Indodax CEO Explanation Regarding Shiba Inu Prices Rise Drastically

Rancakmedia.com – Indodax CEO Oscar Darmawan gave an explanation regarding the price of a cryptocurrency or crypto currency, Shiba Inu (SHIB), which has jumped dramatically in the past week. Basically, said Oscar, the rise and fall of crypto assets is caused by the law of supply and demand. "If demand increases, of course the price will also increase," said Oscar when contacted, Friday, October 29, 2021.

But on the other hand, he added that recently the Shiba Inu are getting some good, emotional news. It is also likely to be a supporting element causing demand to increase. The first started with Tesla CEO Elon Musk who uploaded a photo of a Shiba Inu dog some time ago. Second, whales alias wholesalers who actually buy Shiba Inu.

Then finally, there was news of support for the petition on Change.org. Through this petition, the Shiba Army (as Shiba Inu fans) urge Robinhood, one of the major exchanges in the United States, to offer Shiba Inu coins.

Previously, from the latest data on October 29, the Shiba Inu price was at US$ 0.00007111. This figure had grown to 160 percent in the previous week.

“This seems to be driven by casual buyers who want to pocket it immediately,” said Rick Meckler, partner at Cherry Lane Investments in New Vernon, New Jersey, United States, on Friday, October 29, 2021, reported by Reuters.

This increase data is reflected in the movements provided by coinmarketcap.com. This 160 percent figure is also the biggest price increase in the past week, among the top 10 cryptocurrencies in the world. An example is the Bitcoin currency (BTC), which has the largest market capitalization, namely US$1.1 trillion. However, last week's price increase actually decreased by 1.13 percent.

Then, the Shiba Inu market capitalization has now reached US$ 38 billion. This figure also puts the Shiba Inu in 9th place in the list of the top 10 cryptocurrencies with the largest market valuation in the world.

Previously, the Shiba Inu market capitalization on October 22 was still US$ 10 billion. Only then jump high. This figure rose to US$ 51 billion on October 28, before finally dropping again to US$ 38 billion.

Oscar is also tipped off that the Shiba Inu is in 9th place, as of 9:21 p.m. WIB, 29 October. The Shiba Inu has also beaten Dogecoin which is currently in ninth place.

However, Oscar couldn't say for sure how long this upward bounce would last.
Because the so-called rising or negative trend, he continued, was created by the market again.