It has been an exciting week for Shiba Inu holders, as the SHIB price set a new all-time high eight days ago and promptly retraced by over 40%. Of course, such momentum isn’t unique in the cryptocurrency space, but it always creates some speculation. Nevertheless, many see the dip as an excellent buying opportunity, and even the KuCoin CEO endorses the project.
New SHIB ATH And Retrace
Several crypto assets have recorded a new all-time high price over the past few days. Eight days ago, Shiba Inu attained that level by hitting $0.00008616. Thus, despite the recent market dip, there is a significant price surge, as the asset is still up by 201.1%. Of course, many investors would give an arm and a leg for such steep returns, yet it remains to be seen if there will be a strong market bounce over or after the weekend.
Unfortunately, that all-time high was 40.5% ago. It is a very steep correction, although nothing experienced crypto traders and enthusiasts haven’t seen before. Crypto assets are incredibly volatile, especially if the asset has a very high supply, like Shiba Inu. It is not impossible to see a new all-time high next week, though, as anything is possible in this industry.
The SHIB price remains a hot talking point, which will undoubtedly influence the price somewhat. Moreover, there is over $11.5 billion in daily trading volume, which makes SHIB outperform most cryptocurrencies. Binance remains the main liquidity contributor, although Coinbase Exchange and OKEx do their part too.
Brandon King Is Stocking Up
Getting a celebrity or athlete to endorse Shiba Inu will go a long way to establishing a price rebound. Brandon King, a linebacker for the New England Patriots in the NFL, is convinced now is a good time to buy more SHIB. More and more football players have begun exploring cryptocurrency investments lately, which is an intriguing trend. Whether SHIB is the right play or a flag on the field will remain subject to debate.
Im buying more #SHIB— Brandon King (@BrandonKing4787) November 4, 2021
Robinhood Petition Gains Steam
When people created the Change.org petition to list SHIB on Robinhood, few expected it to be successful. Such a petition doesn’t necessarily guarantee a Shiba Inu listing on the platform, but it will certainly get some attention. Almost 500,000 people have signed so far, indicating trading SHIB on Robinhood is in high demand. Moreover, the company needs something to boost its quarterly crypto revenue sooner rather than later.
KuCoin CEO Endorses Shiba Inu
Perhaps the most intriguing development in this space is a recent quote by KuCoin CEO Johnny Lyu. As SHIB presents massive trading volume on KuCoin, Lyu said that young investors could raise the SHIB price. It presents a more accessible investment vehicle than Bitcoin or even Ethereum due to its lower unit price.