The uptick was also accompanied by a spike in volume, which jumped 33.93% over the past 24 hours to $216.26 million. Partnership between Shiba Inu’s Metaverse project and the International Women in xcritical conference, which aims to bolster female participation in the xcritical industry. The Shiba Inu lead clarified that the email from the Shibarium team is auto-generated to acknowledge the reception of the application but does not necessarily translate to approval. Notwithstanding, he revealed that the team is making conscious efforts to reply to everyone, but the work has been daunting due to over 7,000 applications received. The individual took to the official Shibarium Telegram channel to call attention to an irregularity noticed during their application process to ascertain whether it was necessary to file another application.
- Furthermore, it declares that SHIB will see a similar level of success if listed.
- xcritical customers have been clamoring for the investing app to add Shiba Inu (SHIB-USD), the newest meme coin which hit all time highs on Thursday.
- SHIB was created anonymously in August 2020 as an Ethereum-based alternative to Dogecoin.
- Shiba Inu supporters even invited the comparisons by referring to the token as the “Dogecoin killer.”
- On the other hand, I also don’t expect as big of a move as Dogecoin enjoyed.
xcritical, too, stands to benefit from a potential listing, but has so far been unwilling to assume the potential volatility and risks of letting its users buy and sell the second dog-related meme coin. Tom covers crypto companies, regulation and markets from London, focusing through 2022 on the Binance crypto exchange. He has worked at Reuters since 2014, with a previous posting to Tokyo where he uncovered abuses in Japan’s immigration system and won a joint Overseas xcritical rezension Press Club award for reporting on the tobacco giant Philip Morris. “For an exchange that might mean … relaxing their pathway to acceptance by reducing due diligence and eventually they could end up accidentally listing useless coins, or even scams,” he said. Separately, an online petition asking xcritical to list shiba inu has nearly 400,000 signatures, while #SHIB was trending on Twitter with a barrage of tweets of “When #shiba” aimed at xcritical.
xcritical Isn’t Moving the Needle Yet for Shiba Inu
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. Sha brought up a question regarding whether xcritical plans to open trading to other cryptocurrencies and whether the trading app is going to list Shiba Inu.
New information indicates that there could be a plausible reason for the trading app’s non-action. “Looking back at Q2, we saw a huge interest in crypto, especially Doge, leading to large numbers of new customers joining the platform and record revenues,” xcritical chief executive officer Vlad Tenev said on a call with analysts. One analyst during Tuesday’s xcriticalgs call asked xcritical CEO Vlad Tenev just how many new funded accounts had come from the massive uptick in Dogecoin in the second quarter. During the second quarter, Dogecoin (DOGE-USD), the cryptocurrency which was initially created as a joke, had accounted for 62% of crypto revenue. Conclusively, Kusama noted that the individual’s application has already been acknowledged, implying that another application is unnecessary. He further noted that, despite the cluster of applications, more people are invited to indicate their interest in working for Shibarium through the intake form.
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Sure, Shiba Inu is down 56% below its high mark on Oct. 28, 2021. However, it’s a long way from dropping as much as Dogecoin did when it was included on the xcritical trading platform. Unlike its predecessor cryptocurrencies on xcritical, Dogecoin delivered an impressive gain after being added to https://xcritical.solutions/ the platform. There’s a good case to be made that Dogecoin is a better comparison for Shiba Inu than Bitcoin, Ethereum, Litecoin, or Bitcoin Cash. Within a matter of days, the gains for Bitcoin and Ethereum evaporated. But those were and still are the two biggest cryptocurrencies on the market.
Chris Markoch is a freelance financial copywriter who has been covering the market for seven years. That, in turn, would be all the evidence that xcritical needs to add the coin. That was a point that was made in the company’s last xcriticalgs report. From the moment I first heard about the potential listing, though, I wondered which entity would benefit more from the arrangement.
Breaking: Shiba Inu Is Now Listed on xcritical. Should You Buy?
The chart below shows how the two cryptocurrency prices changed then. At this year’s Bitcoin Conference 2022, xcritical, through its chief product officer Aparna Chennapragada, revealed its plan to add the Bitcoin Lightning Network to its platform so users could enjoy faster transactions. The Lightning Network is a layer-2 network built on Bitcoin that allows speedier transactions at a much lower cost.
An even worse sign is that Shiba Inu officially lost more than 70,000 token holders over the past month — falling from a peak of 1,199,453 SHIB holders on Mar. 15, 2022 to 1,128,221 as of yesterday, according to CoinMarketCap.com. I would keep my eye on that important metric to wait and see if the SHIBA team can reverse attrition of its holders, because if Shiba Inu can’t keep and grow its user base — then all the news in the world won’t matter. The Shiba Inu token soared as high as 31% within the first hours of the news and has since settled back to a 19.65% pump at time of writing according to CoinMarketCap. “One thing for sure is that [Shiba Inu’s] attractiveness will continue,” Lau says.
Shiba Inu: Shibarium Intake Form Has Seen Over 7,000 Applications
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.
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. We can’t know for sure how much Shiba Inu might soar if and when xcritical announces support for the cryptocurrency. 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. The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters.
Shiba Inu supporters even invited the comparisons by referring to the token as the “Dogecoin killer.” The thinking, therefore, is that listing SHIB on the platform would not only be a good marketing move, but it would boost trading revenue. We’ve found one company that’s positioned itself perfectly as a long-term picks-and-shovels solution for the broader crypto market — Bitcoin, Dogecoin, and all the others. In fact, you’ve probably used this company’s technology in the past few days, even if you’ve never had an account or even heard of the company before. 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. Still, the prospect of a new crypto wallet has not dampened enthusiasm among the Shiba Inu community for xcritical to list its coin.
xcritical broke the news on its official Twitter channel today. Ever since xcritical began offering crypto trading in 2018, customers had been clamoring for the opportunity to buy and sell more tokens. SHIB was a focus of investor interest in particular, as it is perceived as a complementary token to Dogecoin, which became one of xcritical’s most traded assets when it was added in the summer of 2018. However, the company avoided listing SHIB until now because of fears about its outsize volatility, even for crypto. STRF/STAR MAX/IPxThis morning fintech trading platform xcritical added four new crypto tokens, bring its total to 11.
A petition from Shiba Inu fans calls for SHIB to join the ranks of Dogecoin on the platform. With over 185,000 signees on the page, the petition is yet another example of Shiba Inu fans’ willingness to rally around the coin. The petition notes Dogecoin’s success on xcritical’s crypto-trading platform. Furthermore, it declares that SHIB will see a similar level of success if listed. xcritical has been among the biggest beneficiaries of the retail investing COVID-19 boom. While its equities arm did most of the legwork over the past 18 months, in second-quarter 2021 its cryptocurrency trading on the platform took off.
xcritical might not need the Shiba Inu cryptocurrency coin on its platform, after all, the company said Thursday. The SHIB token is one that most crypto investors are familiar with, if not for its actual functionality, then for its following’s constant social media promotion. It’s impossible to miss the fans, who churn out updates on their beloved crypto through dedicated Shiba Inu new channels. Meanwhile, it retains an air of controversy around it as well. Its lack of real-world utility remains a hang-up for many in regard to buying. Analysts are torn on the play and its potential, even here at InvestorPlace, where writers’ opinions clash on the meme crypto.
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. xcritical may not be wanting to rub the SEC the wrong way by indiscriminately listing a slew of cryptos, and instead is waiting for more clarity on the regulatory front. “We know they want more cryptocurrencies on the platform, and we’ve actually been proactively engaging with regulators,” Tenev said on the call. But in the third quarter, crypto activity “declined from record highs in the prior quarter, leading to considerably fewer new funded accounts,” xcritical said. “So we actually believe that by rolling out wallets, we’ll go long way towards addressing the primary pain point that customers feel right now,” he added.