It’s no surprise that many people might be asking what is SHIBA INU coin.
Right now, the relatively new cryptocurrency has enjoyed such rapid growth over the past week that it’s gaining attention everywhere. And if it looks familiar that’s not much of a surprise either.
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Shiba INU and Dogecoin
It uses the same mascot as dogecoin the now famous cryptocurrency that started life in 2013 as a bit of a joke.
Shiba Inu coin has much in common with doge not only that both take their name and likeness from a meme that features a Japanese Shiba Inu dog. But shiba inu coin is in fact a new version of dogecoin. One which the founders say is improved over the original.
Following the recent coinbase listing, many investors are wondering what’s next for shiba inu.
This question will be answered in today’s review and we will also go through alibaba’s involvement with shiba inu.
So stick around for that because today’s review will be fire.
Shiba Inu Price Overview:
Recently shiba inu the dogecoin killer surged while major altcoins are tumbling in the crypto market.
Shiba has gathered huge attention and has emerged as one of the favorite choices of investors.
Shiba inu took a huge dump in a reaction to china’s cryptocurrency crackdown.
The world’s most popular cryptocurrency bitcoin tumbled almost 10 on monday it fell as low as 32000 dollars to its lowest in 12 days dragging all other coins down.
SHIBA INUES prices have tumbled roughly 50 from peak to trough between June 15 and June 22nd.
Robinhood & Coinbase:
The coinbase listing and call for Robinhood listings have already created a hype for the coin as per FX street, Shiba Inu price rallied roughly 25 from the bottom. It looks primed for more upswing.
SHIBA INUE price appears to have not taken a big hit compared to bitcoin and other altcoins in terms of drawdown.
SHIBA formed a bottom just below the swing low on June 12. Despite the presence of resistance levels the dog-themed crypto looks to advance price rebounds soon.
Shiba inu is surging, on the other hand, bitcoin is still trying to break through the crucial resistance level.
It will be a good sign for other cryptocurrencies if bitcoin manages to settle above this level.
In the past few days the crypto market has seen some mixed signals.
Shiba recently attempted to break through resistance around 0.000010 but was unable to build enough upside momentum and retreated back. If Shiba breaks the barrier of 0.000010 it can go on to the next resistance level of 0.000012.
According to investorplace.com Shiba Inu coin will likely rebound in the near future. In fact, the rise might be enough to surpass doge given dogecoin’s recent price drop to 23 cents.
Alibaba, Shiba Inu, and crypto:
For Alibaba, the Chinese e-commerce behemoth with its sights set on global domination, the cryptocurrency world was never too far away.
Alibaba recently launched a cryptocurrency mining platform called p2p nodes.
As cryptocurrency fever has swept the world more businesses have looked to get on board with the digital currency craze. Recently Alibaba registered a platform called p2p nodes.
So far not much is known about the operation although finance magnate suggests it might be based on third-party mining. this might mean Alibaba will loan out space in its cloud platform for clients to mine cryptocurrency.
In some parts of the world news of a major corporation like alibaba venturing into cryptocurrency mining would be notable. but in china it is exceptional. most news about digital currencies in china in the past several months has been negative.
Crypto and Chinese Government
The chinese government has cracked down on digital currencies and exchanges ostensibly to root out illegal activity and money laundering.
case in point via bitcoin one of china’s largest cryptocurrency mining pools recently shuttered due to regulatory concerns.
what’s even more unusual about the news surrounding the new platform is that alibaba leader jack ma previously expressed skepticism about digital currencies when asked his feelings on digital currency.
Ma claimed to be totally confused explaining that even if it works the whole international rules on trade and financing are going to be completely changed. however, it is clear now that crypto is causing many old-timers and CEOs to rethink their opinion on cryptocurrency like Mark Cuban accepting dogecoin as payment for his basketball team.
Will Alibaba be next to enter crypto space?
Also there has been a recent petition by the SHIBA army for alibaba to accept the shiba INU coin as payment.
The petition says Shiba Inu is a meme coin that is gaining popularity day by day. It is developed by an unknown dev Ryoshi to rival another meme coin dogecoin.
The coin is rug free and listed on top crypto exchanges.
if Alibaba considers accepting it as a means of payment for its products the payments can be done on the spot with little or no fees. In other words, we may not have to use bank cards for payments.
Google Pay, AliPay, Shiba Inu?
In addition to google pay, alibaba payment service alipay has also filed for the same five MAS licenses.
Being a tech pioneer in asia it seems logical that alibaba would be involved with cryptocurrencies in some fashion.
Although the situation is complicated with china’s recent reiteration of crypto laws there is no apparent evidence that alipay has intentions to become involved with crypto.
But the possibility can be investigated especially with the recent application for licenses from the MAS.
A string of tweets from 2018 shows that the corporation has expressed interest in developing crypto features at one point.
Additionally, alibaba is known to have acquired a huge number of blockchain patents giving them solid opportunities to develop groundbreaking technologies.
Similarly to google the application for licenses could shine a light on future endeavors.
All in all, although major players are seriously warming up to cryptocurrency and everything that comes along with it it seems that their crypto adoption has not taken full swing yet.
although there is no shortage of optimistic-sounding misinformation online the momentum of DeFi is undoubtedly influencing the tech giants of the world to adapt.
How to buy shiba inu coin on binance:
To buy shiba inu on binance you have to purchase binance coin or tether which is also known as usdt and trade it for shib.
It’s worth noting that binance doesn’t support seven states Connecticut, Hawaii, Idaho, Louisiana, New York, Texas, and Vermont.
If you live in any of these states you won’t be able to purchase SHIB on Binance.
Bottom line Shiba Inu coin is a growing token in the virtual currency market. so it’s riskier than more established cryptocurrencies such as bitcoin and Ethereum.
Even Binance warned its users about investing in Shiba. Stating Shiba is a relatively new token that poses a higher than normal risk and as such will likely be subject to high price volatility after the Binance listing.
so with all this information are you still holding Shiba Inu?
And do you think binance now accepting shiba will cause a shiba inu price surge?
let me know down below if you want to continue to learn about crypto, defy shiba inu and many more coins.
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