Memecoin Price War: Shiba Inu Coin Suddenly Drops 50% as Elon Musk Signals Dogecoin Support

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Billy BambroughSenior contributor

Crypto & Blockchain

I write about the impact of blockchain, bitcoin and crypto on the world.

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Shiba Inu is known as the “dogecoin murderer” and has rocketed on unfounded hopes trading app Robinhood, Kraken, and crypto exchange Kraken may be about to list the memecoin.

A shiba whale shifted almost $3 billion worth of shiba tokens out of its original wallet this week. This raised concerns that large holders might be looking to cash in.

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“It appears like there were four transactions from that account yesterday. Each sending $695 million shib to another account–so it totals $2.78 billion,” Tom Robinson (co-founder of Elliptic), told . “Whoever it is, the shib was bought on Uniswap about a year ago for very few.”

Large cryptocurrency holders, such as bitcoin, shiba Inu, or dogecoin, can trick traders into believing that the market is about to flood. This could mean a lower price. Researchers warned last month that “the bitcoin ecosystem remains dominated by large, concentrated players,” rendering the cryptocurrency “susceptible for systemic risk.”

Although the shiba Inu coin price is still at 500%, it has lost 50% over the past week. The price of Shiba Inu has shot up amid speculation Robinhood might be adding the cryptocurrency to its platform, which would allow the market to thousands more traders. Vladimir Tenev, chief executive of Robinhood, dismissed these hopes, citing regulatory scrutiny.

Kraken, a crypto exchange, tweeted that it would list shib tomorrow if it received “2,000 likes” on a tweet. Kraken replied to the post by saying that it had received over 80,000 “likes”. He said, however: “We have more to do as our listing review process progresses.”

Shiba inu coin has lost around 50% of its value this past week while dogecoin has more or less … [+]

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Shib Inu’s struggles to keep its gains intact have meant that dogecoin has received support from Tesla and Elon Musk, a crypto influencer and billionaire.

Musk responded via Twitter to Billy Markus, co-founder of dogecoin, “HypeHype”, who had suggested that “get-rich quick people” would bail if “a new hype” emerges.

Markus tweeted: “Hype doesn’t last and attracts get-rich-quick people who will bail once theirs gets and/or whenever a new hype emerges.” Add lasting value to something if you want it to be more valuable than it is now. Hype is nothing.

Musk adopted dogecoin this year as his pet project. He asked developers to submit upgrades and miners to upgrade to the latest version. Musk said that dogecoin could beat bitcoin if it lowers transaction fees and speeds up transactions.

 

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