Shiba Inu, rival to Dogecoin’s meme-based crypto crown, has entered the top 10 of the crypto world in recent weeks.
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The Shiba Inu, branded the “Dojicoin Killer,” has appeared on the unfounded and promising Robin Hood trading app, and it is possible that Cryken, a cryptocurrency exchange, is trying to list Memecoin.
This week the Shiba Inu whale moved $3 billion worth of Shiba tokens from its original wallet, raising concerns that some large holders may be trying to generate revenue.
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Dogecoin and Shiba Inu have been battling for Memecoin’s price advantage in recent weeks.
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Tom Robinson, co-founder of blockchain company Elliptic, said, “Yesterday there were four transactions from this account, which each transferred $695 million from Shiv to a different account for a grand total. That’s $2.78 billion. Bloomberg.. “Not many people bought Shiv from Uniswap about a year ago.”
When holders of large cryptocurrencies like Bitcoin, Shiba Inu, and Dogecoin start moving coins, traders may think the market could be flooded and prices could potentially drop. Last month, researchers warned that the Bitcoin ecosystem is still dominated by large, concentrated players, making the cryptocurrency “vulnerable to systemic risk.”
The price of the Shiba Inu is still up 500% last month at this point, but lost 50% of its value last week. Shiba Inu has been spreading big speculation that Robin Hood might be trying to add cryptocurrency to its platform. This opens the market to millions of additional dealers. Robinhood CEO Vladimir Tenev splashed that hope with cold water but cited regulatory oversight.