Shiba Inu fans have some good news, showing some positive gains after listing on the largest cryptocurrency exchange Bitso Mexico.
However, if the meme-based cryptocurrency can maintain its momentum or be a repeat of its listing in Kraken, then that needs to be considered.
Coindesk reported that Shiba Inu (SHIB) was up 16% on Thursday, leading the gains of major cryptocurrencies amid rumors of a listing on Robinhood.
Shiba Inu has gained some positive momentum after listing on Bitso. However, traders are contemplating and taking action in anticipation of the cryptocurrency’s past performance. Shiba Inu failed to develop sustainable momentum after Kraken Listing.
Shiba Inu surged 16%, leading gains among major cryptocurrencies, amid rumors of Robinhood listing.
Via @shauryamalwa https://t.co/ilgrl3sXLP
– CoinDesk (@CoinDesk) January 13, 2022
Shibu Inu had a significant fill in its value when it was listed on Kraken last November. The meme-based coin value has increased from $0.000040 to $0.000054. However, it failed to maintain its upward momentum and soon broke down after significant selling pressure pushed it below $0.000030.
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Exchange listings often positively affect the value of cryptocurrencies because they widen potential investors. The number of Shibu Inu owners continues to increase due to more listings. At the same time, these new holders are not creating momentum for the Shibu Inu and this means that more popular players holding crypto are moving their funds out of crypto.
Investors are on standby and watching
Therefore, the investor is in a catch 22 situation and is waiting to see the impact of the new listing to permeate and settle the values of cryptocurrencies. In other words, it was necessary to see if the listing would provide any material support to the Shiba Inu in the long term. Most likely, the overall market sentiment will impact the Shiba Inu dynamics, depending on the fate of the two most prominent cryptocurrencies in the world, Bitcoin and Ethereum.