When crypto markets go in the red, investors have a few decisions to make. Most will try and hold or accumulate more, whereas others might panic sell. The Shiba Inu (SHIB) dip is still in place, but now might be good to buy. Of course, always do your research before making financial commitments.
SHIB Price Dips A Bit
As nearly all cryptocurrency markets are under a bearish spell, it is not surprising to see Shiba Inu (SHIB) lose some ground too. Although an 8.4% dip might seem severe to some, experienced crypto traders have seen far worse. Therefore, such a small correction is widely considered a good time to buy the dip and accumulate more. Additionally, the price holds its own well above $0.00004 for now, which is all one can ask for.
Moreover, it is essential to look at a larger timeframe. SHIB has been down by nearly 20% in the past two weeks, yet still up by almost 60% for the month. Substantial gains will often come with a correction of sorts, and SHIB is no exception. However, this small price change is nothing to be concerned over, as the price is still much higher than a month ago. Short-term fluctuations will always occur, but that doesn’t make them indicative of the future.
CoinGate Enables SHIB Support
CoinGate decided to integrate Shiba Inu into its platform in a somewhat surprising development. More specifically, any CoinGate user can accept, buy, trade, or spend the meme coin as they see fit. The merchant bit is interesting, as it may give SHIB more use cases as a payment vehicle. There are over 500 CoinGate merchants today, with more exploring cryptocurrency opportunities every month.
However, it is up to individual merchants to decide whether they want to deal with SHIB or not. Just because the option is there doesn’t mean anyone will accept it as a payment method. Even so, it is an intriguing development. Shiba Inu has also been integrated into CoinGate’s trading system and gift card store.
Shib Entices The Whales
One peculiar metric in the cryptocurrency world is figuring out which assets the so-called “whales” own. As it stands, the 1,000 Ethereum wallets with the highest balance own $2.35 billion in SHIB, or roughly 9% of its market cap. That is a surprising finding, although whales often have much more money to play around with than the average cryptocurrency enthusiast.
Whether the interest in Shiba Inu by Ethereum whales is a good thing remains unclear. When a large portion of the supply ends up in the hands of a few, market manipulation becomes a very big problem. Certainly if that supply belongs to a currency nearly in the market cap top 10.
SHIB Petitions Galore
The Shib Army intends to get this currency listed and accepted everywhere that may bring some positive attention to Shiba Inu. Various petitions have been created by community members, addressing companies such as Google, Apple, Amazon, Netflix, Overstock, Burger King, and others. Unfortunately, none of these firms seems interested in Shiba Inu right now, although things can change rapidly.
The community might have better luck by going after some of the biggest crypto exchanges and trading platforms. The Robinhood petition is well-known, but similar efforts exist to entice Voyager, SoFi, Bitstamp, Nicehash, Bithumb, and others into giving Shiba Inu some attention. A worthwhile endeavor, although petitions usually matter very little.
The Shiba Coffee Company
One endeavor capable of generating some positive buzz for Shiba Inu is the Shiba Coffee Company. It is a clever marketing trick to raise brand awareness. Moreover, the company will spend 10% of its profits to buy back SHIB from the secondary market. All of those purchases are sent to an unspendable address, taking coins out of circulation forever.
It is an intriguing endeavor by this relatively new company. No burns have been initiated yet, but that situation may change rather quickly depending on overall revenue. There will be monthly token burns if successful, although it is too early to gauge how significant those might be.
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