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It had already been a hectic October and November for the SHIB cryptocurrency, its downward wedge continuing into December.
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Like many other cryptos, SHIB, the token of Shiba Inu, took a pounding in the last week losing a third of its value in 24 hours before pulling back some of that loss.
However it was bouyed in late November when it was listed on the Kraken exchange and announced the appointment of gaming veteran William Volk which signals a move into that direction.
Hints of where that move will take it were given on 8 December when Shiba Inu revealed it had signed a strategic work-for-hire contract with Playside, the Australian video games developer. Under the deal, described as a “fixed-price, milestone-based agreement” the pair will develop a multiplayer Collectable Card Game.
On the same day the exchange Bitstamp announced it would be listing SHIB from today (9 December).
So, what is shiba inu all about, and what is the outlook for its price?
In this article, we take a look at the latest developments to help you consider if the shiba inu could be a suitable coin for your investment portfolio.
Shiba inu price soars and plunges in response to Musk tweets
The so-called “meme coin”, shiba inu, was launched in August 2020. It’s a play on the dogecoin (DOGE) meme, which is itself a parody on the cryptocurrency space. Coins themed around the Shiba Inu dog breed have gained popularity as investors look for the next bitcoin (BTC) to invest in.
The shiba token attracted the attention of investors in May, when it spiked by 2,405% in three days to hit a peak of $0.0000388 on 10 May, in a rally caused by Elon Musk’s appearance on the Saturday Night Live television show. His appearance prompted a sell-off in DOGE as he referred to the cryptocurrency as a “hustle”, having talked it up in previous weeks.
The shiba coin price quickly fell back and largely traded between $0.000006 and $0.000008 over the summer.
A petition on Change.org demanding the Robinhood exchange list Shiba citing the presence of rival dogecoin keeps building signatures but is it making a difference? The petition notes that Binance, another exchange, has listed Shiba which caused a 16% price uplift. At the time of writing there were around 545,000 signatures.
Prices of the shiba inu (SHIB), dogecoin (DOGE) and shiba floki (FLOKI) cryptocurrencies jumped after Elon Musk tweeted a photo of his Shiba Inu puppy in a Tesla on 4 October reigniting interest in the coin. Then Musk admitted he did not own any of the cryptocurrency and it dropped 7%.
But over the next few days it recovered – in fact it rose by more than 40%. Then over November the share price dropped 23%. The news of the Kraken listing and Volk’s appointment led to another sharp rise. Now the coin now stands at $0.0000366 giving a market capitalisation of $20.01bn ranking it 13th.
On 29 November eCommerce retailer Newegg said it would accept SHIB as payment on its platform. Previously it has agreed to take BTC, LITE and DOGE.