- 20:31 ET, Nov 7 2021
- Updated: 20:31 ET, Nov 7 2021
THE price of Shiba Inu continues to rise, as Bitcoin and Ethereum remain “cheap compared to market.”
Shiba Inu’s worth rose as much as 29 percent on Friday as people hoped Robinhood Markets would include the token in its platform.
The token, with a market cap of of $31 billion, and Dogecoin, which is at $34 billion, are the two top “meme” cryptos, as they are known.
Meanwhile, analysts say the two largest crypto currencies, Bitcoin and Ethereum, are still cheap when compared to traditional equity markets, according to Barron’s.
Wealthsimple, on its part, ramped up its retirement plans by launching a portfolio with an allocation to cryptocurrency ETFs, and the Shiba Inu coin is back up.
The company said it hopes that the launch of its new portfolio will boost employee participation in employer-sponsored savings plans and encourage workers to save for their retirement, according to Financial Post.
Shibu Inu is a cryptocurrency token that allows users to hold trillions of them.
Tokens of Shiba Inu feature the same dog as Dogecoin, which has become one of the most popular cryptocurrencies this year.
Read our cryptocurrency live blog for the latest news and updates…
US SET TO ‘STEM ILLICIT USE OF CRYPTOCURRENCY’
A recent statement from President Joe Biden read: “Cyber threats can affect every American, every business regardless of size, and every community.”
“That’s why my administration is marshaling a whole-of-nation effort to confront cyber threats.”
The White House signaled that the US will gather 30 other countries to discuss responses to cybercrime.
“This month, the United States will bring together 30 countries to accelerate our cooperation in combatting cybercrime, improving law enforcement collaboration, stemming the illicit use of cryptocurrency, and engaging on these issues diplomatically,” it read.
CRYPTOCURRENCY GIVEAWAY SCAMS
In giveaway scams, scammers often pose as celebrities or well-known figures and ask victims to send Bitcoin, promising to send back a much larger amount.
Many giveaway scams are marketed over social media, attempting to connect through Facebook, Twitter, or Instagram.
For instance, victims reported sending more than $2million to scammers impersonating Elon Musk.
DATING APP SCAMS AND CRYPTO
Some cryptocurrency scam operations have started using dating apps to reel in potential targets.
In some reports, scammers would pose as a long-distance love interest sharing a hot new cryptocurrency opportunity.
About 20 percent of the money reportedly lost through dating scams in around the last year involved cryptocurrency.
CRYPTO AND BLOCKCHAIN SCAMS
Cryptocurrencies operate on blockchain networks.
Scammers often claim their blockchain is “in development” or “about to be released,” but all legitimate cryptos will have an accompanying website to verify the currency.
Users can type the name of the crypto into any search engine with the phrase “blockchain explorer” or “blockchain scan” to find the connected blockchain, if it even exists.
WHAT IS ALGORAND?
Algorand is a cryptocurrency of the Algorand blockchain, a public decentralized network on which smart contracts can be built.
It was created in 2019 by Silvio Micali, a professor a the prestigious Massachusetts Institute of Technology (MIT).
The computer scientist has also won the Turing Award for his work in the area of cryptography.
SQUARE MAY BUILD BITCOIN MINING HARDWARE
Square CEO Jack Dorsey said the company may create a bitcoin mining rig in a recent tweet, according to Business Insider.
“Square is considering building a bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide,” CEO Dorsey said in a tweet.
“If we do this, we’d follow our hardware wallet model: build in the open in collaboration with the community.”
WHAT IS HBAR CRYPTO?
Hashgraph is similar to a blockchain and was created in 2017 by American computer scientist Leemon Baird.
The Hedera Hashgraph system is a distributed ledger built on Hashgraph and was created by Baird along with Mance Harmon.
HBAR is the cryptocurrency of the Hedera Hashgraph.
The company itself expalins: “HBAR is the native, energy-efficient cryptocurrency of the Hedera public network.”
WHAT IS DECENTRALAND?
Decentraland is a metaverse token.
Decentraland uses “MANA,” which is an ERC20 token – meaning it’s based on Ethereum’s blockchain.
Decentraland stands out with its unique trading experience because it operates as a blockchain-based cryptocurrency that models itself as a “world owned by users.”
Users can create scenes, graphics, challenges as well as trade digital assets including LAND, estates, and avatar apparel.
“Even with how nascent this industry is, the serious Decentraland players have managed to create a significant income from buying and selling Nft items,” Patrick Moore, founder and creator of Bitcoin and cryptocurrency information website CryptoWhat, told The Sun.
CRYPTO AUDIO STREAMING
Audius is a crypto-powered music streaming platform.
It’s owned and controlled by token holders – and tokens are called Audio.
According to Audius, over 5.3million people have used the platform this month.
Audio has been listed on CoinMarketCap since October 2020, and has rocketed in value following a deal with Chinese-owned social media giant TikTok.
WHAT WILL SHIBA INU BE WORTH IN 2022?
Plenty of cryptocurrency fans have predicted Shiba Inu’s value for 2022, but you should take it with a pinch of salt as those guesses are nowhere near guaranteed.
For example, crypto website Wallet Investor expects a value of up to $0.000018 in a year’s time.
Meanwhile, Coin Price Forecast expects Shiba Inu to hit a value of $0.00002336 by the middle of next year.
It then expects it to end the year at a slightly higher level of $0.00003037.
STEVEN SEAGAL’S BITCOIN SCANDAL
Under Siege and Half Past Dead hardman Seagal was paid to promote “Bitcoiin2Gen” (B2G) which saw 500 investors left out of pocket in cash and other cryptocurrencies as he unwittingly ended up backing the scam.
Seagal reportedly had been offered $250,000 along with £750,000 worth of B2G for appearing in promotional materials for the con artists.
He appeared in a press release for them and “wholeheartedly” endorsed the scheme in a post to his 7million followers on Facebook.
WHAT IS POLYGON?
Polygon is an Ethereum token that powers the Polygon Network, which aims to provide faster transactions on the Ethereum blockchain.
It was originally known as the Matic Network when it first launched back in 2017.
Polygon hit its highest ever level on May 18 when it rocketed to $2.4544.
The price has soared by around 9,200% this year – up from $0.01781 on January 1.
CHINA’S CRACKDOWN ON CRYPTO IS ‘BIG OPPORTUNITY’ FOR US
China’s crackdown on cryptocurrency transactions “is a big opportunity for the U.S.”, according to Pat Toomey, the top Republican on the Senate Banking Committee.
This comes as the US Securities and Exchange Commission lobbied for more regulations when it comes to cryptocurrency.
SWISS REGULATOR APPROVES FIRST CRYPTO FUND
Switzerland’s Financial Market Supervisory Authority has approved the first Swiss crypto fund, Bitcoin.com reported.
FINMA revealed the fund is called “Crypto Market Index Fund.”
It noted that it is “an investment fund according to Swiss law belonging to the category ‘other funds for alternative investments’ with particular risks.”
RISKS OF ROBINHOOD, PART THREE
In July, the platform was also ordered to pay nearly $70million in fines and compensation for misleading customers and outages.
If you are seeking a discount broker and are looking to open an IRA account, you can check out the following platforms: Vanguard, Fidelity, TD Ameritrade, Merrill Edge, among others.
RISKS OF ROBINHOOD, PART TWO
For investing individual stocks, make sure you check company reports, Securities and Exchange Commission (SEC) filings, broker notes, and press releases so you can make the best decisions for your money.
Another risk when choosing Robinhood along with other brokers is that they can restrict trading when there’s unusual activity.
RISKS OF ROBINHOOD
When it comes to risks, investing alone is one because you’re not guaranteed to generate a profit and the value of your assets could fall.
If you’re choosing Robinhood so you can trade stocks and cryptocurrencies – then the game gets even riskier.
Cryptocurrencies are not only difficult to understand but even tougher to predict when bearish trends in the market will take place.
For example, cryptocurrency was thriving this year up until Elon Musk said that Tesla was halting the acceptance of payments in Bitcoin.
BURGER KING GIVING AWAY CRYPTO
Burger King announced it is partnering with RobinHood to give away cryptocurrency.
The promotion started this month and runs until December, a company statement said.
“Royal Perks members get a side of crypto with any $5+ purchase,” it read.
“Earn a crypto coin with an eligible order once per day. But hurry, this is a limited-time promotion!” the website warned.
WHAT IS ROBINHOOD?
The Robinhood platform operates as a discounted brokerage that offers commission-free trading.
Specifically, users can trade exchange-traded funds (ETFs), individual stocks (including American depositary shares), and options.
You can also trade Robinhood’s stock thanks to the company recently going public at a $1.2billion valuation.
CHINA PREVIOUSLY SHUT DOWN CRYPTO EXCHANGES
In 2017, China shut down its local cryptocurrency exchanges.
Despite the war on crypto, Chinese mines power nearly 80 percent of the global trade in cryptocurrencies.
WALGREENS TO OFFER COINSTAR KIOSKS
“Coinstar, in partnership with CoinMe, has launched a pilot that allows its customers to use cash to purchase Bitcoin,” a Walmart spokesperson told CBS MoneyWatch. “There are 200 Coinstar kiosks located inside Walmart stores across the United States that are part of this pilot.”
BANKS MAY REGULATE CRYPTO
US officials are reportedly exploring how banks could hold cryptocurrencies, in an effort to regulate the the asset.
Crypto is fast-growing, and if it continues to develop outside of banks, federal regulators will not be able to control it.
Jelena McWilliams, chair of the Federal Deposit Insurance Corporation, told Reuters in an interview that US bank regulators are looking for a way to have banks exchange with crypto assets.
“I think that we need to allow banks in this space, while appropriately managing and mitigating risk,” she said.
“If we don’t bring this activity inside the banks, it is going to develop outside of the banks. … The federal regulators won’t be able to regulate it.”
WILL SHIBA INU HIT $0.10 THIS YEAR?
Overall, it’s difficult to predict how Shiba’s price will change in the future due to a wide number of factors affecting it.
This includes regulatory crackdowns around the world, and comments by high-profile individuals such as Musk, and other developments.
Mrs Tatibouet noted that it’s tough to predict what the “community” will do next but sees the Shiba rally cooling off soon.
She said: “Are we going to eat up more zeroes or are we going to crash and burn?”
“However, I do see some correction coming in the near term as the hype dies down a bit.”
WHY HAS SHIBA INU BEEN RISING?
But a big reason it’s been rising lately is not only because of Mr Musk’s impact, but there’s optimism that the meme coin will be listed on Robinhood.
This is over a petition getting launched this year on Change.org to “Kindly request of Robinhood to list Shiba Inu coin!”
Recently, the petition surpassed more than 450,000 signatures – just short of its 500,000 goal.
Shiba has been added on more major exchanges including Coinbase Global.
While it hasn’t been added on Robinhood yet, Jordan McCreery, founding partner of Ingrained Media, a marketing firm that implements cryptocurrency programs and strategies, said: “Shiba doesn’t need Robinhood to succeed.”