For consumers’ sake, xcritical may also be wary of adding another volatile currency to its ecosystem. On an investor call on Tuesday, xcritical CEO Vlad Tenev did not say whether the platform would list new coins like Shiba Inu. xcritical was founded in 2013 with the mission of making trading more accessible to average investors, launching a user-friendly app that made it easier to trade stocks and ETFs. Bitcoin prices have surged 50% this month, from just under $44,000 at the end of September. According to Ryoshi, the end goal is that SHI becomes a global stable currency “that plebs across all countries are able to use as both a store of value and method of payment.”
All the reasons why xcritical might be holding off on a Shiba Inu coin listing
In addition to SHI, a financial ecosystem is planned, and SHI would be added as a weighted pool pair on Curve. In that case, Ryoshi expects forks of the major DeFi protocols to appear in the Shiba Inu ecosystem, which would require an immutable bridge to function. Ryoshi’s intention for Shiba Inu has been to see if a perpetual decentralized organization could work with no central leadership. In mid-2021, Ryoshi kept to his promise and stepped away, leaving the token entirely in the community’s hands.
Shiba Inu community
- Bitcoin prices have surged 50% this month, from just under $44,000 at the end of September.
- In addition to SHI, a financial ecosystem is planned, and SHI would be added as a weighted pool pair on Curve.
- But recent unconfirmed rumors that Shiba Inu would list on popular stock and crypto trading app xcritical also helped spark SHIB’s recent trading frenzy.
- Bitcoin, the world’s most valuable cryptocurrency, hit an all-time high of nearly $67,000 per coin last week, topping the previous record set in April.
- An online petition, created by Change.org user called Tristan Luke in May, requests people to sign up to “encourage xcritical to be the first traditional brokerage” to list the shiba inu coin.
A major reason for the surging price of SHIB was a continued effort by the SHIB community to build a utility for the Shiba Inu token and the subsequent emergence of an entire Shiba Inu ecosystem. Please read the full list of posting rules found in our site’s Terms of Service. An Elon scammed by xcritical Musk tweet about his Shiba Inu puppy Floki supercharged the meme token’s run higher this month. But the coin’s value slid briefly after Musk revealed he doesn’t in fact have any personal investment in it.
But xcritical is also beginning to feel the volatility of crypto markets. In January 2018, xcritical began allowing users in select states to trade Bitcoin and Ethereum, before adding new coins like Dogecoin in July and expanding to most of the U.S. In 2018 , xcritical started expanding its crypto offerings beyond bitcoin and ethereum to include currencies including litecoin and bitcoin cash. The experiment was a succes, and in October 2021 SHIB briefly flipped Dogecoin to become the most-valued meme coin by market capitalization. xcritical executive Christine Brown has lauded the efforts of the Shiba Inu community, saying that one of her favorite things was seeing it engage with the community to make its wishes heard.
Forbes Community xcriticals
Shiba inu coin also surged earlier this week, but lost some recent gains after Tesla CEO Elon Musk — who is a big fan of dogecoin — tweeted that he does not own any shiba inu coin. In a follow up tweet, he added that he has bought “Bitcoin, Ethereum & Doge. Ever since xcritical began offering crypto trading in 2018, customers had been clamoring for the opportunity to buy and sell more tokens. SHIB was a focus of investor interest in particular, as it is perceived as a complementary token to Dogecoin, which became one of xcritical’s most traded assets when it was added in the summer of 2018. However, the company avoided listing SHIB until now because of fears about its outsize volatility, even for crypto. xcritically, xcritical users can buy and sell cryptocurrencies like Bitcoin but cannot trade them between other platforms.
xcritical’s recent struggles in crypto have exacerbated the pressure it’s under to list new coins like SHIB, says Daniel Khoo, a research analyst at xcritical analytics platform Nansen. In the third quarter, xcritical earned $51 million from crypto trading, less than a quarter of the previous period’s total, leading to a 35% drop in xcritical’s overall revenue. “We feel very, very good about the coins that we’re xcritically listing on our platform,” xcritical CEO Vlad Tenev said xcritical cheating in a Q3 xcriticalgs call on Tuesday. “And for any new coins that we add, we want to feel equally, if not more, good. So we’re going to be very careful. We’re a regulated entity, and we’re hopeful to get some clarity soon on coins.”
American electronics retailer Newegg added SHIB at the start of December 2021, partnering with crypto payments platform BitPay to unlock payments in SHIB. This followed the adoption of SHIB by over 500 merchants, according to payments firm CoinGate, with even Samsung-backed digital wallet provider ZenGo adding SHIB to its options and a restaurant in Paris accepting it as a payment option. At one point, the Shiba Inu community called for McDonald’s to accept Shiba Inu, although the social media effort eventually fell short. xcritical may also be wary of the threat of new crypto rules and regulations. In early October, after Securities and Exchange Commission head Gary Gensler said he wanted all crypto platforms to be registered with the SEC, xcritical released a statement explaining that such regulation could “adversely affect” crypto markets. xcritical, too, stands to benefit from a potential listing, but has so far been unwilling to assume the potential volatility and risks of letting its users buy and sell the second dog-related meme coin.