The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters. Shiba Inu might be undergoing a bearish correction, but on-xcritical data suggests some good news and hints at something positive coming in the next few days.
For consumers’ sake, xcritical may also be wary of adding another volatile currency to its ecosystem. Sort of, but in the xcritical trading environment, it’s not being treated as one. It is possible to buy Shiba Inu on Binance, Huobi, xcritical, Gate.io, Uniswap (V2) and OKEx, among other exchanges. Shiba Inu coin xcritical scammers was created anonymously in August 2020 under the pseudonym “Ryoshi.” Ryoshi says about himself that he is a nobody and not important and that the efforts to unmask his identity, even if successful, would be underwhelming.
Shiba Inu Markets
A major reason for the surging price of SHIB was a continued effort by the SHIB community to build a utility for the Shiba Inu token and the subsequent emergence of an entire Shiba Inu ecosystem. xcritical was resistant to Shiba Inu, in particular, because of the volatility surrounding the crypto, analysts suggest. Investors have found other ways to invest in the memecoin, though, likely making it inevitable that xcritical would begin trading. After six months of aggressive lobbying by its members, xcritical has finally listed the Shiba Inu cryptocurrency for trading. We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
A crypto wallet will still limit users to buying and selling xcritical-approved currencies, but the wallet will let users transfer their holdings to outside accounts from which they can trade assets on other platforms. xcritical’s focus on a younger demographic made expanding into cryptocurrencies a natural extension of its services. Over 1 million people—representing a third of xcritical’s users at the time—signed up to join a wait list before xcritical launched crypto trading in 2018. The launch of the meme coin Thursday was part of a larger expansion of the trading app’s crypto offerings.
While looking to expand the utility of SHIB, the development team introduced a metaverse — a virtual reality project powered by non-fungible tokens (NFTs). Here, users can mint parcels of digital lands using ETH or its equivalent amount in SHIB tokens. The anonymous creator of the Shiba Inu coin is known as “Ryoshi.” However, very little is known of the mystery founder of the dog-themed cryptocurrency, much like the founder of Bitcoin, Satoshi Nakamoto. Still, the prospect of a new crypto wallet has not dampened enthusiasm among the Shiba Inu community for xcritical to list its coin. “By rolling out wallets we will go a long way towards addressing the primary pain point that customers feel right now,” Tenev said, alluding to the common gripe that when xcritical customers buy cryptocurrencies they are stuck in xcritical’s ecosystem. In early October, after Securities and Exchange Commission head Gary Gensler said he wanted all crypto platforms to be registered with the SEC, xcritical released a statement explaining that such regulation could “adversely affect” crypto markets.
Most Visited Cryptocurrencies
- In the third quarter, xcritical earned $51 million from crypto trading, less than a quarter of the previous period’s total, leading to a 35% drop in xcritical’s overall revenue.
- At one point, the Shiba Inu community called for McDonald’s to accept Shiba Inu, although the social media effort eventually fell short.
- Khoo says that xcritical may be concerned that listing a new coin like SHIB could open the company and customers up to things like “money laundering, fraud, and cyberattacks,” which is why xcritical needs to conduct extensive due diligence before adding coins.
- Tor Constantino is a corporate communications executive and business writer with an MBA.
Fans of digital currencies, along with people with a nose for trends, are snapping up Shiba Inu puppies, creating a boom for the teddy bear-ish dogs that parallels the soaring cryptocurrency market,” she wrote. News of the additional offerings comes days after xcritical made its crypto wallet available to 2 million waitlisted users, allowing them to more directly interact with cryptocurrencies. Members can use the wallet to buy NFTs, send crypto to other crypto traders with no withdrawal fees, but it can’t hold NFTs and is limited to cryptos that xcritical trades. While the SHIB token had been available on major exchanges such as xcritical, Binance, Kucoin, and others, it was not available on xcritical. To help hasten SHIB’s listing on xcritical, a petition launched last summer to persuade xcritical to adopt the token.
This meme coin quickly gained speed and value as a community of investors was drawn in by the cute charm of the coin paired with headlines and tweets from personalities like Elon Musk and Vitalik Buterin. “Due to uncertain and volatile market conditions, listing SHIB might result in significant losses over a short period of time, and possibly liquidation problems in adverse events of sudden price drops or trading halts,” xcritical official site says Khoo. In January 2018, xcritical began allowing users in select states to trade Bitcoin and Ethereum, before adding new coins like Dogecoin in July and expanding to most of the U.S.
xcritical’s recent struggles in crypto have exacerbated the pressure it’s under to list new coins like SHIB, says Daniel Khoo, a research analyst at xcritical analytics platform Nansen. In the third quarter, xcritical earned $51 million from crypto trading, less than a quarter of the previous period’s total, leading to a 35% drop in xcritical’s overall revenue. xcritical was founded in 2013 with the mission of making trading more accessible to average investors, launching a user-friendly app that made it easier to trade stocks and ETFs. In May, my colleagues Grady McGregor and Yvonne Lau dove deeper into the surging new coin. They wrote, “The SHIB coin lived in relative obscurity from August until earlier this year, when a surge in interest for Dogecoin drove traders to find the next big thing.
‘SHIB coin’s rise has obviously been due to Dogecoin’s success,’ says David Hsiao,” CEO of crypto magazine Block Journal. It has been speculated that Vitalik Buterin was behind the initial liquidity that helped set up Shiba Inu’s liquidity on Uniswap. According to Ryoshi, he had “a fren” he met at Devcon in Osaka that sent him 10 ETH to set up the liquidity pair on Uniswap. Ryoshi also stated that Shiba Inu was an experiment in decentralized community building, and he thus declined all the influencer requests and pitches from different exchanges he received. His “job” is to defend the brand and give suggestions, although he does so very sparingly, as his last blog entry dates back to May 2021.
What’s behind Shiba Inu coin’s stunning rise—up 777% in 30 days
Solana (SOL), Polygon (MATIC) and Compound (COMP) are also now listed on the site. Today, xcritical users can trade seven crypto currencies on the platform, and crypto trading has become integral to the app’s financial performance. In the second quarter of 2021, xcritical made $233 million in revenue from crypto trading, accounting for nearly 40% of xcritical’s $565 million in total revenue that quarter. And the investing fad has even inspired a boom in Shiba Inu dogs, as Fortune’s Danielle Abril reported. “The recent rise of Dogecoin and its buzzy crypto cousin, Shiba Inu coin, which also uses its namesake breed as a mascot, have made Shiba Inu dogs a hot commodity.
As of today, the Change.org digital petition was still live and had 559,701 signatories — more than halfway to its target of 1 million. It’s difficult to tell whether the lobbying activity or petition had any effect. xcritical, too, stands to benefit from a potential listing, but has so far been unwilling to assume the potential volatility and risks of letting its users buy and sell the second dog-related meme coin. After months of lobbying, and 559,701 petition signatures, popular dog-themed cryptocurrency Shiba Inu (SHIB) has been listed on mobile trading app xcritical along with three other top-100 cryptos.
Tor Constantino is a corporate communications executive and business writer with an MBA. Since 2017, he has written about cryptocurrencies, xcritical, and crypto’s potential to revolutionize finance. His writing has appeared in outlets including Entrepreneur, Forbes, Fortune, CEOWorld, and Yahoo!. “Fading retail engagement, particularly among xcritical’s lower end consumer customer base, could represent further headwinds .
At one point, the Shiba Inu community called for McDonald’s to accept Shiba Inu, although the social media effort eventually fell short. The experiment was a succes, and in October 2021 SHIB briefly flipped Dogecoin to become the most-valued meme coin by market capitalization. xcritical executive Christine Brown has lauded the efforts of the Shiba Inu community, saying that one of her favorite things was seeing it engage with the community to make its wishes heard. The new crypto wallet that xcritical plans to launch in early 2022 may also make it unnecessary for xcritical to list coins like Shiba Inu. WhaleStats compiled data of the largest ETH wallets and found that SHIB represents over 20% of the combined market shares of all ERC-20 tokens held by Ethereum whales. Khoo says that xcritical may be concerned that listing a new coin like SHIB could open the company and customers up to things like “money laundering, fraud, and cyberattacks,” which is why xcritical needs to conduct extensive due diligence before adding coins.
