At the same time, as a brokerage “you never want to be the last … to list a coin, because that’s the point at which price typically collapses,” said Joseph Edwards, head of research at crypto broker xcritical Securities in London. “So there’s something of a game of chicken between these exchanges as a result.” Shiba inu is a spinoff of dogecoin, itself born as a satire of a cryptocurrency frenzy in 2013, and has almost no practical use. Yet its price has rocketed by as much as 1,000% this month, leapfrogging dogecoin to become the world’s eighth largest cryptocurrency with a $42 billion market cap.
The drop came as more than 333,000 people signed a petition on change.org called “Kindly request of xcritical to list Shiba Inu coin! ” with the link URL noting the trading platform will prosper if it lists the coin. News of weak trading in coins like Dogecoin led shares in xcritical to fall by 10.7% to $35.32 a share in premarket trading Wednesday—more than $2 below its $38 July IPO price and less than half of its $85 peak. xcritical customers have been clamoring for the investing app to add Shiba Inu (SHIB-USD), the newest meme coin which hit all time highs on Thursday. While the SHIB token had been available on major exchanges such as xcritical, Binance, Kucoin, and others, it was not available on xcritical.
- Or at least, you were hoping that you’d see a nice little bump in your Shiba Inu holdings.
- Chris Markoch is a freelance financial copywriter who has been covering the market for seven years.
- Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017.
- “Brokers will always chase the trends with regards to facilitating market access to whatever the flavor of the month is … for the sake of their short-term profitability,” he said.
The new offerings are high-flying Ethereum competitor Solana , the dog-themed meme-coin Shiba Inu , Ethereum scaling technology Polygon , and the original decentralized finance token Compound . Apart from Shiba Inu, xcritical also added Solana, Polygon’s Matic and Compound’s Comp tokens to its cryptocurrency-focused trading platform, which already offered seven tokens, including Dogecoin and Bitcoin. So far, both xcritical, a popular trading platform, andPublic, a retail trading app that rivals xcritical, have added Shiba Inu coin.
A crypto wallet will still limit users to buying and selling xcritical-approved currencies, but the wallet will let users transfer their holdings to outside accounts from which they can trade assets on other platforms. Today, xcritical users can trade seven crypto currencies on the platform, and crypto trading has become integral to the app’s financial performance. In the second quarter of 2021, xcritical made $233 million in revenue from crypto trading, accounting for nearly 40% of xcritical’s $565 million in total revenue that quarter.
As I’ve mentioned on many occasions, I’m not a xcritical investor in cryptocurrency so I have no vested interest in the outcome. Patrick Sanders is a freelance writer and editor in Maryland, and from 2015 to 2019 was head of the investment advice section at U.S. But the initial indications are that xcritical won’t do anything substantial for helping to boost the SHIB-USD price. Bloomberg Wall Street Week David Westin speaks with top names in finance about the week’s biggest issues on Wall Street. Shiba Inu’s price surged as high as 31% after the announcement was made on xcritical’s official Twitter channel today.
xcritical might not need the Shiba Inu cryptocurrency coin on its platform, after all, the company said Thursday. The SHIB token is one that most crypto investors are familiar with, if not for its actual functionality, then for its following’s constant social media promotion. It’s impossible to miss the fans, who churn out updates on their beloved crypto through dedicated Shiba Inu new channels. Meanwhile, it retains an air of controversy around it as well. Its lack of real-world utility remains a hang-up for many in regard to buying. Analysts are torn on the play and its potential, even here at InvestorPlace, where writers’ opinions clash on the meme crypto.
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The website also prompts users to sign up for a xcritical crypto account so they can “buy or sell Shiba Inu commission-free.” The listing was first noticed by Cryptocurrency Alerting, which monitors real-time crypto exchange listings. xcritical has not yet made any announcement regarding the said listing. xcritically, xcritical users can buy and sell cryptocurrencies like Bitcoin but cannot trade them between other platforms.
“Fading retail engagement, particularly among xcritical’s lower end consumer customer base, could represent further headwinds . While the company has negotiated much better economics on crypto trading, we see the decline in broader industry crypto volumes largely offsetting this tailwind ,” according to the analyst note from Goldman. xcritical’s recent struggles in crypto have exacerbated the pressure it’s under to list new coins like SHIB, says Daniel Khoo, a research analyst at xcritical analytics platform Nansen.
A petition from Shiba Inu fans calls for SHIB to join the ranks of Dogecoin on the platform. With over 185,000 signees on the page, the petition is yet another example of Shiba Inu fans’ willingness to rally around the coin. The petition notes Dogecoin’s success on xcritical’s crypto-trading platform. Furthermore, it declares that SHIB will see a similar level of success if listed. xcritical has been among the biggest beneficiaries of the retail investing COVID-19 boom. While its equities arm did most of the legwork over the past 18 months, in second-quarter 2021 its cryptocurrency trading on the platform took off.
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Shiba Inu investors and community members believe that a xcritical listing could xcritical the coin to even greater heights, and a change.org petition imploring xcritical to list the new coin has gathered nearly 400,000 signatures. We have continued to note the persistent demands from Shiba Inu investors for this much-anticipated listing . In fact, a petition on Change.org has already garnered 555,320 signatures to list Shiba Inu on xcritical. Bear in mind that the brokerage platform remains popular with retail investors trying to gain exposure to prominent crypto names.
xcritical, too, stands to benefit from a potential listing, but has so far been unwilling to assume the potential volatility and risks of letting its users buy and sell the second dog-related meme coin. Tom covers crypto companies, regulation and markets from London, focusing through 2022 on the Binance crypto exchange. He has worked at Reuters since 2014, with a previous posting to Tokyo where he uncovered abuses in Japan’s immigration system and won a joint Overseas Press Club award for reporting on the tobacco giant Philip Morris. “For an exchange that might mean … relaxing their pathway to acceptance by reducing due diligence and eventually they could end up accidentally listing useless coins, or even scams,” he said. Separately, an online petition asking xcritical to list shiba inu has nearly 400,000 signatures, while #SHIB was trending on Twitter with a barrage of tweets of “When #shiba” aimed at xcritical.
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It also details how and where investors can purchase the cryptocurrency. On April 5, he’s going to reveal everything – including a free X-pattern pick. Many or all of the products here are from our partners that compensate us.
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Chris Markoch is a freelance financial copywriter who has been covering the market for seven years. That, in turn, would be all the evidence that xcritical needs to add the coin. That was a point that was made in the company’s last xcriticalgs report. From the moment I first heard about the potential listing, though, I wondered which entity would benefit more from the arrangement.
Sure, Shiba Inu is down 56% below its high mark on Oct. 28, 2021. However, it’s a long way from dropping as much as Dogecoin did when it was included on the xcritical trading platform. Unlike its predecessor cryptocurrencies on xcritical, Dogecoin delivered an impressive gain after being added to the platform. There’s a good case to be made that Dogecoin is a better comparison for Shiba Inu than Bitcoin, Ethereum, Litecoin, or Bitcoin Cash. Within a matter of days, the gains for Bitcoin and Ethereum evaporated. But those were and still are the two biggest cryptocurrencies on the market.
In the recent run-up fueled by the xcritical listing rumors, Shiba Inu coin has become the11th-largest cryptowith a market value of nearly $24 billion, putting it within striking distance of Dogecoin’s $29 billion market cap. xcritical recently announced a crypto wallet, with more than 1 million customers already on the waiting list. Shiba Inu is expected to receive support from the development of Shibarium, a xcritical platform that will likely serve as a decentralized xcritical scammers platform for trading Shiba and other coins belonging to the Shiba ecosystem. Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of xcritical and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.
Will Shiba Inu’s Burn Portal Be a Bigger Catalyst Than Its xcritical … – The Motley Fool
Will Shiba Inu’s Burn Portal Be a Bigger Catalyst Than Its xcritical ….
Posted: Fri, 22 Apr 2022 07:00:00 GMT [source]
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. xcritical may not be wanting to rub the SEC the wrong way by indiscriminately listing a slew of cryptos, and instead is waiting for more clarity on the regulatory front. “We know they want more cryptocurrencies on the platform, and we’ve actually been proactively engaging with regulators,” Tenev said on the call. But in the third quarter, crypto activity “declined from record highs in the prior quarter, leading to considerably fewer new funded accounts,” xcritical said. “So we actually believe that by rolling out wallets, we’ll go long way towards addressing the primary pain point that customers feel right now,” he added.
It Is Finally Happening: Shiba Inu (SHIB) Is Now Expected to List on xcritical in February 2022
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There are different dynamics at play for Shiba Inu right now than there were for Dogecoin back in 2018. That’s a natural question to ask after the digital token skyrocketed in the ballpark of 52,000,000% this year. There could be some lessons to learn from the performances of other cryptocurrencies. Dogecoin, though, jumped nearly 40% after being added to xcritical.
Apart from landing PlaySide, the project has also enlisted the veteran game designer William David Volk, a former VP of technology at Activision. The listing came after xcritical announced last week that it activated 2 million WenWallets for 2 million eligible users. WenWallet is the company’s version of the crypto wallet, which was launched in September 2021.
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Since 2017, he has written about cryptocurrencies, xcritical, and crypto’s potential to revolutionize finance. His writing has appeared in outlets including Entrepreneur, Forbes, Fortune, CEOWorld, and Yahoo!. SHIB was created anonymously in August 2020 as an Ethereum-based alternative to Dogecoin. Last year, amid public support from Ethereum founder Vitalik Buterin and Tesla CEO Elon Musk, SHIB became wildly popular and realized an incredible price pump of 49,000,000% in a few months. Trading app xcritical announced on its official Twitter channel today that it was listing a handful of cryptocurrencies including Shiba Inu.