The past week has been a rollercoaster for Shib investors. Shib is now available on many major exchanges, but there seems to be a problem with the token gaining momentum. Some would wager that the current lack of momentum stems from the chaotic listing on Coinbase Pro. When Coinbase Pro listed Shib, they listed it at a higher price, which resulted in people buying it around 0.00006 instead of the 0.000006 price range. While other exchanges showed the right price, new investors who used Coinbase Pro saw inflated prices. These prices resulted in an epic Shib crash on Coinbase Pro. Investors were left hurt and confused.
Many critics reveled in the crash and quickly took to blaming the coin for the failure. The issue was more than likely due to the number of traders trying to move their Shib. As of now, Shib has over 600,000 investors and is in nearly all of the major exchanges. There is a rumor that Robinhood will soon add Shib to their platform. Not to mention, Shib is listed on the Coinbase Pro platform and has yet to be listed on the Coinbase exchange.
After those two things occur, we might be looking at a moneymaker for thousands of people. One of the things that keep coming up is the fact that Shib has a circulating supply of nearly 400 trillion coins. A lot of investors are insisting on Shib implementing a burn. Burns help to remove some of the excess currency in most cases while helping to knock off zeros. However, some of the investors are countering that the notion of burning Shib, isn’t the right move.
If Robinhood picks the currency up, it will be interesting. Unlike KuCoin, Coinbase, or other exchanges, Robinhood only has a limited amount of crypto due to their stock trades. By adding Shib, it will be adding an affordable currency that resembles Dogecoin in the early days. It will also help to strengthen Robinhood’s stock to some degree. In my opinion, Robinhood needs to pick up ADA and a few more crypto babies if it wants to be a contender in the crypto market. Right now, their crypto trading is somewhat undesirable.
If Shib can get Shibaswap to become the swap it needs it to be, there’s no reason why we cannot see a Pancakeswap situation, take place. Take Pancakeswap which, was under 20 cents almost a year ago. It is now over 20 dollars. If Shib wants to get serious about becoming the next Pancakeswap, they will need to get busy burning some of these coins and taking them out of circulation.
Anyway, that’s the skinny on the would be penny! See what I did right there???LOL
As always, I am not a financial advisor. Find a financial advisor to help you gather a better understanding of how to trade stocks and crypto.