In recent weeks, there has been a lot of talk about the cryptocurrency of Shiba Inu, which has made more fortunate millionaires or even billionaires. However, according to KuCoin CEO, long-term possession of this cryptocurrency is a good idea for several reasons.
Shiba Inu for a long-term possession?
Johnny Lyu, CEO of KuCoin’s popular cryptocurrency trading platform, has indicated that the Shiba Inu (SHIB) cryptocurrency is worth holding for a long time, despite its recent price correction. Lyu also said that SHIB’s trading volume exceeded BTC’s volumes at least three times in a row on KuCoin. Last month, the volume of trading on spot exchanges briefly surpassed ETH. KuCoin, Lyu added, is primarily aimed at retail investors who largely like cryptocurrencies like Shiba Inu or Dogecoin.
The SHIB token has become the third most searched cryptocurrency on Google so far, with an average monthly count of 2.8 million searches. By comparison, BTC has an average of 22 million searches per month, while ETH has around 6.3 million. The price of the SHIB token has been higher by more than 570% in the last three months, although it has been falling quite sharply since the end of October.
Lyu noted that when BTC saw some growth without a large amount of money, who still wanted to profit from cryptocurrencies, they turned to DOGE and SHIB because the token price is significantly lower than the BTC price. Lyu added that these small investors are very enthusiastic about such tokens and are determined to push prices higher because they are driven by greed.
The petition for the Robinhood platform to include Shiba Inu has also exceeded 580,000 signatures. In mid-October, the petition had about 240,000 signatures. This only underscores the fact that the huge community is behind this meme cryptocurrency.
Despite the recent decline of Shiba Inu, Lyu said he will hold the cryptocurrency for a long time along with BTC and DOGE. According to him, BTC can act as a protection against inflation, while meme tokens represent the strength of their communities.