2021-11-9 20:43 |
Shiba Inu (SHIB/USD) was a major gainer in October, having reached a record high of $0.000086. However, the coin is showing signs of exhaustion from that bullish uptrend that led to over 1000% gains in just a few weeks.
Currently, data from CoinGecko shows that Shiba Inu is trading at the level of $0.0000559, which is 34% low from its all-time high. While the coin is still holding on to its monthly gains, investors are anxious to see if the prices will gain or drop.
Shiba Inu fails to get listed in major exchangesOne of the reasons that were attributed to the major gains made by Shiba Inu was speculation that the token would be listed at the Robinhood exchange. Robinhood is an exchange that became popular with meme coins after the majority of its Q2 revenues came from Dogecoin (DOGE/USD) trades.
Shiba Inu holders were also optimistic that the meme coin would also get listed on Kraken, one of the leading cryptocurrency exchange platforms. However, this listing is yet to happen. Jonas Luetty, a sales trader at GlobalBlock, told Invezz in an email that,
In light of Kraken failing to deliver on their promise to list Shiba Inu, the #ShibArmy has been vocal about their frustration.
Luetty further noted that the failure of Kraken to list Shiba Inu would have an effect on prices because many people bought the token hoping that the prices would increase. However, they have now started selling, hence the price dip.
Some exchanges are listing SHIB due to demandThe failure of Kraken to list SHIB has not deterred other exchanges from listing the meme coin. Luetty noted that GlobalBlock, a UK based digital asset broker, could offer the token if there was increased demand. He noted that the firm’s views on meme coins were “pragmatic”, but if clients wanted exposure, the broker would offer it to them.
The Shiba Inu token was also added to the list of supported cryptocurrencies by Voyager Digital. The US-based exchange CEO, Steve Ehrlich, noted that the broker was receptive to user needs.
“We’re always closely listening to our community’s requests, and the addition of SHIB has allowed our users to benefit from the recent price increase and build wealth,” Ehrlich noted.
The post Shiba Inu (SHIB) price stumbles after failure to list on Robinhood & Kraken appeared first on Invezz.
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