Shiba Inu fans have some good tidings, which shows some positive gains after its listing on Bitso Mexico’s biggest cryptocurrency exchange.
However, if the meme-based crypto coin can maintain its momentum or be a repeat story of its listing in Kraken, it needs to be seen.
Coindesk reported that Shiba Inu (SHIB) jumped 16% on Thursday, leading major cryptocurrencies’ gains amid rumors of a listing on Robinhood.
Shiba Inu did gain some positive momentum after its listing on Bitso. However, traders are pensive and doing the waiting act keeping in mind the cryptocurrency’s past performance. Shiba Inu Failed To Develop Sustainable Upside Momentum after Kraken Listing.
Shiba Inu jumped 16%, leading the gains among major cryptocurrencies, amid rumors of a Robinhood listing.
— CoinDesk (@CoinDesk) January 13, 2022
Shibu Inu got a significant fillip in its values when listed in Kraken last November. The meme-based coin values surged from $0.000040 to $0.000054. However, it could not maintain the surge and soon tanked after significant selling pressure pushed it below $0.000030.
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Exchange listings often positively influence the values of cryptocurrencies since they widen the potential investors. The number of Shibu Inu holders continues to grow due to additional listings. At the same time, these new holders are failing to provide momentum to Shibu Inu, and this means that the more prominent players holding the crypto coin are moving their funds out of the cryptocurrency.
Investors in a wait and watch mode
Therefore, the investor is in a catch 22 situation and is waiting to see the effects of the new listing to permeate and settle the values of the crypto coin. In other words, it needs to be seen if the listing is providing any material support to Shiba Inu in the longer term. Most likely, general market sentiment will impact Shiba Inu dynamics, depending on the fate of the world’s two most prominent cryptocurrencies, Bitcoin and Ethereum.