2021-11-4 23:29 |
Dog-themed cryptocurrency Shiba Inu (SHIB) is currently one of the most talked-about crypto assets in the market. As the meme token has been surging in the market this month, seemingly setting new highs every few days, it has warranted both bullish and bearish sentiments from the crypto-community.
A lot of the conversation around the asset has been held on the micro-blogging platform Twitter and has gotten the attention of a lot of key players. CEO of Twitter Jack Dorsey is one of the significant cryptocurrency figures to chime in the conversation.
Dorsey recently reacted to how far the dog-based meme has come to even be given prominence by the U.S.’s biggest crypto exchange. Dorsey shared a screenshot of Coinbase’s description on mobile application stores that added SHIB as one of the key assets to be traded on the exchange, expressing surprise.
While fellow crypto trading platform Robinhood is yet to list SHIB or even reveal plans to do so in the future, Coinbase has been trading the meme coin for over a month now. Coinbase listed the meme coin on September 16. The relationship between SHIB and Coinbase has been a mutually beneficial one hence warranting Coinbase giving it a place of prominence.
The popularity of the asset has helped the exchange to regain its number one position on Apple Store, overtaking TikTok. The last time it achieved the feat was in May when the Dogecoin frenzy was very strong in the market.
SHIB has been so successful on Coinbase so much so that the 15 minutes outage the exchange experienced on Wednesday is being attributed to SHIB’s trading volume on the day. On that day, SHIB exceeded trading volumes of $5 billion.
Dorsey is one of these few billionaires to react to Shiba Inu. This is coming after Elon Musk, who burst the bubble of the market when he revealed that he had not bought into the asset. This bequeaths the question of if Dorsey’s reaction to the cryptocurrency is a sign that he could be picking interest in meme coins like SHIB?.
One can only speculate on the possibility as Dorsey has not stated that he holds SHIB. In fact, the CEO’s recent tweet has returned to talking about Bitcoin as he most recently tweeted that he does not think there is a more honest market than Bitcoin.
Dorsey has stated in the past that he is “focused” on only one cryptocurrency, Bitcoin. His interest in Bitcoin has been to the exclusion of all others and he has been dedicated to building on the Bitcoin network having initiated several Bitcoin-focused projects with his companies.
This is why although it is possible that he holds some popular altcoins, the chances are very slim.
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