Altcoins

Over $600 million wiped from SHIB market cap in 10 minutes

Shiba Inu (SHIB), a decentralized meme currency, lost almost $600 million in ten minutes on Thursday, October 14.

Interestingly, the token plummeted from $11.22 billion to $10.61 billion in the space of just ten minutes, meaning the memecoin is currently trading at $0.0000274, down 5.2% in 24 hours and down 8.2% in the last week, with a market capitalization of $10.6 billion.

Shiba Inu 1 day price char. Source: CoinMarketCap.com

The collapse follows recent harsh criticism of the coin, particularly from Scion Capital’s former hedge fund manager, Michael Burry, according to Business Insider.

Indeed, Burry called the token competitor to Dogecoin (DOGE), which has a Shiba Inu as its mascot, “pointless.” Not holding back with his words, he called the digital asset a “bad investment option,” given the established impact of having an ample supply on an asset’s price appreciation.

“The Big Short” investor tweeted:

“Just saying, one quadrillion seconds is about 32 million years.” 

He added.

“One quadrillion days is 2.7 trillion years, or ALL of TIME, from the beginning of the universe, multiplied by 71,000. In other words, pointless.”

SHIB total supply

Shiba Inu’s value soared when it was listed on Coinbase on September 16, with $870 million being poured into the currency in less than 24 hours.

Overall, SHIB has a total supply which currently stands at one quadrillion; recently, we noted in a report that 39.47% of all SHIB tokens are trading in the public’s hands, indicating that almost 40% of the total number of coins circulating on the market is in the public’s ownership, based on the verified token supply information provided by CoinMarketCap.

This is the latest in a series of comments against SHIB since the asset started to soar at the beginning of this month, recording remarkable gains that went as high as 300% in a single week.

Retail investor demand

Not only has the hashtag #SHIB appeared many times in the top ten most popular tweets on Twitter, but the meme currency has also recently passed the one million follower mark on the social media platform Twitter.

In keeping with surging retail demand, a petition entitled “Kindly request of Robinhood to list Shiba Inu coin!” has received more than 242,000 signatures and is currently on track to collect 300,000.

The attention around the token has prompted rumors that when Robinhood releases its official cryptocurrency wallets, Shiba Inu would be featured prominently. This is noteworthy since about 62% of cryptocurrency revenue on Robinhood came from transactions using the meme-inspired cryptocurrency Dogecoin. 

At the moment, there are over 1 million people on the Robinhood wallets waitlist, which may well be a further bullish impetus for the coin.

We just hit 1 million people on the wallets waitlist 😎We’re hard at work… stay tuned.

— Robinhood (@RobinhoodApp) October 4, 2021

After taking into consideration the increasing demand for the asset, another exchange, Bitpanda, stated on October 8, 2021, that it has listed the cryptocurrency developed in August 2020 by “Ryoshi,” whose identity has remained a mystery to this day.

Finally, considering the growth in search interest, social media trends, and the potential addition of Shiba Inu to Robinhood, the coin’s value is predicted to continue to rise in the near future, as many people wonder if the SHIB will ever reach one cent.

   

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