This article does not recommend that you buy any cryptocurrencies or invest in any way. This is merely an amateur's opinion, not that of a financial advisor. I recommend speaking with your financial advisor and conducting your own research before investing in cryptocurrency.