Shiba Inu’s rise continues as the meme coin has now become the 12th largest cryptocurrency by market capitalization.
The market cap of the self-proclaimed Dogecoin-killer – Shiba Inu – has increased to half the size of Doge’s after a massive triple-digit weekly surge. Consequently, SHIB is now well within the top 15 coins.
- Most of the cryptocurrency market has been on a roll lately. Bitcoin went over $55,000 for the first time since May, Ethereum reclaimed $3,500, and so on.
- Yet, one digital asset has trumped all others – Shiba Inu. CryptoPotato reported on October 5th that the token had exploded by 100% in just a few days following a massive whale buy of over six trillion coins.
- This turned out to be just the beginning as SHIB kept climbing and a day later started knocking on the door of the top 20 largest coins by market cap.
- At this point, the token was up by roughly 200% in a week, but that wasn’t the end of its gains, either. In the past 24 hours, it initiated another massive leg up, peaking at $0.000035, which became the highest price line since mid-May.
- Moreover, SHIB came just inches away from painting a new all-time high record, currently standing at $0.000038, according to CoinGecko.
- Despite retracing slightly since the intraday top, SHIB’s market capitalization has increased to well above $15 billion. This makes it the 12th-largest cryptocurrency by this metric.
- Additionally, SHIB’s market cap is halfway away from the arguably most well-known meme coin – Dogecoin. DOGE takes the 10th spot in terms of market cap with $32 billion.
- With this latest increase, Shiba Inu has neared giants like United Airlines and America Airlines Group as well.
Shiba Inu could breakout after whales buy millions of dollars worth of SHIB
- Ethereum whale spent $1.2 million on accumulating 49.9 billion SHIB tokens.
- Shiba Inu token can now be purchased at 4000 ATMs across the US and Brazil through Coin Cloud.
- SHIB ranked in the top 10 trending coins in Asia for the first two weeks of October 2021.
- With 637,366 mentions on crypto Twitter, SHIB ranks second in social dominance in the past week.
Shiba Inu accumulation by whales continues as the memecoin prepares to breakout. The Dogecoin-killer is trending on social media, second to Bitcoin in popularity.
Analysts expect 100% gains in SHIB price as whales continue accumulating
A large wallet investor identified as an Ethereum whale spent $1.2 million and bought 49.9 billion SHIB tokens on Binance earlier today. SHIB price plunged after a massive rally in the memecoin; whales accumulated the Dogecoin-killer throughout the dip.
Historically, a dip in SHIB price is followed by whale accumulation and a second leg up. Traders are expecting another bullrun in SHIB.
Updates in the SHIB ecosystem include the naming feature for “Shiboshis” (10,000 NFTs minted on ShibaSwap) and the ability to purchase the memecoin across Coin Cloud ATMs.
Coin Cloud is considered the world’s largest network of two-way digital currency machines, with 4000 ATMs across the US and Brazil. The ATM network now supports SHIB. This makes SHIB more accessible for users and boosts its utility.
Coin Cloud shared the news on its Twitter handle:
You’ve been hearing all about #ShibaInu (SHIB) lately, but can’t figure out how to get some? We get you. It’s complicated and confusing. Until now! Here’s the easiest way to buy Shiba Inu Coin (and the fastest, too!) https://t.co/eB6xhQRhrg pic.twitter.com/rqMK7dDk4x— Coin Cloud 🌧 (@CoinCloudDCM) October 15, 2021
FXStreet analysts have evaluated the SHIB price trend and predicted that Shiba Inu would resume its bull trend as it trades on a stable support.
Assessing the odds of Gensler, SEC targeting DOGE, SHIB next
In one of our recent commentary issues, we analyzed why sticking it to Coinbase and Ripple wasn’t really the best move on the SEC’s part. In this month’s issue, however, we’ll be assessing which class might end up being the next target of the same regulatory agency.
In April this year, when the Senate confirmed Gary Gensler as the Chairman of the Securities and Exchange Commission, most people from the U.S. crypto-community seemed to be quite relieved. It’s a well-established fact that investors from the States have been plagued by clouds of regulatory uncertainty for long periods now.
After exhibiting a keen interest in the crypto-space, referring to blockchain technology as a “catalyst for change” and teaching about the same at MIT, Gensler was expected to deliver as soon as he was handed over the baton. However, the SEC chief has predominantly remained ambivalent. Less than a month back, for instance, he ended up equating stablecoins to poker chips.
Even though his broader perception mostly seems to be anti-crypto, his crafty persona and schematic plans, in conjunction, have managed to fill in the otherwise regulatory void.
In fact, Gensler recently ruled out the probability of the U.S. implementing a crackdown on crypto, similar to that of China. Effectively, the space has been provided with a certain degree of decisiveness. At the end of the day, some certainty is better than uncertainty, right?
Too much on the chief’s plate
By and large, the SEC has been given the responsibility of overseeing the corporate sector, capital market participants, securities, and investment markets. The comparatively novel crypto-space, in retrospect, is just an infinitesimal part of the agency’s broader regulatory ambit.
Being the head of the SEC, Gensler is obviously expected to bifurcate his attention. So now, as far as Wall Street is concerned, the chief has quite ambitious plans. In fact, the SEC has been laying out one of the most solid agendas in its history.
However, the 49-odd proposals lying on the table have already invited opposition from public companies, exchanges, and brokers, among others. Even so, Gensler continues to remain undeterred. In fact, he has started laying out renewed regulatory plans for other financial sub-sectors as well.
What’s more, the Chief recently went on to assert that he is confident that the SEC could move ahead on “many issues” at once. After emphasizing that everything is at the “top” of the list, Gensler underlined that he had no priorities as such. He said,
“Don’t ask me about my three daughters and which one I spend more time with.”
No favoritism indeed
To a fair extent, the Chief has honored his word. Leaving aside the Wall Street developments, a major crypto-related stride was made of late.
People in the States had been waiting for a Bitcoin ETF to be approved for ages. Quite surprisingly, the SEC gave a green flag to Volt Equity’s Crypto-Stock ETF less than a fortnight back. Even though this was not exactly what the crypto-industry had been waiting for, the approval was well-received with pomp and excitement.
After Gensler’s recent comments on how he isn’t opposed to the idea of a Futures-based Bitcoin ETF like that of Valkyrie or BlockFi, analysts now believe that actual BTC ETFs would also get a nod sooner rather than later.
That, of course, is great news. So, what next? Would the SEC and Gensler continue dedicating more time to the crypto-space?
Reading between the lines, it can be claimed that the SEC, under Gensler, aspires to legitimize the crypto-ecosystem by lending it further credibility.
Strictly sticking to recent developments and Gensler’s assertions, one can infer that the crypto-space wil end up becoming even more streamlined in the future. The progress, however, needs to be taken with a pinch of salt because people in power, more often than not, end up changing their stance by sugarcoating it with sheer diplomacy.
Gensler’s ‘DADDY’ issues
Well, people usually take a dig at bureaucrats for their ‘bossy’ and ‘commanding’ nature. Quite recently, Senator John Kennedy questioned Gensler about why he acts like a “daddy” of the people and companies he regulates as Chairman.
Reverting back to the same, Gensler highlighted that he is merely trying to take the oath of office seriously and intends to “promote investor protection” and “facilitate capital formation.”
Classic Gensler response!
His sober explanation to the question above is an authentication of the non-impulsive approach he employs. Throughout the Q&A session, in fact, Gensler did exhibit ‘fatherly’ traits by correcting the Senator’s misconceptions and gleefully acknowledging the concords.
His ability to debunk fallacies and parallelly recognize the actual essence of the same aspect would come in handy in the final stages of crypto-regulatory drafting. He’d be THE perfect devil’s advocate.
A lot has happened in the financial space this year. One key area that is yet to be under Gensler’s focus is the equity market’s ‘meme-stock’ subset.
The unbelievably high trading numbers have put firms like Robinhood and Citadel Securities at risk. Congruently, the hype-driven surges of AMC Entertainment and GameStop have also amassed political attention. If the proposed regulations lying on the table end up being excessively intense, it’d only result in bizarre consequences for both the firms and their investors. In effect, the future prospects would be massively dented.
With meme-stocks already under the radar, it perhaps shouldn’t be a surprise if the meme-coin category from the crypto-space gets targeted next. Owing to Musk’s SNL appearance, DOGE made headlines earlier this year while SHIB’s recent price movements offer another testament to the typical ‘pump and dump’ nature of such coins.
Thus, to foster its investor protection agenda, the SEC might as well target DOGE, SHIB, and other coins in the same meme boat. The ripple effects would obviously be unfathomable – HODLers would get ‘rekt,’ a lot of capital will be drained out, and the space will end up losing a fair share of its credibility.
However, there’s a silver lining to this too.
Talks are going on that Gensler might end up delegating a part of the regulatory responsibility to other financial bodies. Decentralized cryptos have a high chance of being overlooked by the CFTC while banks could be thrust with the responsibility of stablecoins. In effect, the SEC might solely end up assuming the responsibility for other tokens that share characteristics similar to that of investment contracts.
If such a bifurcation indeed happens, where would meme-coins fit? While some argue that the value of dog-themed coins is sort of pegged to Musk’s tweets (DOGE and FLOKI, for instance), their values seldom remain stable. Ergo, the stablecoin category is ruled out for now.
Also, it’d be a joke if they’re equated to investment contracts and would be an insult to other decentralized projects if they’re brought under the same umbrella.
We’re eventually left with no option… Looks like Gary would have to set up the Meme-coin Board of America [MBA] to solely cater to the meme-coin subset!
Banter aside, if meme-coins manage to find a safe haven within the regulatory cracks, then, well and good. Nevertheless, if they fail to do so, the joke will be on them because illegitimate projects will be swept out of the space. In retrospect, the same would be a blessing to amateur investors who blindly pour capital into their so-called favorite meme projects.
Nothing less than a nightmare though
Ripple is already fighting a legal battle against the agency and Uniswap has also been targeted. Even though there hasn’t been any outright official proclamation of meme-coins being the next casualty, market participants need to remain wary.
According to a recent Bloomberg report, executives who’ve met with the SEC officials have been “privately cautioned” that the broader financial market structure rules being developed may be “extreme.” On any day, such oblique warnings coming from ‘inside’ the agency shouldn’t be taken for granted.
Now, one might argue that the executives are talking only about traditional market regulations. Oh, you wish!
Signing off by dropping the truth-bomb:
The Biden administration is only beginning to ramp up regulatory scrutiny around cryptocurrencies, according to a senior White House official.— *Walter Bloomberg (@DeItaone) October 12, 2021
Shiba Inu NFTs sell out in 35 minutes as gas fees anger users
- 10,000 Shiboshi NFTs sold out in 35 minutes.
- Holders angry over high gas fees.
- Shiboshi NFT is already selling on OpenSea, indicating a strong recovery for SHIB.
Shiba Inu’s first NFT launch on its decentralized platform ShibaSwap was a massive hit. The platform sold out all of its 10,000 Shiboshi NFTs in just over half an hour.
Since last week, it was evident that the Shiboshi NFT launch will be big. First, the Elon Musk tweet boosted SHIB prices. Then LEASH price also went up to $2932, indicating that the market was extremely bullish towards Shiba Inu as we neared the NFT launch date.
Also, all of the 10,000 NFTs were only available to be purchased in LEASH. So, holders of the Doge Killer rushed to get their hands on at least one of these NFTs, resulting in a clean house in just 35 minutes. However, it wasn’t a happy ending for everyone.
Shiba Inu receives backlash from angry holders
After the launch, Twitter was filled with posts from angry users who spent hundred in gas fees but still couldn’t land a Shiboshi NFT. One user complained that he lost $2400 in gas price without getting a single NFT, while others lost hundreds of dollars.
Shibarium explained the issue on a Twitter post, saying that massive gas fees were due to the insane pressure on the ETH blockchain. The tweet also promised that Shiba’s developer team are building the Shibarium blockchain as a solution.
If you’re not familiar with gas fees, it’s the amount of electricity and computational power required by miners to process and validate each transaction on the blockchain. Gas fees are kind of an incentive to the miners.
The high traffic on the Ethereum blockchain due to the Shiba Inu NFT launch, and the fact that thousands of transactions were processed and validated within 35 minutes, led to this frustrating increase in gas fees.
However, developers and traders are positively hopeful that Shibarium’s own blockchain and the Ethereum 2.0 upgrade will solve these problems in the future.
The post-launch state of Shiba Inu NFTs
The 2900 holders that were successful in securing a Shiboshi NFT has already started trading on OpenSea. The Shiboshi #2 NFT was bought for 0.9 ETH, was sold for 25 ETH (almost $95000) on the NFT platform.
With all the craze going on, holders of the NFT are certain to see some amazing returns on their investment. At the moment, SHIB is down by 13%, but the market is expected to rise against all the trades on the NFT marketplace.
Shiba Inu is reportedly working with a major AAA game studio to develop the SHIBOSHI game. All of these trends indicate that we will continue to see a bull run from this meme token.