All cryptocurrency markets attempt to mount a comeback after the absolute carnage of yesterday. Chinese real estate giant Evergrande is influencing all financial markets, even though some are more resilient. Shiba Inu shows prominent momentum after the recent surge, indicating the SHIB price may trend higher in the days ahead.
SHIB Price Stays The Course
After a lengthy accumulation phase by traders and speculators, the SHIB price finally broke out of its sideways momentum last week. A logical outcome, as the currency remains ever-popular. So much so that nearly all major trading platforms now support it. That would have seemed unlikely a few months ago, yet the crypto industry is full of surprises.
Overcoming tips is crucial in the world of crypto assets. Shiba Inu is still in excellent territory despite seeing most of its recent gains engaged in quick succession. The current momentum seems a bit more solid, allowing the SHIB price level to stabilize above $0.000007. That can hint at resuming the upward trend over the coming days. However, pushing for $0.00001 remains the objective, as the RSI shows prominent reversal momentum.
The Evergrande Concerns
The big news this week is how Chinese real estate giant Evergrande saw its shares plummet. The company has over $300 billion in liabilities, which warrants a very cautious outlook. If the company were to collapse entirely, it could trigger a snowball effect across all financial markets, including crypto assets. That fear may help explain why SHIB lost value recently, even though Evergrande’s demise has no direct correlation to cryptocurrency.
Unfortunately, Shiba Inu will remain subject to any momentum affecting the broader industry. That is the downside of gaining a listing on prominent platforms such as Binance and Coinbase, which cater to mainstream investors. So, for now, the community will have to endure these volatile price swings unrelated to ongoing developments and accomplishments within the Shiba Inu ecosystem.
A Growing Community
In the cryptocurrency world, it is crucial to build a strong community. Moreover, projects need to keep growing their member count over time. Today, Shiba Inu has more followers on Twitter than Litecoin, Polygon, and Solana.
Top 10 cryptocurrency followers on #twtr
1. @Bitcoin 3.2M
2. @dogecoin 2.1M
3. @Ripple 2M
4. @ethereum 1.5M
5. @safemoon 1M
6. @Cardano 906.7k
7. @Shibtoken 900.6k
8. @litecoin 768.2k
9. @0xPolygon 679.2k
10. @Solana 624.2k
— Shiba Inu 🇻🇳 (@shibainuvn) September 20, 2021
It still has a long way to go before catching up to Dogecoin becomes viable, but the growth is impressive. Therefore, overtaking Cardano should not pose too many problems.
Will Robinhood Pull The Trigger?
There have been rumors regarding Robinhood enabling support for Shiba Inu in recent weeks. While SHIB is not available on the platform yet, things can always change. Additionally, Robinhood is allegedly testing a crypto wallet feature. Doing so will give users more control over their crypto assets. Currently, no one can withdraw crypto from Robinhood, which remains a problematic aspect.
The development of this wallet feature has no direct influence on SHIB. However, if Robinhood were to list Shiba Inu at one point, a native crypto wallet feature can prove beneficial.
Looking to advertise? We will gladly help spread the word about your project, company, or service. CryptoMode produces high quality content for cryptocurrency companies. We have provided brand exposure for dozens of companies to date, and you can be one of them. All of our clients appreciate our value/pricing ratio. Contact us if you have any questions: [email protected]