Throughout the weekend, the attention of the crypto circle was attracted by Shiba Inu. The Meme project token SHIB with the Shiba Inu expression rushed from around US$0.000027 to around US$0.000044 in 2 days, an increase of more than 62%, and it also broke a record high.
The surge in SHIB is not unrelated to a rumor. On Sunday, an analytical website broke the news without citing any authoritative sources that SHIB will launch Robinhood, a financial products trading market, on Monday. In the end, the fact that it did not happen confirmed that this was a rumor.
What really knocked out the 10% increase in SHIB was the Twitter of Tesla founder Elon Musk, who said in response to questions from netizens that he had never held SHIB. At least one truth is clear. The Shiba Inu pictures that Musk always publishes on Twitter do not represent SHIB. He is just showing off his pets.
Rumors and truths are driving the ups and downs of SHIB in the game of the public opinion market, and also blur the focus-6 days ago, Shiba Inu officially approved volunteers released new developments on Medium, the project’s own blockchain The Shibarium platform will be tested and reviewed in a few months. This encrypted asset born from Meme seems to want to go further.
Robinhood listing rumors stimulate SHIB soaring
The rumors of SHIB launching Robinhood appear almost every once in a while. It was originally a hope of holders who claim to be ShibArmy (Shib Army). Someone even initiated a petition on the petition website change.org specifically for this wish. More than 315,000 people signed the vote online.
Robinhood is a network platform that mainly provides free service fees for stock and encrypted asset trading to retail investors. It has supported 7 types of encrypted assets including BTC, ETH and DOGE. But last Sunday, rumors about the launch were widely circulated due to the addition of a time element, which spurred the rise of SHIB for a short time.
The latest rumors were uploaded from Coinmomo, a website that claims to provide fundamental analysis of the crypto market. It claimed without any authoritative sources to confirm that SHIB will list Robinhood on Monday. Of course, when Monday arrived, people did not see SHIB on Robinhood’s trading list, and the rumors were self-defeating.
The cause of this rumor may originate from Robinhood’s recent market survey for users. A screenshot of the questionnaire was posted on Twitter by netizens. One of the contents of the survey was that the platform asked users whether they had purchased certain crypto assets in the past three months. The list includes Cardano, XRP, Dash, Bitcoin, etc., including Shiba Inu.
Can Shib Legion’s wishes be realized on Robinhood in the near future? The platform has never responded positively. It just so happened that Robinhood CEO Vlad Tenev was interviewed by CNBC last week. Throughout the interview, he did not answer the question about whether SHIB will be added to its crypto assets related products, but officially stated that we have seen the continued development of encryption. Opportunities for trading business.
On Monday, while this rumor was self-defeating, Tesla founder Elon Musk poured cold water on SHIB investors.
Musk was elected as the godfather of Dogecoin by netizens for calling DOGE in the first half of the year. On Sunday, a netizen asked on Twitter how much SHIB Musk holds, but the godfather did not reply. After that, he simply reminded users not to invest all their savings in encrypted assets. The real value lies in building products and services for your fellow human beings, not any form of money.
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— Elon Musk (@elonmusk) October 24, 2021
These responses knocked out SHIB’s gains by 10%, and its price once fell below $0.00004. At least, this breaks the long-standing wishful thinking of investors-because Musk often shares pictures and avatars of Shiba Inu on Twitter, some crypto-asset investors interpret this as a SHIB platform, and even some copycat projects. Coins were coined by his tweets, and a token named FLOKI chose Musk’s pet dog name.
In early October, when Musk posted his Shiba Inu pet on Twitter, it triggered the rise of various dog Meme coins, and the topic of SHIB’s label was also widely reposted. And borrowing the celebrity effect to build momentum has long been the method of the encrypted asset project side. In 2017, many ICO projects found well-known investors and KOL platforms in the circle. When the bubble burst, some KOLs came forward to refute rumors because of the platform.
Shiba Inu’s real action points to a separate chain
When rumors on the Internet were gambling between true and false, the number of SHIB holding addresses increased to more than 779,000. The celebrity effect is indeed one of its ways to expand its voice, and Shiba Inu has been holding since its inception. The dream of decentralization from scratch constructed by the author.
Initially in February 2021, SHIB became popular because of Shiba Inu’s Meme emoticon pack. At that time, its popularity was more like using one joke to dispel another joke DOGE. The issuance of 1000 trillion makes SHIB extremely cheap, the unit price is lower than 7 zeros after the decimal point, and you can get hundreds of millions of SHIB for just spending 1 dollar, so that grassroots can also become a crypto asset giant whale, which makes it gain Support for the first batch of traffic.
Later, SHIB took the advantage of a wave of hype when Musk called for DOGE. The 0 after the decimal point was continuously eliminated, and even became a game of eliminating 0 among coin holders. The increase once again brought attention to SHIB. US$0.000034 was the last record it set on May 11th. Various centralized crypto assets have launched this much-loved asset.
People started searching at that time. The original Shiba Inu, which SHIB relied on, was built on Ethereum as early as August 2020. With the goal of a zero-start experiment, founder Ryoshi was able to do so with almost zero investment. The Shiba Inu contract was created on Ethereum, 50% of the 1,000 trillion SHIB was locked in the sales contract of the decentralized trading application Uniswap, and the other half was directly called to Vitalik, the founder of Ethereum (V God later donated it for the fight against the epidemic Part of SHIB).
Since there is no special team set up, the team has 0 SHIB. Ryoshi claims to be only a volunteer of the project. If you want to own SHIB, you can only buy it from the market. In order to maintain the decentralization and independence of the community, Shiba Inu also does not accept any investment. Growth is only related to the talents of community members.
Previously, Ryoshi introduced himself as an independent trader and unknown person in crypto assets, but has always been fascinated by the origin of the decentralized community, so he founded Shiba Inu, wanting to see what zero will eventually grow into. Such a community-oriented project has also been praised by the grassroots.
Until May 29 of this year, Ryoshi sublimated the mission of the project. Focusing on the traffic talents brought by this pass, Ryoshi began to plan the creation of functional applications, intending to form an ecosystem of products such as transactions, two-layer networks, and NFTs. Since then, SHIB has become no longer just a Meme coin.
Up to now, Shiba Inu has formed Shibswap, Shibshis games, Shiba charity and other products and directions. Among them, Shibswap has formed an economic system operated by three Tokens: SHIB (base currency), LEAH (incentive token), and BONE (governance token). , And provide functions such as mining, NFT, burning, trading, equity incentives, pledges, etc.
People may passively obscure Shiba Inu’s true movement when rumors about SHIB’s secondary market are flying through the sky. At least 6 days ago, Shytoshi Kusama, a volunteer recognized by the SHIB community, disclosed a new development on Medium. When he thanked those holders who spent ETH Gas to obtain SHIB, he revealed the blockchain platform Shibarium’s project plan. progress.
“I am very happy to inform the community that the development of Shibarium is progressing well. We are still a few months away from the first test and review of the system, but the foundation has been laid.”
To put it simply, SHIB is also building a chain. In addition, Shytoshi Kusama said that other developers are developing Shiboshi games and updating ShibaSwap. Our biggest top-secret project is already in progress. He did not disclose the content of this top-secret project, which whipped up the appetite of the outside world.
Perhaps, the rumors are only the surface factor for the surge of SHIB, and the Shiba Inu community does not want this Shiba Inu to stay on the road of Meme coins. This expectation is the internal factor that promotes the rise of SHIB.