SHIB ascends the rumor?

Throughout the weekend, the attention of the crypto circle was attracted by Shiba Inu. The Meme project token SHIB with the Shiba Inu expression rushed from around US$0.000027 to around US$0.000044 in 2 days, an increase of more than 62%, and it also broke a record high.

The surge in SHIB is not unrelated to a rumor. On Sunday, an analytical website “broke the news” without citing any authoritative sources that SHIB will be launched on Monday, the financial products trading market Robinhood. In the end, the fact that it did not happen confirmed that this was a rumor.

What really knocked out the 10% increase in SHIB was the Twitter of Tesla founder Elon Musk, who said in response to questions from netizens that he had never held SHIB. At least one truth is clear. The Shiba Inu pictures that Musk always publishes on Twitter do not represent SHIB. He is just showing off his pets.

Rumors and truth in the game of the public opinion market promote the ups and downs of SHIB, and also blur the focus-6 days ago, Shiba Inu officially approved volunteers released new developments on Medium, the project’s own blockchain The Shibarium platform will be tested and reviewed in a few months. This encrypted asset born from Meme seems to want to go further.

“Listed on Robinhood” rumors stimulated a surge in SHIB 

The rumors of “SHIB launching Robinhood” appear almost every once in a while. It was originally a hope of coin holders who claimed to be “ShibArmy” (Shib Army), and some people even posted a petition on the petition website “change. A petition vote was launched on “org”, and more than 315,000 people signed it online.

Robinhood is a network platform that mainly provides free service fees for stock and encrypted asset trading to retail investors. It has supported 7 types of encrypted assets including BTC, ETH and DOGE. But last Sunday, rumors about the launch were widely circulated due to the addition of a time element, which spurred the rise of SHIB for a short time.

The latest rumors were uploaded from Coinmomo, a website that claims to provide “crypto market fundamental analysis.” It claimed without any authoritative sources to confirm that SHIB will list Robinhood on “Monday.” Of course, when Monday arrived, people did not see SHIB on Robinhood’s trading list, and the rumors were self-defeating.

The cause of this rumor may originate from Robinhood’s recent market survey for users. A screenshot of the questionnaire was posted on Twitter by netizens. One of the contents of the survey was that the platform asked users whether they had purchased certain crypto assets in the past three months. The list includes Cardano, XRP, Dash, Bitcoin, etc., including Shiba Inu.

Can Shib Legion’s wishes be realized on Robinhood in the near future? The platform has never responded positively. It just so happened that Robinhood CEO Vlad Tenev was interviewed by CNBC last week. Throughout the interview, he did not answer the question about whether SHIB will be added to its crypto-asset-related products. He just said officially, “We have seen continued development. Opportunities for Encrypted Trading Business”.

On Monday, while this rumor was self-defeating, Tesla founder Elon Musk poured cold water on SHIB investors.

Musk was elected by netizens as the ” Dogecoin Godfather” for calling DOGE in the first half of the year . On Sunday, a netizen asked on Twitter how much SHIB Musk holds, and the “Godfather” replied “No.” After that, he simply reminded users not to invest all their savings in encrypted assets, “The real value lies in creating products and services for your fellow human beings, not any form of money.”

SHIB ascends the rumor?

Musk said he does not hold SHIB

These responses knocked out SHIB’s gains by 10%, and its price once fell below $0.00004. At least, this breaks the long-standing wishful thinking of investors-because Musk often shares pictures and avatars of Shiba Inu on Twitter, some crypto-asset investors interpret this as a SHIB platform, and even some copycat projects. From his tweet word “coinage”, a token named FLOKI chose Musk’s pet dog name.

In early October, when Musk posted his Shiba Inu pet on Twitter, it triggered the rise of various dog Meme coins, and the topic of SHIB’s label was also widely reposted. Borrowing the celebrity effect to build momentum has long been an old routine of the crypto asset project side. In 2017, many ICO projects found well-known investors and KOL platforms in the circle. When the bubble burst, some KOLs came forward because of “being stationed.” Refute rumors. They may be those with vested interests, but investors who follow suit due to celebrity effects eventually become harvested leeks.

Shiba In u’s real action points to a separate chain

When rumors on the Internet were gambling between true and false, the number of SHIB holdings increased to more than 779,000. The celebrity effect is indeed one of its ways to expand its voice, and Shiba Inu has been holding since its inception. The dream of “from scratch” decentralization constructed by the author may be the motivation that many people are willing to “roll out” for.

In the first February 2021, SHIB became popular because of Shiba Inu’s Meme emoticon pack. At that time, its popularity was more like using one joke to dispel another joke DOGE. The issuance of 1,000 trillion makes SHIB extremely cheap, and the unit price is lower than 7 zeros after the decimal point. If you spend 1 dollar at random, you can get hundreds of millions of SHIB, so that grassroots can also become a crypto asset “giant whale”, which makes it Obtained the support of the first batch of traffic.

Later, SHIB took the advantage of a wave of hype when Musk called for DOGE. The 0 after the decimal point was constantly eliminated, and it even became a “zero game” among coin holders. The increase once again brought attention to SHIB. US$0.000034 was the last record it set on May 11th. Various centralized crypto assets have launched this much-loved asset.

People only started searching at that time. The original Shiba Inu, which SHIB relies on, was built on Ethereum as early as August 2020. With the goal of an “experiment from scratch”, the founder Ryoshi has almost zero investment. under created on the Ethernet Square Shiba Inu contract 1000000000000000 SHIB 50 percent locked in to the center of trading applications Uniswap sales contracts, the other half directly call the ether Square founder Vitalik ( V God later for the fight against SARS Donated part of SHIB).

Since there is no dedicated team, the “team” has 0 SHIB. Ryoshi claims to be only a volunteer of the project. If he wants to own SHIB, he can only buy it from the market; in order to maintain the decentralization and independence of the community, Shiba Inu does not accept any Investment and growth are only related to the talents of community members.

Ryoshi previously introduced himself as an “independent trader” and “nobody” in crypto assets, but has always been fascinated by the origin of the decentralized community, so he founded Shiba Inu, wanting to see what “zero” will eventually grow into. Such a project with the purpose of “communization” has also been praised by the grassroots.

Until May 29 this year, Ryoshi sublimated the mission of the project. Focusing on the traffic talents brought by this token, he began to plan the creation of functional applications, intending to form an ecosystem of products such as transactions, two-layer networks, and NFTs. Since then, SHIB has become no longer just a Meme coin.

SHIB ascends the rumor?

Various functions provided by Shibaswap

Up to now, Shiba Inu has formed Shibswap, Shibshis games, Shiba charity and other products and directions. Among them, Shibswap has formed an economic system operated by three Tokens: SHIB (base currency), LEAH (incentive token), and BONE (governance token). , And provide mining, NFT, burning, trading, equity incentives, pledge and other functions.

People may passively obscure Shiba Inu’s true movement when rumors about SHIB’s secondary market are flying through the sky. At least 6 days ago, Shytoshi Kusama, a volunteer recognized by the SHIB community, disclosed a new development on Medium. When he thanked those holders who spent ETH Gas to obtain SHIB, he revealed the blockchain platform Shibarium in the project plan. Progress, “I am very happy to inform the community that the development of Shibarium is progressing well. We are still a few months away from the first test and review of the system, but the foundation has been laid.”

To put it simply, SHIB is also building a chain. In addition, Shytoshi Kusama said that other developers are developing Shiboshi games and updating ShibaSwap, “Our biggest top-secret project is already in progress.” He did not disclose the content of this top-secret project, which drew the appetite of the outside world.

Perhaps, the rumors are only the superficial factor of the surge of SHIB. The Shiba Inu community does not want this “Shiba Inu” to stay on the road of Meme currency. This expectation is the internal reason that promotes the SHIB ascent, but whether the plan can be implemented will be tested one by one. Does this community have the ability to execute?

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/shib-ascends-the-rumor/
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