0
0
Read Time:4 Minute, 21 Second
Cryptocurrencies are in disarray as a result of the world’s unstable financial markets, macroeconomic uncertainty, recessionary dread, tighter monetary policy, and waning investor confidence. Unexpectedly, one stablecoin, in particular, was bucking this trend. This is none other than Shiba Inu, a prominent stablecoin featured on exchanges for cryptocurrencies. Shiba Inu has quickly become well-known for its distinctive token, which was inspired by a very special dog. The capitalization of the cryptocurrency industry fell below $880 billion on Tuesday, signaling its current difficulties. Due to panic selling, major cryptocurrencies have taken a significant hit, causing substantial losses for investors, exchanges, and many others. Shiba Inu has still succeeded despite the instability and strain, with profits of more than 31% in a year. The token has done better than the market leader Bitcoin.
Shiba Inu and Bitcoin are both currently trading in the negative. The market leader Bitcoin has crossed above $20,000.
Bitcoin is presently trading at $19,818.35 on Coingecko, down by 3.1 percent. Its market cap is around $378.37 billion, and its market domination is approximately 41.15%.
Shiba Inu, which has a market valuation of $6.09 billion, is trading at $0.00001033, down 5.7 percent from the previous trading session. Unlike Bitcoin, Shiba Inu holds a portion of the market, at 0.662 percent, of the market. Shiba Inu is a modern stablecoin, although Bitcoin has been around for more than ten years.
According to Coingecko data, Bitcoin’s monthly drop has been over 30%, while its annual decline has been over 42%. Shiba Inu, on the other hand, has increased by at least 31.5 percent in a year and approximately 11 percent in a month.
Shiba Inu had a lot of demand in the past day’s over $600 million traded volume for meme tokens, according to portal Coin98 Insights. Shib had a transaction volume of roughly $332.6 million, followed by Dogecoin at $273.6 million and Elon at $6.5 million.
Shiba Inu has increased by an astounding 1,25,81,233.91 percent from its all-time low in September 2020. According to CoinMarketCap, the token’s return on investment (ROI) is 6,36,771.46%. The ROI for Bitcoin is currently about 14,573.3 percent.
Shiba Inu, according to the CoinMarketCap website, promises to be the Ethereum-based alternative to Dogecoin’s Srypt-based mining algorithm. Dog-themed cryptocurrencies like Baby Dogecoin (BabyDoge), Dogecoin (DOGE), JINDO INU (JIND), Alaska Inu (LAS), and Alaskan Malamute Token are all present, along with Shiba Inu and the SHIB token (LASM). Investors who missed the Dogecoin surge from 0.0002 to over 0.75 USD have shown interest in these lower-valued currencies.
The whole cryptocurrency market is now having trouble with a lack of liquidity. A number of cryptocurrency exchanges, including Binance, Celsius, CoinFlex, Vauld, and Voyager Digital, have stopped processing withdrawals as a result of the sharp cryptocurrency selloffs that have destroyed a lot of wealth and even caused the collapse of hedge funds like Three Arrow Capital (3AC) that have chosen to liquidate.
It wasn’t only cryptocurrency companies that stopped accepting withdrawals today, Bitay Global’s India Head Amanjot Malhotra tweeted. “Chinese banks have also stopped accepting withdrawals and imposed limitations on them, and people are worried.”
Bitay Head anticipates that the change will take place everywhere.
Additionally, Texas, which has become one of the world’s top crypto-mining centers in terms of processing power, has urged miners to turn down their equipment as they prepare for a heat wave that is anticipated to push their electricity grid to the brink of collapse. Millions of energy-intensive computers are operated by miners like Riot Blockchain Inc., Argo Blockchain Plc., and Core Scientific Inc. to protect the Bitcoin blockchain network in exchange for incentives paid in tokens.
According to Lee Bratcher, president of the Texas Blockchain Council, “over 1,000 megawatts worth of Bitcoin mining load responded to ERCOT’s conservation request by turning their machines off to conserve energy for the grid,” adding that “this symbolizes nearly all industrial-scale Cryptocurrency mining load in Texas and enables for over 1% of total grid ability to be pushed back onto the grid for commercial and retail use.”
The heat wave is expected to keep the machines off, which might drive up energy prices and put additional strain on the state’s power infrastructure. This could have an influence on the profitability of the miners. Notably, the decrease in Bitcoin prices has already made it difficult for miners to pay off debt and raise new funds. Shares of publicly-traded miners have fallen by over 75% this year.
The future performance of Bitcoin will be influenced by tomorrow’s expected US inflation figures.
According to Arcane analysts, like Vetle Lunde, U.S. inflation reports have been linked to days when the cryptocurrency market has been particularly volatile, with the two most recent CPI releases wrecking havoc on the market. On May 11, the above-expected April CPI announcement caused bitcoin to fall by 6%. While part of this slaughter may have been caused by CPI, it also happened during the collapse of UST and Luna, which was probably a major factor in BTC’s decline at the time.
Happy
0 %
Sad
0 %
Excited
0 %
Sleepy
0 %
Angry
0 %
Surprise
0 %
