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- Shiba Inu Coin Has 1 Million Holders
With a strong backing of 1 Million investors, the Shiba Inu coin is now targeting to continue with its growth legacy. For a coin that is slightly more than a year old, this is a huge success and a big message to the market.
Already, the coin is among the top 20 largest cryptocurrencies by market value despite its price remaining below a cent.
With this support, most analysts believe Shiba is heading for even bigger success in the future. Although the coin has been dipping in the last few weeks, this latest achievement could change the trend and trigger another rally.
The Effects on The Price
After achieving this fete, the coin recorded a 10% price jump. This is an indication most investors are interpreting this gain as a confidence vote on the coin.
Before the recent dip, Shiba had a rally that grew its price by 500% within a few weeks. This volatility is among the reasons why the coin is attracting a lot of investors.
Recent price action signals show the coin is at a critical support zone that could reverse the trend soon. As investor numbers grow, this is helping to boost the buying momentum that is needed to trigger a reversal.
The 1 Cent Shiba Inu Coin Dream
There has been an ongoing campaign by the SHIB support group known as the SHIBARMY on taking the coins price to at least a cent.
Famously known as the 1 cent dream. To achieve this, Shiba needs growth of at least 100x from its current levels. This can only be possible through an increase in the number of investors as it is happening now.
Shiba Market Popularity
There is no doubt Shiba coin is among the most famous cryptocurrencies in the market. Some social media surveys indicate the coin’s popularity has consistently been among the top 3.
This popularity has made it attractive hence the reason for the growth in numbers. As a speculative asset, most investors are buying the coin due to information on the media and influencer advice.
In return, this is driving the coin’s price instead of key market fundamentals. Even with 1 million investors, Shiba is yet to get listed on some major trading platforms such as Robinhood despite the ongoing campaign to have it available.
Once the coin is available in the major trading exchanges, this number of investors could only grow and probable trigger its price to rise.
Long Term Shiba Inu Coin Growth
The cryptocurrency market is still young with the oldest coin Bitcoin has been in the market for only a decade.
This means the market has a long way before achieving maturity to become a stable financial asset with clear regulations and mainstream applications.
Naturally, these currencies are made to become transactional but this role is yet to materialize. As the coin matures and both the regulators and users accept these currencies, their value could grow tremendously.
Shiba is already working to grow its utility support through the launch of its NFT tokens Shiboshis. There are also some rumors it could be launching its gaming system soon.
Most analysts believe these functionalities could make the coin among the market leaders helping grow its value in return.