Is Shiba Inu Worth Holding Long-term?

7:20 am, Fri, 12 November 21

The second-most popular canine-themed meme coin, Shiba Inu, has certainly made a mark in the crypto market. It has been in the spotlight ever since it saw a significant price surge. However, the meme coin has also been met with price corrections, after which SHIB is now trading at $0.00005321 (at the time of writing).

Despite the price correction seen for SHIB, the CEO of KuCoin exchange, Johnny Lyu, believes that the meme coin is worth holding long-term.

Lyu revealed data according to which SHIB has had a higher trading volume than Bitcoin for three consecutive days. Not only this, but the trading volume of SHIB across spot exchanges also briefly outperformed Ethereum last month. Let’s find out more about why Shiba Inu could be worth holding long-term.

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What More to Know About Shiba Inu?

Johnny Lyu had a few strong points that support his opinion that Shiba Inu is worth holding long-term. According to reports, Shiba Inu has not only seen a good price surge this year but is also the third-most Googled digital asset.

On a monthly basis, the average searches are:

  • 22 million for Bitcoin
  • 6.3 million for Ethereum
  • 2.8 million for Shiba Inu

Lyu’s crypto exchange KuCoin focuses on retail investors that are more interested in altcoins such as SHIB and DOGE. According to Lyu, Bitcoin has a high price, which is why many retail investors with insufficient funds prefer to invest in meme coins such as SHIB.

Bitcoin is currently trading at $65,024 (at the time of writing), whereas, Shiba Inu is currently trading at $0.00005321 (at the time of writing).

Even though the price of SHIB has been seeing some fluctuations since the end of October, its price has increased around 570% over the last three months.

Here is a graph by CoinMarketCap that shows the price of Shiba Inu over the last three months.

shib-graph-12-11-2021

According to KuCoin’s CEO, retail investors are more “passionate” about such coins and strive to push the price higher, which is why Shiba Inu is a worthy meme coin to hold long-term.

What Should Crypto Investors and Traders Know?

The overall crypto market is doing quite well as the top two digital assets, Bitcoin and Ethereum seem to be moving with bullish momentum. Even though there are very slight price corrections seen for both digital assets, they haven’t made much difference.

  • Bitcoin is currently trading at $64,903 (at the time of writing) and is expected to surge as high as $70k.
  • Ethereum, on the other hand, is currently trading at $4,747 (at the time of writing), which is an important price region.

The cryptocurrency you choose to invest in or trade is a matter of personal preference. However, whether you want to buy BTC and ETH or meme coins like SHIB and DOGE, make sure you choose the lowest fees crypto exchange.

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