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Shiba falls but retail investors still have strong appetite

By Andreas Ismar

03:01, 8 November 2021

A Shiba Inu dog
Shiba Inu dog – Photo: Shutterstock

Shiba Inu has pulled back from recent rebound following negative sentiments on the jump of its circulation and an unidentified investor moving massive coins to different wallets.

Last week, investors moved over 40 trillion coins to four different addresses, stoking fears that the person might prepare to sell them. Shiba Inu’s price tanked to $0.00004907 on 4 November, before rebounding to $0.00006241 the following day.

Over the past 24 hours, the coin fell 6.8% at $0.00005398, according to CoinMarketCap. In the past seven days, Shiba Inu has fallen 26%, with its market capitalisation plummeting below $30bn as it dropped out of the digital token top 10.

More followers

“Had 170million shib, I wanted to hold but after squid, and how shib is being shady not addressing the circulating supply issue I sold everything,” user JamesKryt tweeted on 4 November, during last week’s fall.

The fall, however, did not discourage retail investors to flock to Shiba Inu. As of Sunday, the official twitter account received 1.8 million followers, topping Ethereum’s 1.7 million.

“Smash the [love] button if you believe $SHIB will flip $ETH,” user CryptoLoretta said in a tweet.

“$SHIB will have one million holders by the end of year, but I'm pretty sure it'll be by the end of this month,” user BaronShiba tweted.

DOGE/USD

0.14 Price
-2.130% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

XRP/USD

0.61 Price
+1.950% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

SOL/USD

179.94 Price
-1.860% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652

ETH/USD

3,443.39 Price
-1.580% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

The interests from retail investors curbed Shiba’s fall from its intraday low of $0.00005315.

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Bitcoin, Ether on the rise

Rival Dogecoin rose 2.9% to $0.2696, regaining lost grounds of the previous seven days, in early Asian trade on Monday. In terms of market capitalisation, Dogecoin ranked ninth, about $5.5bn above Shiba’s valuation.

Elsewhere, bitcoin rose 5.3% to $65,283.04 closing in on its all-time high of $66,974, while ether was up 3.4% at $4,708.19.

Cardano rose 2.7% at $2.05, while XRP jumped 9.1% at $1.26.

Binance Coin, the third largest cryptocurrency by market capitalisation, fell 1.2% at $639.06.

Read more: Crypto news: Bitcoin weathers taper, Shiba crashes out of top 10

Markets in this article

BCH/USD
Bitcoin Cash / USD
386.75 USD
-9.35 -2.370%
DOGE/USD
DogeCoin / USD
0.1383192 USD
-0.0029996 -2.130%
ETH/USD
Ethereum / USD
3443.39 USD
-55.28 -1.580%
SHIB/USD
Shiba Inu / USD
0.00001822 USD
-0.00000061 -3.360%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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