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Shiba Inu Jumps Up Before A Sell-Off 

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  • On Wednesday, SHIB, the currency of Shiba Inu, jumped and reached 0.000011 USD.
  • SHIB has a market capitalization of 5.5 Billion USD, as of this writing
  • A large number of retail investors are hoping for a huge celebrity influencer like Elon Musk to make a tweet and pump up the prices of Shiba Inu’s coin SHIB.


The Journey Of the SHIB Market

As we know, we are in a middle of a bear market for cryptocurrencies. Along with a bear market comes a destructive trust of the audience with cryptocurrencies.

But despite these, Shiba Inu has recently risen by nearly half of its capitalization in just a single week.

This is in between this major crypto crisis we are suffering, showing an irrational exuberance of the population.

  • On Wednesday, SHIB, the currency of Shiba Inu, jumped and reached 0.000011 USD.
  • Last weekend, this value was 0.0000074 USD.
  • This posted a maximum gain of 48% for the investors.
  • A considerable jump occurred on Tuesday. This all happened amid a rally in other cryptocurrencies including bitcoin, Ethereum, and Cardano.

However, Shiba Inu’s coin SHIB is down 89% from its lifetime high. The lifetime high was reached in October 2021.

SHIB has a market capitalization of 5.5 Billion USD, as of this writing.

Expectations Of The Investors

“Recency bias suggests to investors that a bottom has been formed with Bitcoin and Ethereum this past weekend and that the market may be poised for a short-term recovery,” Edson Ayllon, product manager at dHEDGE, stated.

The co-founder of Apostro, Kate Kurbanovo supported the argument by stating that it is a very difficult task to explain the newly -founded growth of Shiba Inu. This is because there is no observable link to the subject mentioned above.

A large number of retail investors are hoping for a huge celebrity influencer like Elon Musk to make a tweet and pump up the prices of Shiba Inu’s coin SHIB.

This statement is in reference to the fact that Elon Musk, CEO of Tesla and SpaceX, exponentially raised the liking of the meme coin called Dogecoin during the lockdown in 2020 and early 2021. 

The Shiba Inu community is launching Shibarium Protocol, a layer 2 protocol atop Shiba Inu that would support native app deployment and development.

To perform actions on this protocol, a governance token will be used as fees named BONE.

ALSO READ: Heavy Outflows From Top Bitcoin ETF Might Have Powered BTC Crypto Crash 

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