Last week, Robinhood listed Shiba Inu, in a watershed moment that saw a closure to over six months of waiting by SHIB enthusiasts.
Shiba Inu, the second-largest meme token with a market cap of $13.9 billion saw a drastic upshot, with price surging up to 34% hours after listing. The uptrend, which seems to have picked up this month, albeit with some calm has seen the coin maintain steadfastness since Monday’s open.
Diamond Hands, Biggest Gainers
The uplift rewarded those who managed to scoop some coins at around the $0.000022 support. One of the most profitable groups however has been the “hodlers”.
HODL or “hold on for dear life” is a term used by cryptocurrency investors who refuse to sell their coins regardless of the price decreasing or increasing.
According to market analytics firm IntoTheBlock, diamond hands by SHIB hodlers paid off well with their bags swelling following the upsurge after the announcement that Robinhood had listed Shiba Inu.
“Diamond Hands win $SHIB Hodlers remain unfazed and accumulated during the past weeks and it’s paying off with Robinhood announcement,” IntoTheBlock tweeted, adding that “Addresses holding SHIB >1yr increased their balance by 57% in just 30 days – They now hold 2.82% of the supply”
SHIB’s transactional volume has also climbed by 536% in the past twenty-four hours thanks to a ton of liquidity flowing into Robinhood and other major exchanges to purchase the coin. But just what would SHIB need to hit $0.001?
Shiberse Utility Kicks Off
Following the debut, Shiba Inu’s team announced the launch of the Metaverse (BID EVENT) asking users who currently have $LEASH or Shiboshi in their wallets to start bidding for the 36,431 plots in the metaverse.
The event ushers Shiba Inu into the token utility ecosystem and is expected to throw SHIB into the limelight once again.
Wen Shibaswap 2.0 For Token Burn?
The forthcoming Shib burn program under ShibaSwap 2.0 in addition to other avenues of burning tokens including community burns and other burn projects could see hundreds of trillions of SHIB tokens destroyed “in a bad year” according to Shiba Inu Discord moderator SHIBQueenie. The reduction of coins is expected to help double down the value of the remaining coins, sending SHIB’s price soaring.
That said, on Wednesday, Shiba Inu faced a huge supply wall approaching $0.00003, throwing the coin into a sideways squeeze that extended into the middle of the day. However, that seems not to have dissuaded buyers who continue to band together in hope that a breach and close above $0.00003 will set the stage for higher moves. As of writing, SHIB is trading at $0.000025.
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