SHIB token has been able to become the 11th largest cryptocurrency token after undergoing a major price rally last month. Several investors are worried about risk factors associated with this meme token that is a clone of the canine joke coin DOGE. The idea behind the token is to present a satire of the token based on a Shiba Inu dog meme roaming the internet.
After the popularity of the original meme cryptocurrency Dogecoin, there are a host of canine meme cryptocurrencies that have entered the crypto markets during the current year. Despite the recent success of the Shiba Inu token, it has recently experienced a 37% price correction. However, a shout-out from an NFL professional athlete might be able to save it from plunging further.
Most people who are not professional investors or IT professionals have heard about the existence of Bitcoin. However, there are more than 4000 variants of digital tokens available in the market, and the number is only growing every day. NFL star Brandon King has recently posted on his official Twitter account that he is planning to buy the dip.
The player hailing from the New England Patriots has gone on to create a lot of buzz among the sports fans who are not aware of the meme cryptocurrency. Recently, many technical analysts have criticized SHIB token for not offering any real use case and for whale investors owning more than 70% of its total circulation supply. However, the SHIB investors seem to enjoy the cryptocurrency since it is easier to buy in due to its cheap price tag.
Social Media Presence of Shiba Inu is Growing Rapidly
Recently, data from a cryptocurrency aggregator declared that the daily trading volume for SHIB token surpassed Ethereum. Considering that Indian cryptocurrency exchanges like CoinDCX have decided to list the token, it is not a big surprise. Other major cryptocurrency exchange platforms like Binance and Coinbase have also listed the meme crypto token on their mainstream platforms.
The investors owning SHIB token have also started an online petition on Change.org for listing the meme token on Robinhood. This petition has already crossed 500K signatures. Robinhood executives have publically declared that the company has no plans to add the meme token on their platform to protect the interest of the investors. Meanwhile, some market analysts believe that Robinhood may enlist SHIB in the future to make up for its revenue losses in Q4.
