Memecoin Price Wars: Shiba Inu has Fallen by 50%

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Memecoin Price Wars: Shiba Inu has Fallen by 50%

Dogecoin’s meme-based crypto challenge, Shiba Inu, has entered the top ten in recent weeks. Named Dogecoin’s killer, Shiba Inu has spread unfounded expectations. Cryptocurrency exchange Kraken and trading app Robinhood should list Memecoin.

The Shiba Inu Whale transferred nearly $3 billion worth of Shiba tokens from its original wallet this week, sparking fears over the possible cashing out of some significant owners.

According to Tom Robinson, co-founder of the blockchain forensics company Elliptic, it appears that there were four transactions from the account yesterday. Each of them was $695 million. In total it equaled to $2.78 billion.

Suppose large cryptocurrency owners start moving coins such as Bitcoin, Dogecoin, or Shiba Inu. In that case, traders may be frightened into thinking that the market may be flooded, potentially lowering the price. Last month, researchers warned that large and concentrated players still dominate the Bitcoin ecosystem, making cryptocurrency prone to systemic risk.

The price of the Shiba Inu coin has risen 500% in the past month. However, it has lost 50% of its value over the past week. Amid wild speculation, Shiba Inu has grown amid Robinhood plans to add cryptocurrency to its platform, opening up millions of additional traders to the market. Robinhood CEO Vladimir Tenev dismissed those expectations on the grounds of regulatory control.

Meanwhile, Kraken, the crypto exchange, wrote that if it gets 2000 likes on the tweet, it will list Shiba tomorrow. The post received more than 80,000 likes. However, Cracken later noted that more work needs to be done regarding the list review process.

Shiba Inu Predictions

As Shiba Inu struggled to maintain its vast profits, Dogecoin, which itself entered the crypto top ten through a similar price pump earlier this year, continued to be backed by billionaire Tesla founder Elon Musk.

According to the Twitter predictions of Dogecoin co-founder Billy Markus on Twitter, people are getting rich quickly and bail as soon as a new agitation arises.

According to Markus, the agitation quickly attracts wealthy people who make bail. If you want something worth more than what it currently costs, add a constant value to it. However, Hype adds nothing.

Musk received Dogecoin this year as his domestic project. He urges developers and miners to submit updated proposals and renew the software. Elon said Dogecoin could get its hands on bitcoin if it speeds up transaction times and reduces commissions.

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