A major crypto exchange’s CEO is set on holding Shiba Inu crypto long term despite its recent tumble. Here’s why
The trading volume of Shiba Inu recently surpassed that of bitcoin for at least three consecutive days on KuCoin, the world’s third-largest crypto exchange based on trading volume, according to Johnny Lyu, KuCoin’s CEO. On Oct. 28, SHIB’s volume was almost three times that of bitcoin.
KuCoin primarily targets retail investors, Lyu said.
As the world’s third most googled cryptocurrency, Shiba Inu notched a gain of more than 380% for the past 30 days and rallied more than 76,000,000% over the past 12 months.
“Seeing bitcoin’s rise, some younger investors without a lot of money want to profit from crypto as well,” Lyu said. “But you’d need over $60,000 to buy one bitcoin. So they turn to Dogecoin and SHIB, where you buy tons using just $100.” A bitcoin can be divided into 100 million satoshi, its smallest unit.
“These investors are very passionate about such tokens and are determined to push the prices higher,” Lyu said. On Change.org, a petition to get SHIB listed on Robinhood has received more than 490,000 signatures.
Despite SHIB’s loss of about 30% over the past seven days, Lyu said he would hold the meme coin in the long term, along with bitcoin and dogecoin.
Bitcoin can be seen as a hedge against inflation, while the dog-themed coins represent the power of community, according to Lyu.
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