The CEO of popular cryptocurrency trading platform KuCoin, Johnny Lyu, has suggested that the meme-inspired cryptocurrency Shiba Inu ($SHIB) is worth holding over the long-term, despite its recent price correction.
According to MarketWatch, Lyu has revealed that the trading volume of SHIB has surpassed that of bitcoin for at least three consecutive days on the trading platform. Last month, the cryptocurrency’s trading volume across spot exchanges briefly surpassed that of Ethereum, the second-largest cryptoassets by market capitalization.
KuCoin, Lyu added, primarily targets retail investors, which have been helping meme-inspired cryptos like Shiba Inu and rival Dogecoin ($DOGE) so far this year. As CryptoGlobe reported, SHIB has become the third-most Googled cryptocurrency so far this year, with 2.8 million average monthly searches. Bitcoin, in comparison, has 22 million average monthly searches while Ethereum has 6.3 million.
Its price went up over 570% over the last three months, despite being undergoing a hefty current since late October.
Lyu noted that seeing bitcoin’s rise some investors “without a lot of money” who wanted to profit from crypto as well turned to DOGE and SHIB, as the price per token is significantly smaller than that of BTC, which is at press time trading above $64,000. In comparison, one SHIB is trading for $0.00005561.
Lyu added that these retail investors are “very passionate about such tokens and are determined to push the prices higher.” A petition asking Robinhood to list Shiba Inu has already surpassed the 500,000 signature mark. The petition, titled “Kindly request of Robinhood to list Shiba Inu coin,” has at the time of writing over 525,000 signatures and is looking to get to one million. In mid-October, the petition had around 240,000 signatures.
It mentions that Robinhood has listed Dogecoin ($DOGE), a rival meme-inspired cryptocurrency, that was a “huge success” for the trading platform. Robinhood listing Dogecoin was very positive for the firm as its revenue increased because of a DOGE trading frenzy seen this year.
Despite Shiba Inu’s recent dip, Lyu said he would hold the cryptocurrency over the long term along with both bitcoin and DOGE. Per his words, BTC can act as a hedge against inflation, while the meme tokens represent the power of their communities.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
Featured image via Unsplash