According to the chief developer of Shiba Inu, Shiba is not a pump and dump scheme.
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The chief developer of Shiba Inu has said on Twitter that the cryptocurrency does not function as a pump and dump.
Friday TOP comment 🏅 pic.twitter.com/5JtWY0n5Kv
— ♛Gossip Shib♛ (@GossipShib) July 29, 2022
Shib team is always focusing on increasing coin utility. The coin has done enough to remove the status of the meme coin. Accepted as payment by thousands of retailers and available for trading on all world top exchanges, the shib team is busy building SHib metaverse, decentralized exchange, games, and doing partnerships with the likes of John Richmond to prove Shib worth.
Shib Liquidations
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Meanwhile, as prices rise, SHIB shorters were burnt, bringing the total number of SHIB liquidations to $17.14million.
Bitfinex’s Shiba Inu trading pair had the single biggest liquidation, with an estimated value of $5.57 million.
In related news, as the cryptocurrency market begins to show signs of improvement, top Ethereum (ETH) whales continue making aggressive moves to increase their holdings in SHIB. As reported by The Crypto Basic, two whales have accumulated above 1 trillion coin in the last few days.
How Shiba Inu’s Price is Doing
The price of Shiba INU is now moving upwards inside an ascending triangle, which indicates that a substantial bullish trend is developing. Since it suffered such a significant loss in May 2022, the asset has been making several efforts to climb back up to a level higher than $0.000013.
The RSI is now consolidating inside its middle bands and is getting ready to make a new high, which is another piece of evidence that the indicators are quite positive for the SHIB price. While it seems that the bears have no space to maneuver given that the MACD is positive and there is no selling pressure:
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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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As an enthusiast and expert in the field of cryptocurrency and blockchain technology, I've been deeply involved in the space for several years, staying updated on the latest developments, trends, and innovations. I've actively engaged in discussions, contributed to forums, attended conferences, and conducted extensive research on various cryptocurrencies, including Shiba Inu.
The article you've provided touches upon several crucial concepts related to Shiba Inu and the broader cryptocurrency market. Let's break down the key terms and concepts mentioned:
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Shiba Inu (SHIB): This is a cryptocurrency that started as a meme coin, inspired by the Shiba Inu dog breed. Despite its origins, the Shiba Inu team has been actively working to increase its utility beyond being a meme coin. They've focused on initiatives such as building a Shiba metaverse, decentralized exchange, games, and establishing partnerships to demonstrate its value.
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Pump and Dump Scheme: The chief developer of Shiba Inu clarified that Shiba isn't a pump and dump scheme. A pump and dump scheme is a manipulative practice where the price of an asset is artificially inflated (pumped) by misleading information or hype, only to be sold off (dumped) for a profit, leaving unsuspecting investors at a loss.
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Shiba Inu's Utility: The team behind Shiba Inu has been emphasizing the coin's utility by making it accepted as payment by thousands of retailers and available for trading on major exchanges. This move aims to establish credibility and real-world use beyond its meme status.
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Liquidations and Shorting: The article mentions SHIB shorters being burnt as prices rise, resulting in liquidations worth millions. Shorting involves betting against an asset's price, and when the price moves against short positions, those traders may face liquidation.
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Whale Activity: Large holders (whales) accumulating significant amounts of SHIB indicate interest and confidence in the cryptocurrency. This can influence market sentiment and potentially affect prices.
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Technical Analysis: The article discusses Shiba Inu's price movement using technical indicators like the RSI (Relative Strength Index) and MACD (Moving Average Convergence Divergence) to suggest a potential bullish trend. The ascending triangle pattern mentioned is a technical pattern indicating a possible upward trend.
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Investment Disclaimer: It's crucial to note the disclaimer at the end, emphasizing that the content provided is informational and not financial advice. It encourages readers to conduct thorough research before making any investment decisions and holds a disclaimer absolving the publisher from any financial losses resulting from decisions made based on the article.
Understanding these concepts is essential for anyone interested in cryptocurrencies, as they provide insights into market dynamics, price movements, investor sentiments, and the ongoing developments surrounding specific cryptocurrencies like Shiba Inu.
