Johnny Lyu, the CEO of renowned cryptocurrency trading site KuCoin, has recommended that despite its recent price fall, the meme-inspired cryptocurrency Shiba Inu ($SHIB) is worth maintaining in the long run.
Lyu claimed that the trading volume of SHIB had eclipsed that of bitcoin on the trading platform for at least three consecutive days. The cryptocurrency’s trading activity on spot exchanges momentarily exceeded that of Ethereum, the second-largest cryptocurrency by market value.
Lyu stated that KuCoin is largely aimed towards retail investors, who have aided meme-inspired cryptos such as Shiba Inu and competitor Dogecoin ($DOGE) so far this year. According to CryptoGlobe, SHIB has surpassed Bitcoin as the third most Googled cryptocurrency this year, with an average of 2.8 million monthly searches. By contrast, Bitcoin receives an average of 22 million monthly searches, while Ethereum receives 6.3 million.
Its price has increased by almost 570 percent in the previous three months, despite the fact that it has been subjected to a strong current since late October.
Lyu observed that when bitcoin’s price increased, some investors “without a lot of money” seeking to benefit from crypto resorted to DOGE and SHIB, whose price per token is substantially less than that of BTC, which is now trading at $64,000. By contrast, one SHIB now trades around $0.00005561.
Lyu continued by stating that these retail investors are “very enthusiastic about such coins and are motivated to drive values upward.” A petition requesting that Shiba Inu be included to Robinhood has now crossed the 500,000 signature mark. The petition, titled “Kindly request that Robinhood offer Shiba Inu currency,” now has over 525,000 signatures and is hoping to reach one million by the end of the month. By mid-October, the petition had accumulated around 240,000 signatures.
It discusses Robinhood’s listing of Dogecoin ($DOGE), a competing meme-inspired cryptocurrency that was a “great success” for the trading site. Robinhood’s decision to list Dogecoin was a boon for the company, as income rose as a result of this year’s DOGE trading craze.
Despite Shiba Inu’s recent decline, Lyu said that he intends to retain the cryptocurrency alongside bitcoin and DOGE in the long run. According to him, BTC might operate as a buffer against inflation, while meme tokens reflect the community’s authority.
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