Indodax CEO's explanation regarding the drastic increase in Shiba Inu prices

Lovata Andrean

Indodax CEO's explanation regarding the drastic increase in Shiba Inu prices
Indodax CEO's explanation regarding the drastic increase in Shiba Inu prices

Rancakmedia.com – Indodax CEO Oscar Darmawan provided an explanation regarding the price of one of the cryptocurrencies, Shiba Inu (SHIB), which has jumped drastically in the last week. Basically, said Oscar, the rise and fall of crypto assets is still 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.

However, on the other hand, he added that recently Shiba Inu was receiving happy, emotional news. This is also likely to be a supporting element that causes 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, aka big traders, are actually buying Shiba Inu.

Then finally, there was news of support for the petition on Change.org. Through this petition, the Shiba Army (as fans of Shiba Inu) urges 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 get their hands on it quickly," said Rick Meckler, partner at Cherry Lane Investments in New Vernon, New Jersey, United States, on Friday, October 29 2021, as reported by Reuters.

This increase data is reflected in the movements provided by coinmarketcap.com. This 160 percent figure is also the largest price increase in the past week, among the top 10 cryptocurrencies in the world. An example is the Bitcoin (BTC) currency which has the largest market capitalization, namely US$1,1 trillion. However, last week's price increase actually fell by 1,13 percent.

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

Previously, Shiba Inu's 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 falling again to US$ 38 billion.

Oscar also received information that Shiba Inu was in 9th position, as of 21:21. WIB, October 29. Shiba Inu has also beaten Dogecoin which is currently in ninth position.

However, Oscar cannot say for sure how long this upward bounce will last.
Because what is called an upward or negative trend, he continued, is being created again by the market.

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Lovata Andrean

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