Crypto Investors have Taken an Interest in Shiba Inu Token During the Price Drop

The price movement for the Shiba Inu token has slowed down currently. A few weeks ago, Shiba Inu underwent a massive bullish wave and managed to climb up to 12th rank on the crypto leaderboard right next to Dogecoin. Dogecoin is the first set of canine cryptocurrencies that created a lot of buzz in the cryptocurrency market.

Following the immaculate performance of Dogecoin, several other meme canine tokens entered the market. One of these tokens is Shiba Inu that has now been dubbed as the Doge Killer. A technical expert like Edward Snowden has warned the investors against taking an interest in Shiba Inu. Snowden claimed that this token does not offer any real utility, and it is only moving up on account of speculation. Nevertheless, whales are reported to acquire SHIB tokens in large quantities.

CoinDCX to List Shiba Inu

A major cryptocurrency exchange called CoinDCX has recently announced the listing of SHIB tokens from next week. Meanwhile, the Shiba Inu community has also petitioned for Robinhood on Change.org to list it on their platform. However, the CEO of Robinhood has clarified that the platform prefers the long-term interest of its clients over the short-term gains generated by the Shiba Inu token.

However, Robinhood had generated a significant amount of revenue by listing Dogecoin during its peak season. Watcher Guru has recently pointed out that the average price acquisition for SHIB tokens has reached $1 million or 20 billion tokens. At the same time, the average purchase price for Ethereum is only $176,000 or 39 ETH. The crypto analyst also added that the whale investors have been acquiring more Shiba Inu tokens since the correction on October 28th.

According to some investors, the buy-in of the whale investors for any token is a good sign. It is worth noting that when whales hold a major chunk of the circulating supply for any cryptocurrency, they can control the price and set trends for it. However, some other market analysts claim that such a scenario is dangerous for retail investors.

Due to the lack of liquidity, if any whale investor decides to cash out their entire reserve or a major portion, it can drop the price of the said token to near zero. This phenomenon is called Rug Pull, and there is no way that retail investors can predict such an event.