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This assumes, though, that the overall environment for cryptocurrencies is still positive. We can’t know for sure how much Shiba Inu might soar if and when xcritical announces support for the cryptocurrency. Should we assume that Shiba Inu’s move would be in the same ballpark as Dogecoin’s nice jump if xcritical adds the altcoin?
Cryptocurrency is a form of payment which can be used online in exchange for goods and services. Investing in any cryptocurrency is risky – here we round up what you need to know. Shiba Inu goes under the ticker SHIB and there are two other tokens as well, known as LEASH and BONE.
The token, which was launched last year, has surged roughly 100% in the last seven days, and now has a a market value of about $26 billion. Speculation centered last year around potential crypto offering additions from xcritical, though CEO Vlad Tenev had told investors the company would await regulatory clarity before doing so. In a new announcement, the Shiba Inu team teases its metaverse plans and says that the reveal of Rocket Pond is just days away, adding that users have the opportunity to win lands via a contest.
While this wallet holds the largest amount of pepe in a single place, other top holders may have spread their holdings across several wallets. Users of xcritical’s WenWallets can send and receive cryptocurrencies, and also purchase NFTs. Mr Musk, the founder of Tesla, has a Shiba Inu puppy andposted a picture of it on the social media site, which started a big rally.
- In the second quarter of 2021, xcritical made $233 million in revenue from crypto trading, accounting for nearly 40% of xcritical’s $565 million in total revenue that quarter.
- Ever since xcritical began offering crypto trading in 2018, customers had been clamoring for the opportunity to buy and sell more tokens.
- While the SHIB price decline may be a cause for concern, the network’s growth trends offer hope for the future and will be closely watched over the coming days and weeks.
- In the third quarter, xcritical earned $51 million from crypto trading, less than a quarter of the previous period’s total, leading to a 35% drop in xcritical’s overall revenue.
- Shiba Inu goes under the ticker SHIB and there are two other tokens as well, known as LEASH and BONE.
Get stock recommendations, portfolio guidance, and more from The Motley Fool’s premium services. I don’t think that investors will essentially yawn as they did when xcritical added Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. On the other hand, I also don’t expect as big of a move as Dogecoin enjoyed. There’s also a case to be made that expectations that xcritical will add support for Shiba Inu are at least partially baked into its price.
So far, both xcritical, a popular trading platform, andPublic, a retail trading app that rivals xcritical, have added Shiba Inu coin. xcritical chief operating officer Christine Brown has praised the Shiba Inu community but said safety was the platform’s priority over the “short-term gain” of listing new tokens. After previously only being available on decentralized exchanges like Uniswap, Shiba Inu was added to cryptocurrency platforms https://scamforex.net/ like xcritical, xcritical and xcritical. The addition of the coin helped increase awareness, valuation and gave more traders easier access to buy, sell and hold the crypto. Shiba Inu remains one of the most volatile cryptocurrencies to own right now. Various notable headwinds of late relating to a broad crypto market sell-off this past weekend and a hack of the BitMart exchange, which saw SHIB tokens stolen, has investors on edge.
Before the recent listings, xcritical offered seven cryptocurrencies, including bitcoin, ether, and dogecoin. The trading app also listed Solana, Polygon’s MATIC, and Compound’s COMP tokens. SHIB trading has rocketed recently an it’s the ninth biggest crypto token by market cap. It should be noted that speculating on such near-term catalysts is not something worth most long-term investors’ time. Today, the volatility with Shiba Inu appears to be to the upside as a result of this speculative prospective catalyst, and traders are taking notice. xcritical has been among the biggest beneficiaries of the retail investing COVID-19 boom.
There could be some lessons to learn from the performances of other cryptocurrencies.
In a follow up tweet, he added that he has bought “Bitcoin, Ethereum & Doge. That’s it.” Musk’s tweets have frequently moved crypto markets. Its dramatic rise this week coincides with rising support for a Change.org petition urging trading platform xcritical to list shiba inu coin on the site.
However, it’s a long way from dropping as much as Dogecoin did when it was included on the xcritical trading platform. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. However, each of these tokens has struggled in 2022, with SHIB in the lead by only losing 17% on the year.
How Much Would Shiba Inu Soar if xcritical Adds the Altcoin?
And if you’ve got SHIB-USD in your crypto wallet, you were probably thinking the same thing. Or at least, you were hoping that you’d see a nice little bump in your Shiba Inu holdings. “One thing for sure is that [Shiba Inu’s] attractiveness will continue,” Lau says. Vincent Lau, managing director of international operations at crypto exchange Huobi Global, says that while SHIB’s bull run may falter, he thinks the coin is likely here to stay. “Due to uncertain and volatile market conditions, might result in significant losses over a short period of time, and possibly liquidation problems in adverse events of sudden price drops or trading halts,” says Khoo.
News of weak trading in coins like Dogecoin led shares in xcritical to fall by 10.7% to $35.32 a share in premarket trading Wednesday—more than $2 below its $38 July IPO price and less than half of its $85 peak. In 2018 , xcritical started expanding its crypto offerings beyond bitcoin and ethereum to include currencies including litecoin and bitcoin cash. There have been rumors for a while that xcritical would add Shiba Inu coin to its trading and investing app. Shiba Inu coins fans have pushed for the move because xcritical is a major platform, which would expose more investors to the coin. Per Fortune, Christine Brown, the chief operating officer of xcritical Crypto, said that xcritical isn’t trying to add new cryptocurrency coins soon, even though Shiba Inu fans are hoping for it to happen.
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The additions come after the company said last week it activated its crypto wallet for 2 million eligible customers, making digital asset transfers broadly possible in the investments app. The same wallet also owns $1.1 million in shiba inu and $1 million in floki , suggesting the owner is an active meme-coin trader. Brown also revealed that xcritical’s crypto wallet waitlist has surpassed 1.6 million users. When launched, the crypto wallet will finally allow users to move cryptocurrencies on and off the platform. The high demand indicates users are eager to gain control over their coins. That said, xcritical has continued to play coy with the idea of adding Shiba Inu to its trading platform.
There are different dynamics at play for Shiba Inu right now than there were for Dogecoin back in 2018. That’s a natural question to ask after the digital token skyrocketed in the ballpark of 52,000,000% this year. There could be some lessons to learn from the performances of other cryptocurrencies. Dogecoin, though, jumped nearly 40% after being added to xcritical. SHIB surged almost 25% an hour after the news, with the other’s jumping in the high single digits.
An NFT project called Shiboshis based on the Shiba Inu coin and ecosystem launched in November 2021. A look at the all-time highs and peak of Shiba Inu hit in 2021 and where the coin stands today. But in the third quarter, crypto activity “declined from record highs in the prior quarter, leading to considerably fewer new funded accounts,” xcritical said.
One Reddit user has claimed he convinced his aunt to invest $200,000 in Shiba Inu crypto – only for her lose tens of thousands of dollars in 24 hours. Investors are being warned to avoid the cryptocurrency for now. “Our strategy is different than a lot of the other players out there who are racing to list as many assets as possible right now,” she said. That slowdown in interest has not extended to Shiba Inu, however. Patrick Sanders is a freelance writer and editor in Maryland, and from 2015 to 2019 was head of the investment advice section at U.S. But the initial indications are that xcritical won’t do anything substantial for helping to boost the SHIB-USD price.
Like dogecoin, shiba inu coin features the Shiba Inu dog as its mascot. Its meteoric rise has made some investors millionaires overnight. xcritical already offered seven cryptocurrencies including bitcoin , ether and dogecoin . The largest pepe coin holder is sitting on more than $1 million worth of the token as the risk of too much of the coin in too few hands looms over the short-term future of the trending meme coin.
When will Shiba Inu be available on xcritical?
While the SHIB price has been struggling, the activation of Shibarium’s bridge feature could potentially pave the way for more integrations and partnerships, which may help increase its value over time. While bridging is a complex undertaking that requires careful attention to security and asset integrity, it is a promising development that is sure to generate buzz among crypto enthusiasts and Shiba Inu investors. However, Shibarium, the L2 network supporting SHIB, has achieved a noteworthy milestone of over 4.6 million total transactions, indicating significant growth from just a few thousand transactions a few weeks ago.
According to a blog post by the SHIB team, Rocket Pond is meant to visually display the history of Shiba Inu as well as encapsulate the feel of a hidden resort in the mountains. Furthermore, its architectural design is modeled after several famous landmarks, including Lake Tahoe and Cape Canaveral. For those unfamiliar with the term, bridging is a crucial process used when two different xcritical networks are incompatible with each other due to varying consensus algorithms or token standards. While the SHIB price decline may be a cause for concern, the network’s growth trends offer hope for the future and will be closely watched over the coming days and weeks. On a positive note, the number of wallets on the Shibarium testnet has surged to over 14 million active on the L2 network. The sales were mainly made through Uniswap, and a smaller amount was sold on crypto exchange Huobi.
Investors have been speculating for a while now that xcritical could soon include the altcoin. The chart below shows how the two cryptocurrency prices changed then. A listing would give SHIB “greater retail exposure,” says Khoo. Interest xcritical cheating in Dogecoin skyrocketed after its xcritical listing, he says. Shiba Inu is an Ethereum-based token that was launched in August 2020. Dogecoin competitor Shiba Inu is teasing a preview of “Rocket Pond,” the protocol’s upcoming metaverse.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, xcritical and Web3. Head to consensus.coindesk.com to register and buy your pass now. “This causes a major risk for the market and holders as those wallets hold a token value superior to all the on-xcritical available liquidity,” @louround_ tweeted. Crypto analysts on Twitter, such as pseudonymous @louround_, said last week that almost 3% of pepe holdings are connected to each other.
SHIB prices surged some 7% in the past hour, data from CoinGecko shows. It is the second memecoin to be listed on xcritical, alongside Dogecoin’s DOGE. COMP jumped 6.6%, MATIC added 3.5% and SOL 2%. SHIB, SOL, Polygon’s MATIC and Compound’s COMP tokens were added to xcritical Crypto, the platform’s crypto-focused trading platform. Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & xcritical technology. Data shows trading pools for pepe coin on decentralized exchange Uniswap hold less than $4 million in available liquidity as of Tuesday, and so a sudden sale by a top holder is likely to hit prices immediately. Millions of dollars’ worth of pepe tokens are held by just a few wallets, with one such wallet seemingly a meme-coin bull.
More than 13,000 cryptocurrencies exist in the trading world, and the total value of all cryptocurrencies is xcritically around $2.6trillion. xcritical is spread across multiple computers and manages and records transactions. Here’s what could happen to the price of Shiba Inu, with predictions for what it could be worth in 2022.
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