S&P 500 Drops More Than 2% As Traders Rush To Take Profits After Recent Rally

Key Insights

  • S&P 500 retreated as traders continued to take profits after the recent rally. 
  • Recession fears, strong dollar, and rising yields served as additional bearish catalysts. 
  • The tech sector was hit hard, while the energy sector managed to stay in the positive territory. 

Traders Prepare For The Jackson Hole Symposium

S&P 500 found itself under strong pressure at the start of the week and moved below the 4150 level as traders took profits ahead of the Jackson Hole Symposium, which starts on August 25.

Recession worries, strong dollar, and rising yields have also contributed to the sell-off. However, it looks that traders searched for an excuse to move out of long positions after the strong rally from June lows.

While the FedWatch Tool indicates that there is a 56.5% probability of a 75 bps rate hike, bulls are afraid that they will hear something too hawkish from Fed Chair Jerome Powell, who is scheduled to speak on Friday.

At this point, a 100 bps rate hike looks extremely unlikely, but traders often become nervous when they want to take some profits off the table.

Semiconductor Stocks Retreat As Yields Rise

Semiconductor stocks were hit hard, and Intel retreated to multi-year lows. Competitors like AMD and NVIDIA have also declined by 3 – 4% today.

While semiconductor stocks have been under pressure for months, some stocks in this market segment, like NVIDIA, remain richly valued. High valuation levels may them more sensitive to rising yields.

Meanwhile, Ford put pressure on Dow Jones as it announced that it would cut 3,000 jobs. Ford noted that it wanted to focus on electric vehicles and software.

However, the market is worried that job cuts signal that demand for cars is not as strong as previously expected. Electric vehicle makers like Tesla and Rivian have also moved lower today.

It was a hot day for the followers of meme stocks as AMC stock collapsed on worries about Cineworld bankruptcy. Bed Bath & Beyond lost more than 15% amid worries about the financial health of the company. The current market sentiment may present a problem for meme stocks, which may find themselves under more pressure in the upcoming trading sessions.

In general, there was nowhere to hide except energy today. Energy stocks received support due to strong performance of the oil and natural gas markets. Shares of Chesapeake and Range Resources moved closer to yearly highs.

For a look at all of today’s economic events, check out our economic calendar.

AMC Price Update – Dropping Below $20.00 Could Trigger Broader Collapse

AMC Price Action Recap

  • Last week I noted the pattern breakout in AMC that signaled a near-term target of $32.00 or higher.
  • Prices spiked to $34.33 and reversed immediately at the described levels.
  • A post-Fed minutes plunge below $20.00 would support a collapse to fresh lows in April.

AMC Daily Chart and Price Forecast

Prices stopped cold at multi-zone resistance highlighted last week – AMC needs to hold $20.00 between now and Friday to prevent a more extensive breakdown. Collapsing below $17.00 would promote the worst-case bearish scenario and drop to new lows.

Chart

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In short, AMC needs to hold $20.00 to remain constructive. Slipping below $17.00 would support a breakdown.

I own HYMC, so I want to see AMC prosper, but at the moment, the technical outlook is a bit scary. I think the Fed may break something when they tighten.

Disclosure: I’ve been long HYMC before AMC took a 22% stake.

AG Thorson is a registered CMT and expert in technical analysis. He believes we are in the final stages of a global debt super-cycle. For regular updates, please visit here.

Why Robinhood Stock Is Up By 25% Today

Key Insights

  • Robinhood launches new extended hours. 
  • The company says that it is working towards 24/7 investing. 
  • Analyst estimates may move higher as new trading hours should boost revenue.

Robinhood Stock Rallies After The Company Extends Trading By Four Hours

Shares of Robinhood gained strong upside momentum after the company announced that it decided to extend trading by four hours.

Robinhood noted: “By expanding pre-market trading to 7 a.m. from 9 a.m. ET and after-hours trading to 8 p.m. ET, we’re adding an extra four hours for orders to be filled”. Previously, the company offered extended hours trading from 9 a.m. to 9:30 a.m. ET and 4 p.m. to 6 p.m. ET. Robinhood also noted that it was working towards offering 24/7 investing.

The market’s reaction was very strong, and the stock was up by 25%. The recent rally in meme stocks like GameStop and AMC may have also provided some support to Robinhood stock.

What’s Next For Robinhood Stock?

The company’s decision to boost trading hours will increase its revenue, so it’s not surprising to see that traders decided to buy the stock on the news.

Currently, analysts expect that Robinhood will report a loss of $1.26 per share in the current year and a loss of $0.77 per share in the next year, so the company is not expected to become profitable in the near term.

Robinhood stock declined from the $85 level in August 2021 to the $10 level in mid-March 2022, so the company feels the pressure to boost revenue and get closer to profitability.

It remains to be seen whether analyst estimates will materially improve in the upcoming weeks, but Robinhood is clearly making a move in the right direction. At the same time, it should be noted that the stock will likely remain highly volatile in the upcoming trading sessions as traders will try to evaluate whether the strong upside move was justified.

For a look at all of today’s economic events, check out our economic calendar.

AMC Price Forecast – Price Breakout Supports $32.00 Target

AMC Price Target

With AMC currently above last week’s high, the odds favor a breakout to the $30.00 to $32.00 area. I see stiff resistance coming in around $32.50, which may be challenging to overcome. To recommend sustained upside, I need to see a robust breakout above $36.00.

A reversal that closes below $21.00 would recommend an end to the current rebound and a potential new leg lower.

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Key Resistance

If AMC reaches $32.50, it will meet converging resistance:

1) Prior support and breakdown below $32.50 from December 2021.

2) The declining 200-day MA.

3) The dashed downtrend line going back to the top.

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Disclosure: I’ve been long HYMC before AMC bought and took a 22% ownership stake.

AG Thorson is a registered CMT and expert in technical analysis. He believes we are in the final stages of a global debt super-cycle. For regular updates, please visit here.

 

AMC Price Forecast – Bulls Need a Strong Breakout Above $21.00

Failing to recapture $21.00 in March and dropping below $12.90 could have devastating consequences.

AMC Daily Chart Analysis

  • Bullish: I see the potential for a W-bottom in AMC, with a potential target near $32.00 upon a confirmed breakout above $21.00.
  • Neutral: Failing to breakout above $21.00 and slipping below $16.00 would support more sideways consolidation.
  • Bearish: Failing to breakout above $21.00 and dropping below $12.90 would activate our $5.00 price target.

Chart

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Note- AMC would have to stay above $21.00 for three trading sessions to confirm a bullish breakout.

AG Thorson is a registered CMT and expert in technical analysis. He believes we are in the final stages of a global debt super-cycle. For regular updates, please visit here.

 

Shiba Inu Price Predictions: SHIB Trade Volume Increases as Outlook Improves

For starters, the dog-themed digital token was launched in August 2020 by an anonymous developer named Ryoshi. Its case is akin to that of Bitcoin and Satoshi Nakamoto.

One of its core goals was to rival dogecoin. In fact, it is dubbed “doge killer”. But unlike dogecoin, it is developed on the Ethereum network. This means it is compatible with Ethereum, and its ecosystem supports decentralized exchanges and NFTs. In fact, it has a DEX known as Shibaswap. The supply of SHIB is abundant, with a total supply of one quadrillion tokens.

Historic Data and Increasing Trade Volume

One of the factors that caused the massive growth was the loyal support base. Shiba Inu is 100 percent controlled by its community. Elon Musk endorsed the coin, boosting its demand after announcing his intention to own a Shiba puppy. The price skyrocketed 300% after the tweet.

However, the price of Shiba Inu has declined significantly from an all-time high of $0.00008 to $0.00002209, ranking 15th largest cryptocurrency. The good news is that SHIB is positive, setting it for a rebound.

The daily trading volume has increased to $800 million after falling to around $480 million. However, the weekly trading volume is still low. According to data from Yahoo finance, it has only been lower than this week’s trading volume three times since the beginning of the year.

But the number of holders has increased from around 1.1 million at the beginning of the year to around 1.19 million.

Shiba Inu Predictions

CryptoPredictions.com predicts for Shiba Inu to reach $0.00003705 in March. In the second quarter, the price is expected to range between $0.00002537 and $0.00003770.

The monthly average price of Shiba Inu is forecasted to cross $0.00003 in May. An uptrend will see the price of Shiba reach a maximum price of $0.000038 in the third quarter.

However, the momentum is expected to dwindle. During the period the price is predicted to reach a maximum of $0.00003791. The meme coin value is predicted to fall if bears take control of the market. However, it will find support at $0.00002578 in the last quarter.

Why Shiba Inu is Set for Growth

AMC Accepts Shiba Inu Payments

AMC will accept SHIB payments. AMC is the largest movie exhibition in the globe, with 950 theaters. It currently accepts Bitcoin, Litecoin, Bitcoin Cash, and Ether. Customers will pay online on the AMC website by March 16th and the apps by April 16th.

Increasing Shiba Inu Adoption in Turkey

Yet another development that could push the price of Shiba Inu upwards is the increased adoption of the meme coin in Turkey. The country’s economic minister met with the Shiba community to discuss Shiba Inu.

The meeting comes as the Turkish lira is on a free-fall after one of the highest inflation to hits the country. The currency lost 44% in 2021.

New Utilities

The future of cryptocurrencies seems pegged on their utilities. Digital tokens with excellent use cases appeal most to investors and hence enjoy more growth. In October 2021, Shiba Inu released 10000 non-fungible tokens called Shiboshis, which sold out in 35 minutes.

Shiboshi will largely be used to play the Shiba Inu game. However, it also gives users exclusive access to the Shiba Inu Metaverse known as Shiberse.

Without a doubt, the handful number of the Shiba Inu NFTs is not enough for almost 1.2 million Shiba Inu army to enjoy the metaverse and gaming features. Therefore, it is likely that the ecosystem will add more Shiboshi in the future.

Shiba Inu has a native decentralized exchange known as Shibaswap. Just like centralized exchanges, its functions include liquidity pools and swapping. However, the decentralized DEX does not require intermediaries. In addition, it supports governance, staking, and Siboshis NFTs.

Technical Analysis

SHIB seems to be consolidating around a descending triangle which is a buy signal. We can therefore expect the price to reverse and head upwards.

The technical analysis coincides with the increasing holders and trading volume. It is likely that once the bulls take control of the market, they will push the price upwards with strong momentum. The development of the NFT and metaverse endorsement from celebrities could be the trigger to this massive growth.

Conclusion on Shina Inu Predictions

Shiba Inu is one of the strongest growing cryptocurrencies. In 2021, the cryptocurrency had over 1 million Shiba Inu hodlers. It also benefited from an endorsement from Elon musk. However, the price has dropped. But there is positivity in the recent price decline. It provides an opportunity to buy low. With the increasing volume, Shiba could simulate 2021 growth.

YOLO: The New Investment Strategy That Rakes in Millions to Young Investors, But Remains Risky

The adherents of the YOLO movement are a young bunch of diehard optimists believing in a single stock and its future performance, pitching in all the chips they have, while hoping for the best.

The meme phenomenon has spread far and wide beyond the obscure dark and not-so-dark humor online boards into the financial market, with crypto meme coin tickers taking up the precious characters of Tweets posted by some prominent investors like Elon Musk. But it has recently overspilled into the conventional financial industry of Wall Street, taking on the form of the YOLO movement.

This bizarre phenomenon has seen stocks being pumped beyond even the most optimistic prices by online message boards in an almost coordinated tidal wave that swept across the booming market through 2020 and 2021.

Birth of a legend

With over 80% of investors in YOLO stocks being born in the late 1990s, their overconfidence in continued market growth is staggering, allowing them to take on leverage in the form of credits and debts to start investing in selected stocks. And though there is no actual asset class that could be termed YOLO, it pertains to companies that have posted immense gains and generated headlines during the pandemic lockdown period.

Among the most notable examples over 2020 to 2021 are AMC Entertainment (AMC), which skyrocketed by over 2,000% in just under a year, and GameStop (GME)– up 5,232% in the past year. Others in the league are Bed, Bath & Beyond (BBY) with 328% gains, Blackberry (BB) – 113% year-to-date, and others.

It all started in early 2021 with GameStop Corp. (GME), which saw its stocks boosted by a group of Reddit users who started investing in it and attracted others to do so. The price soared tenfold from $4 in 2020 to $350 in early 2021. And though stocks eventually took a nosedive to $40 by February of 2021, the GME saga allowed some investors to make millions in short positions on its traction in under a few weeks.

Needless to say, a legend was born that took on a life of its own and spread like wildfire, feeding on the hype frenzy and the trusting nature of YOLO stock investors.

In fact, stocks with considerable short interest attract droves of buyers. In turn, the short-sellers have to start covering their positions by buying back the shares that they had previously borrowed and sold. Such a rush results in massive artificial demand fueled by message board posts, pushing prices up.

The risks

Youth is oftentimes described as a disease of inexperience. And rightly so, considering the young age of most investors in YOLO stocks. Such inexperience in true market dynamics is the reason why the strategy is extremely risky, as most investors in one-off stocks hyped by message boards have never seen a bearish market, nor have they any clue of what a market crash looks like.

Considering that, and the fact that many of them are investing borrowed funds, their life savings, or even their mom-&-pops’ money, is painting out an eerie picture of the potential consequences of what a sudden market crash or shakeup could result in.

Past the fun and excitement of YOLO investing lies the harsh reality that only a meager portion of quick in-&-out investors rake in millions on the strategy. The risks far outweigh the benefits, as the odds of losing all are roughly the same as making some.

Intuition and message board posts from users pursuing their own interests are far from ideal investment consultants. When taking on the murky path of YOLO investing, one must never forget about portfolio diversification — a pillar of investment management that most young investors simply disregard.

Apart from offering some interaction with a community of concurring investors that may vanish as quickly as the investment in hyped stocks, YOLO is not a sound long-term investment strategy. The mere fact that YOLO stocks were chronic underperformers is a clear indicator that their price spikes are doomed to be grounded the moment the hype wears out.

However, if one is eager to try out YOLO investing, the first step would be to select the proper stocks. Reddit channels like Wallstreetbets are the go-to venue, where heated discussions and real-time updates can shed light on potential unicorns and gems. Doing some proper research is also vital, making sure that selected companies have high short interest and available call options, so essential for leveraged investments and bets on positive price traction.

Invest cautiously

YOLO is a fad, a fleeting phenomenon that is certainly not for the average or inexperienced investor. Such stocks are best suited for professional traders with leverage to spend, while novice or entry-capital market players should opt for lower-risk instruments like growth stocks, value stocks, dividend stocks, and large-cap stocks of major companies.

Considering that a great many YOLO investors entered the market out of boredom during the first lockdowns, or after being chatted into it by friends and message board users, the risks they bear with every cent injected are immense. YOLO is more like gambling with borrowed money, where the chances are teetering on the edge of the blade either way.

Far worse is the fact that YOLO stocks serve the experienced investor and the lucky few, attracting droves of fresh liquidity providers by splaying a handful of success stories as the norm of future stock performance for all involved. With less experience and even less money than previous generations, YOLO investors are playing naked with fire.

StockTwits Partners FTX to Launch Crypto Services

Finance-focused social media platform, StockTwits has taken a step further into the industry with plans to launch crypto and derivatives trading services. 

FTX.US Partnership

The platform is partnering with FTX.US to enable trading. With this new service, StockTwits users will trade crypto and derivatives directly from the app.

The platform, which was originally a social media app for investors, has been in existence since 2008. It claimed to have popularized cashtags, i.e. the combination of dollar signs with a stock ticker symbol $GOOGL, $TSLA, $COIN, etc.

It shot into the limelight in 2021 during the short squeeze frenzy involving AMC and GameStop stocks. Along with subreddit r/Wallstreetbets, StockTwits helped popularize the meme stock movement last year. The retail investors’ short squeeze led to hedge funds losing billions on short positions.

At that time, StockTwits was one of the discussion platforms for investors. The New York-based company has the tools and data that encourage investors and traders to interact and discuss. 

But in recent times, crypto discussions have become prominent. Clearly, the team behind the platform has now seen it can serve more than one purpose. 

With 6 million registered users and 5 million active monthly users, the new feature means that millions of retail investors will now have access to crypto. 

Eyes Crypto and Derivatives Trading

It also means that StockTwits joins the list of companies involved in the short squeeze saga who have now integrated crypto. Robinhood, GameStop, and AMC have already integrated crypto into their services.

According to the CEO, crypto trading will allow it to better serve users. With “community and data” already in place, “the addition of execution” completes the production expansion.

The partnership with FTX means that StockTwits means that the platform will become a sort of Robinhood for retail investors. 

But its social media features and data analytics means it can distinguish itself from other retail trading platforms. While it’s starting with crypto, it intends to expand into derivatives trading later.

Is SHIBerse a Real Catalyst for Shiba Inu?

Shiba Inu gained some upside momentum after it announced that the name of its Metaverse (SHIBerse) would be revealed in the next few days.

Shiba Inu Rebounds Together With the Whole Crypto Market

Metaverse became a very hot topic after Meta Platforms (which was previously known as Facebook) revealed its plans to bet heavily on digital worlds.

Shiba Inu developers have joined the trend and are ready to announce the name for the upcoming Metaverse:

Interestingly, there was no special reaction to the announcement. While Shiba Inu has bounced back from recent lows, the move was driven by the broad rebound in crypto markets. Bitcoin moved from the $33,000 level to the $38,000 level, and other cryptocurrencies followed.

From a big picture point of view, the leading meme coins, Shiba Inu and Dogecoin, remain in a downside trend. I’d note that meme stocks like GameStop or AMC have also lost a lot of ground in recent months, suggesting that traders may be losing interest in the “meme” topic.

This is a major threat to meme coins as their success is dependent on the constant growth of their popularity. In case the market switches to other topics, Shiba Inu will move lower.

A Move Above $0.00002250 Will Push Shiba Inu Towards $0.00002350

shiba inu january 26 2022

Shiba Inu is currently testing the resistance level at $0.00002250. In case this test is successful, Shiba Inu will move towards the next resistance which is located at $0.00002350. A move above this level will open the way to the test of the resistance at $0.00002550. If Shiba Inu gets above $0.00002550, it will head towards the next resistance level at the 20 EMA at $0.00002620.

On the support side, the nearest significant support level for Shiba Inu is located at $0.000020. In case Shiba Inu declines below this level, it will head towards the next support at $0.00001860. A move below this level will push Shiba Inu towards the support near recent lows at $0.000017.

AMC Price Prediction – Dropping below $20.00 Could Trigger Waterfall Decline 

AMC PRICE CHART 

I assign the following odds to the next 3-months of price action in the AMC chart below:

*Bullish Breakout above $35.00 (30%)

*Neutral consolidation between $20.00 & $30.00 (30%)

*Bearish Breakdown below $20.00 (40%)

AMC chart

Note- If prices collapse below $20.00 in the coming days, downside follow-through below $15.00 will support the worst-case scenario and panic selloff to $10.00 or lower.

AG Thorson is a registered CMT and expert in technical analysis. He believes we are in the final stages of a global debt super-cycle. For regular updates, please visit here.

 

Airbnb Could Adopt Cryptocurrencies Thanks to a Twitter Poll

An increasing number of corporate entities are enabling cryptocurrency payment options for their customers. However, some companies are taking an unlikely route in adopting cryptocurrencies.

Airbnb Users Want Company to Provide Crypto Payment Options

A recent poll by Airbnb CEO Brian Chesky has seen its customers ask for cryptocurrency payment options. Chesky conducted a Twitter poll over the weekend, asking his 399k followers to suggest a feature or product the company should launch in 2022.

In a follow-up tweet earlier today, Chesky pointed out that he has received 4,000 suggestions so far, and integrating cryptocurrency payment options tops the list. Airbnb users want to rent their next house or apartment on the platform and pay for the services using Bitcoin or other cryptocurrencies.

Other top requests included transparent pricing displays, a guest loyalty program, updated cleaning charges, and better customer service. The Airbnb CEO said he also received a couple of token ideas. However, he said the company’s payment selection would not be limited to one or two cryptocurrencies.

If Airbnb goes on to integrate cryptocurrency payment options, it wouldn’t be a surprise to the broader crypto community. In an interview with The Verge in November, Chesky said Airbnb is looking into the cryptocurrency and metaverse sectors.

“We are definitely looking into it. Absolutely. Like the revolution in travel, there is clearly a revolution happening in crypto. Airbnb and crypto both have interesting relationships with trust,” he said.

AMC Ran a Similar Poll Last Year

AMC, one of the leading theater chains in the world, entered the cryptocurrency space in November. On November 12, the company announced that it was now accepting Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.

AMC’s CEO Adam Eron conducted a Twitter poll in September to ask his followers if they want the company to start accepting cryptocurrencies. 68.1% of the respondents replied affirmative, and the company now accepts cryptocurrency payments.

The company said it intends to add Dogecoin and Shiba Inu payment options soon.

What Can You Buy With Cryptocurrencies?

The cryptocurrency market has become one of the leading financial markets in the world, thanks to its recent growth. The industry is worth more than $2 trillion, and with this level of growth comes the adoption. However, despite the growing popularity of cryptocurrencies, some people still don’t know what they can purchase with their crypto.

To address those concerns, this article informs you of the various places where you can pay with cryptocurrencies.

Cryptocurrencies are accepted in many sectors

A decade ago, Bitcoin was a relatively unknown financial asset. However, nowadays, it is known in every part of the world and is slowly going mainstream. With the mainstream adoption of cryptocurrencies increasing, it became easier to pay for goods and services using Bitcoin and other cryptos.

El Salvador became the first country to make Bitcoin a legal tender, and you can pay for anything with BTC. The United States, Canada, Spain, the United Kingdom, South Korea, and Singapore are amongst the countries that are also recording an increase in cryptocurrency transactions. Here are some of the ways to use your cryptocurrencies to pay for goods and services.

Technology and Ecommerce

One of the areas where you can easily spend your cryptocurrencies is technology and eCommerce. eCommerce companies are making it easier for their customers to pay for their products using BTC and other cryptocurrencies.

Overstock is one of the leading retailers that allows users to pay for their products with crypto, thanks to its partnership with Coinbase. NewEgg is an online retailer of technology products like computer hardware and consumer electronics, where you can use your bitcoins to pay for these products. Alza, the leading online retailer in the Czech Republic, and Japan’s Rakuten are other top retailers that accept cryptocurrencies.

If you wish to pay for your domain name in bitcoin, then Namecheap is the hosting company you should patronize. The Internet Archive also allows users to access web archives and accepts bitcoin donations.

AT&T is one of the first major mobile carriers globally to enable its users to pay for services using cryptocurrencies. The company partnered with BitPay to provide the crypto payment option to its subscribers.

Tech giant Microsoft allows its users to top up their Microsoft account using cryptocurrencies. The company suspended the service for a while but reactivated it as the adoption of BTC and other cryptos grew.

Dish, one of the leading TV service providers in the United States, allows users to pay for their cable subscription using Bitcoin, thanks to its partnership with Coinbase.

Entertainment sector

One of the areas where cryptocurrencies have gained adoption is the entertainment sector. It is becoming easier to pay for services using bitcoin and other cryptos in this industry. AMC, one of the leading cinema chains globally, now allows people to pay for movie tickets and other services with a few cryptos such as BTC, ETH, SHIB, and DOGE.

Amazon-owned leading game streaming platform Twitch is another place where you can pay for services using Bitcoin. The company briefly removed the service in March 2019 but has re-enabled it in June 2020.

Food Industry

Another area where cryptocurrency adoption is growing is the food sector. Several fast-food joints are now accepting Bitcoin and other cryptocurrencies as payment options for their products.

Burger King Venezuela partnered with Cryptobuyer to accept cryptocurrencies as a mode of payment. Their customers can pay in Bitcoin, Dash, Litecoin, Ethereum, and Tether. Pizza Hut is another giant pizza franchise that allows customers to pay for their food with Bitcoin.

KFC Canada is another major fast-food company that accepts Bitcoin as payment for its products. The company partnered with BitPay to process the payments. Denver-based Quiznos partnered with Bakkt to launch a pilot that allows customers to purchase food with bitcoin via the Bakkt app.

Sports

Cryptocurrency companies have penetrated the sports industry. Over the past few months, crypto companies such as FTX and Crypto.com have partnered with numerous sporting institutions to increase the awareness of cryptocurrencies.

The adoption goes beyond sports entities partnering with cryptocurrency companies. Some sporting institutions now accept cryptocurrency payments. The Dallas Mavericks accepts Bitcoin as a payment method for both game tickets and merchandise, and BitPay processes cryptocurrency payments via the team’s website.

The Miami Dolphins is another team that allows you to pay for game tickets using Bitcoin and Litecoin.

Portuguese-based football team Benfica is one of the first soccer institutions in Europe to accept Bitcoin for game tickets and merchandise.

Travel and Hospitality

The hospitality industry is one of the biggest promoters of cryptocurrencies. Richard Branson’s Virgin Mobile and Virgin Airlines allow you to pay for space travel with BTC. Norwegian Air Shuttle (Norwegian), Scandinavia’s largest airline and Europe’s third-largest budget airline, is another travel company that allows customers to pay for tickets with cryptocurrency.

CheapAir, one of the leading online travel agencies in the United States, partnered with Coinbase to allow its customers to pay for travel and hospitality services with Bitcoin. Travala and Bitcoin.Travel are two other leading online travel agency that permits their customers to pay for services using BTC and a few other cryptocurrencies.

Real Estate and Art

An increasing number of real estate firms accept cryptocurrencies as payment for their properties. Cryptocurrencies have also penetrated the art world. British auction house Christie’s now accepting Bitcoin and Ether for some of its paintings, both physical and digital.

Gift Cards and VPNs

The other sectors where cryptocurrencies have gained adoption are VPN and gift cards. Gyft allows users to buy and sell gift cards online for top retailers like Amazon, iTunes and Starbucks, and the company accepts Bitcoin as payment for its services.

ExpressVPN, CyberGhost, NordVPN, and PrivateVPN are some of the leading VPN service providers that allow users to pay for their services and upgrade their accounts using Bitcoin and a few other selected cryptocurrencies.

Final Thoughts

The use of cryptocurrencies to pay for goods and services is becoming increasingly popular. Businesses are beginning to accept cryptocurrency payments directly or through third-party processors like BitPay, a trend that seems set to continue through 2022.

 

2022: The Year of Trader Power!

As an effervescent mixture of government policy and the personal and corporate reaction to said government policy along with the innovative minds of those who have sought to either get around the circumstances and prosper or to invent whole new methods of trading have been major facets this year.

The year 2021 started with a crash, literally! It was in mid-January that the meme stock phenomenon began to take hold across the European and North American markets, with Reddit groups for the first time in electronic trading history being able to not only bring down the stock prices of publicly listed entertainment giants such as GameStop and AMC Entertainment, but create their own grass roots movement to influence the global markets and even bring over 30 market makers to their knees.

ETX Capital proudly began the year with the ability to fully manage the GameStop short. We were one of the very few retail electronic trading companies that continued to operate an uninterrupted service, with the TraderPro platform and our customer service and dealing staff fully functioning throughout what was an unprecedented circumstance that suddenly caused volatility.

A large number of other firms made it impossible for their customers to close trades or to contact them by telephone, resulting in a class action litigation in the US against over 30 retail electronic trading companies, banks and brokerages.

This fascinating episode set the tone for the year, and 2021 has been a year of uncertainty and market opportunity.

The question is, what will 2022 be like? Will we all still be looking at market commentators on television talking about oil prices, energy companies going bankrupt, airline stocks and the decimation of the entertainment industry?

2022 holds even more in store than that.

Firstly, it could well be that 2022 will become the most empowering year for retail traders for a very long time. There has become far more transparency regarding Payment For Order Flow (PFOF) which is a form of compensation and benefit which a brokerage firm receives for directing orders to different parties for trade execution.

This means that perhaps the traditional and somewhat expensive method of passing orders to third parties for execution may well become a bit more obsolete.

In order to move with the times, brokerages now have to adapt and become more multi-asset, and offer their own range of services and trading instruments, and begin to challenge the retail banks.

There was a time at which retail FX brokerages were intent on being able to offer the same service to retail traders as institutional trading desks do to their institutional clients. Nowadays, the focus has moved away from that and toward becoming a challenger bank.

Being an ultra-modern multi-asset broker with fully integrated proprietary trading infrastructure is the way forward.

In 2022, we will begin to demonstrate yet further advances as ETX Capital prepares to lead the modern era of trading with our fully comprehensive fintech facilities which are leading edge in terms of execution and technology, yet draw on our 50 years of commercial expertise.

This year is the year in which the London-based disruptive fintech firms should be regarded as being in the same industry sector as the brokerages.

Additionally, investment banks with a large market share in FX order flow execution at Tier 1 level are beginning to emulate the innovators of the retail world.

This is the first time in history that the boot has been on the other foot. In the past, Tier 1 banks with their elderly, dare I say legacy, Single Dealer Platforms have been in an almost dictatorial position toward their liquidity takers. Brokerages which send orders to the Tier 1 banks on what is known as an ‘A book’ basis have often had to capitulate to extremely one-sided trading conditions, usually weighted in favor of the banks.

For example, if a regulated FX brokerage chose which trades to process and which to reject, not only would there be a barrage of quite justified customer complaints, but the regulators would be at their door immediately with a suitable reprimand, yet many Tier 1 banks who are themselves market makers, conduct ‘last look’ execution all the time, without any repercussions and with the entire industry accepting it.

This is a longstanding practice in which liquidity providers, often Tier 1 banks, provides a quote rather than a firm price into the trading system or execution venue and effectively cherry pick the orders when they are sent.

With modern trading entities, non-bank market makers are rising in popularity and have taken the top market share slots from the most established Tier 1 banks.

This dynamic is likely to continue and the lines between traditional brokerages and modern fintech should become far less rigid. Indeed, those which do not enter the modern fintech arena are likely to be left behind.

Whilst 2021 began with the meme stock flash crash, and was punctuated in the middle by Elon Musk’s Twitter tirade which crashed the cryptocurrency market by almost $1 trillion, we have learned that these events garnered a totally different response than anything like that would have done in the past.

Instead of running a country mile from memes or crypto, many more investors got interested and it gained a tremendous following whilst the prices were down.

This is a case of evolution and revolution in one package. Quite simply, the world’s economy is very different today to how it was a few years ago and astute investors are looking for these modern opportunities.

Therefore 2022 is likely to be a year in which even more investors, both retail and institutional, move into new asset classes, especially empowering ones such as cryptocurrency which can be influenced by the ‘crowd’ rather than controlled by investment banks.

We may well be entering the age of empowerment and democratization for traders… exciting times are ahead!

Andrew Saks, ETX Capital.

Dogecoin (DOGE) Price Prediction 2022

Dogecoin launched in December 2013 as a Reddit joke coin. However, soon after launch, the coin went to the mainstream, attracting several use cases. Among its earliest uses include online tipping and charities.

Over the years, DOGE became one of the most significant crypto assets and the largest meme coin as of 2020. It reached the top 10 crypto assets by market cap. For many crypto users, Dogecoin is a household name. This guide explores the price changes of Doge in 2021 and what to expect in 2022.

DOGE Gained Over 3100% in 2021

Dogecoin performed exemplarily in 2021. It’s true to say that 2021 is the best year for DOGE since its launch. At the start of the year, DOGE was trading at $0.005685. By February, the coin hit $0.034 and later went to as high as $0.7376 in early May.

However, even though the prices of the coin surged, the bullish trend didn’t last for long. Over a month later, the coin had lost a large portion of its value. As of December 2021, the currency was trading around $0.18, losing over 70% of its all-time high recorded in May.

Compared to prices at the start of the year, DOGE has gained massive profits in 2021.

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So, what drove its value to such excellent performance?

The most influential factor was the bullish crypto market noticed from December 2020. Post the bitcoin halving, BTC and the entire crypto market began a bullish run. However, a larger bullish statement happened at the start of 2021 when bitcoin managed to triple in value. Most of the other cryptos followed the course with DOGE being one of the beneficiaries.

While bitcoin contributed vastly, external support by influencers and KOL expanded DOGE’s growth. Elon Musk and Snoop Dog are among the two major KOLs who impacted Doges prices. Their tweets led to an immense increase in the communities of those top crypto assets.

Furthermore, another factor that vastly contributed to the growth in Dogecoin is the increase in use cases. In 2021, multiple companies and platforms accepted DOGE payment options. In the early months, Dallas Mavericks accepted the use of the coin for purchasing tickets. Mark Cuban, the Dallas Mavericks owner, tweeted that “DOGE is the one coin that people use for transactions.”

AMC Entertainment, a movie network, also announced plans to use it as a payment option.

Finally, Dogecoin is one of the crypto networks with the biggest fanbases. The official Dogecoin twitter page has a massive 2.7 million followership. It’s also the most famous coin on Reddit, having originated from that.

As soon as the coin hit its ATH, it lost over 70% in value. The price plunge marked the start of a bearish statement, triggered by factors affecting BTC. Elon Musk was criticized on social networks, with people claiming he is planning a pump and dump scheme. But, at the end of 2021, Musk still supported DOGE, contributing to the reformation.

Elon Musk’s impact and the Bitcoin price actions caused the changing prices in Doge over the year 2021.

What Awaits DOGE in 2022?

There is a lot of positivity within the DOGE community concerning the coin in 2022. The crypto space will indeed grow further next year, and that will be noticeable from cryptos like Dogecoin. In 2021, the coin benefited from broad institutional adoption as a payment option. The same will continue in 2022, with more retailer shops and exchanges endorsing DOGE.

Tesla was vastly linked with Dogecoin in 2021. Some investors tried to convince Elon to accept it as a payment alternative for Tesla. While nothing is official yet, the coin’s enthusiasts can follow the developments in 2022.

In mid-2021, some DOGE enthusiasts suggested a new use case for it in hot tubs. That would increase the relevance of the coin in daily activities. Elon seemed to have loved the idea, but it’s still under exploration. Enthusiasts will love to see more on the use case come 2022.

There are already several DOGE killers during this report’s writing. However, in 2022, the crypto space may notice the rise of more Dogecoin killer tokens and coins like Floki. If any of them is like Shiba Inu, DOGE may face more competition.

Considering all the expected developments, 2022 will likely be a more significant year for the coin. The question is, how will the above developments affect its price?

Dogecoin 2022 Price Prediction and Technical Analysis

Some experts anticipate that by mid-2022, DOGE will hit the $1 mark. Others expect the price to go as high as $1.5 in the next five years.

According to technical indicators, Doge is currently trading below its 200-day simple moving average. Due to the massive developments the coin will undergo next year, it could easily perform better in the long term.

A chart showing the 200-day simple moving average, with Doge trading below the average

While there are expectations of DOGE hitting the new ATH at $1, investors might have to settle for a far less value at around $0.40, according to walletinvestor. For the coin to hit an immense high next year, it must continue garnering community support.

All in all, DOGE is expected to pump higher come 2022. Investors can wait and see how things pan out.

Shiba Inu Price Prediction For 2022

Several factors, largely external, contributed significantly to the massive surge in Shiba Inu price. Elon Musk tweets indicating that he was shifting his support from dogecoin to Shiba Inu perhaps carry the most weight in the meme coin price proliferation. Additionally, a petition to have the meme coin listed on the Robinhood platform also contributed significantly to having massive price growth. Thirdly, the meme coin released non-fungible tokens known as Shiboshis. What’s more, Listing on numerous crypto exchanges has increased its visibility.

A combination of these factors saw SHIB’s value grow over 50000000% to eventually overtake dogecoin and become the reigning meme coin, at least for a day.

Shiba Inu Price Forecasts

Currently, Shiba Inu is trading at $0.0000324, a massive dip from an all-time high of $0.00008833. At the time of writing, the 24-hour trading volume was $1,993,797,637. The meme coin is the 13th biggest crypto with a market cap of $17,846,214,682, a good standing favored by global investors.

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CryptoPredictions.com Forecasts

CryptoPredictions.com is a leading prediction site for digital assets that also has SHIB forecasts. These forecasts are calculated with the use of Shiba Inu historical data while using mathematical formulas that help determine the likely future trend of the cryptocurrency.

Q1 and Q2

In the first quarter of 2022, the site expects the price of Shiba Inu to trade at a maximum price of $0.000084. The price is expected to grow and eventually reach $0.000088 by the end of June.

Q3 and Q4

The steady growth is expected to continue in the third quarter and reach a maximum price of $0.000093 by September. The forecasted price in the fourth quarter is a maximum of $0.000098 and eventually hit $0.0001 in January 2023.

Shiba Inu is developing new products that could give it the push to touch new highs. For example, its developers are working on $LEASH and $BONES flagship tokens.

In addition, it is in the process of rolling out SHIBSWAP, a crypto exchange that will make it easy for traders to exchange SHIBs with ease. Currency is available for trading at Huobi, OKex, and Binance.

Technical Analysis

The Shiba Inu chart pattern has formed a bullish triangle pattern which points to a possible upwards breakout. Therefore, investors can expect a bullish movement. However, if the breakout fails, the price will continue to plummet.

Also, the price is consolidating in a previous resistance zone, around $0.000030. This area acts as a support level. If the buyers manage to control the market, the price will likely reverse and head upwards. However, if the market fails to hold at this level and breaks below the area of interest, the price of Shiba could continue to fall.

It is imperative that traders exercise a lot of patience at this level to withstand the contests between bears and bulls. To give you a perspective, many traders could be trapped, especially in a false breakout.

The relative strength indicator currently stands at level 40. This means that the bearish move could continue as the price heads to oversold areas. But that does not rule out the possibility of the bulls taking charge of the market any time, especially if fundamentals give them a reason to buy.

The chart also shows price movement within a descending channel. Investors with bullish prejudice should wait for the price to break above the channel. Once it retouches the channel, you should be ready to open long positions.

Fundamental Analysis

SHIB critics argue that it lacks real utilities or underlying value.  Instead, its growth has largely been due to the fear of missing out (FOMO), speculation, and Elon musk’s erratic tweets.

But here is good news. The digital token has lined up a chain of interesting projects. In December, Shiba Inu contracted Playside, an Australian video game developer, to develop a multiplayer collectible card game. Besides game development, the creation of level 2 blockchain Shibarium is ongoing. In addition, Shibarium will host an Oshiverse metaverse and other ambitious projects.

Newegg tech e-retailer and AMC Entertainment have emerged as the first merchants to accept SHIB payments. Flexa recently announced it has integrated Shib as an accepted payment token which will allow users to pay at Lowe’s, Gamestop, and Whole Foods. It has also partnered with the Bitpay crypto payment integration platform. What’s more, Bitsmap is planning to list Shib in December.

Shiba Inu is down 60% from its all-time high price despite the great prospects. It is likely the downtrend could extend to 2022.

The previous bull run has turned many Shiba Inu holders into millionaires. Launching the projects mentioned above might boost the meme coin value. But remember, previous bull runs were largely dependent on the buzz in the Shiba Inu community. Some investors hope Elon Musk will post another tweet supporting the meme coin, or another narrative will go around.

Final Words

If Shiba Inu becomes an accepted means of payment, it will have real utility, translating to sustainable growth. The Shib army is unrelenting, and Elon hasn’t dropped the coin. From a technical analysis perspective, SHIB is likely to reverse from the bear market and head upwards. In this case, the price is likely to hit resistance at the all-time high of $0.000088 and break above the level. Our Shiba Inu price prediction for 2022 is Shiba Inu will hit the $0.0001 psychological level. Therefore, hodling may not be a bad idea.

AMC Price Update – AMC Must Hold $20.00 to Prevent Panic Selloff

AMC DAILY CHART– Prices rallied from $1.92 to $72.62 in just 5-months. Most retail traders have a buy-in price above $15.00, and their profits are dwindling quickly. It’s easy to HODL when everyone sees green – it gets much harder when those numbers turn red (trust me).

 

In overview, as novice traders see their 2020 profits turn into losses, they may begin to panic. Prices dropping below $20.00 within the next 48-hours to 72-hours could initiate a cascading selloff. If prices don’t hold $15.00, they could reach $10.00 quickly.

AG Thorson is a registered CMT and expert in technical analysis. He believes we are in the final stages of a global debt super-cycle. For regular updates, please visit here.

 

Bitcoin Payments: Why and How to Accept BTC on Your Website

Over 18,000 businesses already accept Bitcoin payments, enjoying savings up to 80% in transaction costs, higher profit margins, and access to an audience of 300+ million crypto holders. Read our guide and find out how to accept crypto in a few easy steps with the world’s fastest-growing gateway.

4 strong reasons to accept Bitcoin Payments

According to the latest report by CoinsPaid, the number of companies that accept cryptocurrency through this particular gateway has ballooned from 300 to over 800 in 2021. What is driving all these merchants to accept Bitcoin payments on their websites? There are 4 main reasons.

  1. 80% less in processing costs. The average processing fee for a BTC payment starts from 0,8%, as opposed to the 2-5% that merchants have to spend on bank acquiring fees when accepting card payments, Plus, if you accept Bitcoin payments, you can forget about chargebacks and rolling reserves.
  2. Near-universal acceptance rate. Crypto transactions go through in almost 100% of cases. Moreover, several major providers process payments in BTC, ETH, and BCH almost instantly.
  3. Security. A cryptocurrency payment is easy to track, so if the gateway finds something suspicious about a transaction (e.g. if it involves so-called ‘dirty’ coins), it notifies the merchant at once.
  4. Competitive edge. More than 400,000 people in the world use BTC on a daily basis,  and many of them actively seek out businesses that accept Bitcoin. Adding this payment option can give a merchant access to this constantly growing audience.

If you are curious which companies accept cryptocurrency, here are a few prominent examples:

  • AMC, the largest cinema chain in the US;
  • Twitch, a game streaming platform;
  • Microsoft (store only);
  • Newegg, an electronics retailer;
  • Overstock, a leading furniture & home goods store, etc.

Integrating a crypto processing gateway in 8 steps

Most businesses that accept Bitcoin don’t do so directly, but rather with the help of a specialized processor. Just like in the world of fiat payments there are Stripe, ChronoPay, Braintree, etc., the crypto payment market has its leading PSPs, including BitPay, CoinsPaid, CoinBase Commerce, etc.

When choosing a gateway through which to accept Bitcoin payments, merchants are advised to look for the following:

  1. Transparent fees (no hidden commissions or exchange rate gaps);
  2. At least 10 different types of cryptocurrency accepted, plus several fiat currencies;
  3. Instant crypto-fiat conversions and direct fiat settlements;
  4. A security audit report.

The integration itself can take as little as one business day and will follow a process that we will outline below.

Step 1: API setup

An API allows the merchant’s website to exchange data with the gateway’s server. The secret API access code allows you to withdraw funds from the account, so it has to be stored in a very secure location.

Step 2: choosing which coins to accept

While you should definitely accept Bitcoin payments, there are many other coins and tokens worth adding to your site. These include ETH, BCH, LTC, USDT, DOGE, TRX, etc.

You should also add a few fiat currencies. Many merchants that accept crypto prefer to convert it into fiat automatically (USD, EUR, etc.) to avoid volatility risks. If the price of BTC goes down, you can always convert fiat back into Bitcoin for additional gains.

Step 3: automatic withdrawals

Some gateways allow you to instruct the system to do withdraw the accumulated revenue automatically once the balance reaches a certain value, instead of withdrawing coins manually to an external wallet every time.

Step 4: setting up fiat options

Being able to accept crypto and withdraw fiat is very handy and will save your accounting and reporting team a lot of hassle. With some gateways, you can also deposit fiat money in the merchant balance using a SEPA or SWIFT transfer.

Step 5: learning to manage transactions

Crypto processing dashboards let you access detailed information on every transaction, be it made by a user paying in cryptocurrency for goods and services, or an automatic withdrawal, a top-up made by someone on your team, etc.

Step 6: testing

It’s strongly recommended to practice with a demo dashboard first before you begin to accept Bitcoin payments in live mode. You’ll need to test deposits, currency conversions, API requests, callbacks, and withdrawals.

Step 7: add a BTC payment button or form

Now that everything is set up on the back end, you’ll need to design an attractive payment button or icon on the site to let users know that paying with Bitcoin is available. The crypto payment provider should be able to assist with this.

Step 8: let the world know that you accept Bitcoin payments

Setting up crypto payments through a processor is just half of the job. The other half is to attract crypto traffic to your site – that is, spread the word that crypto holders can pay with crypto and encourage existing users to switch to digital currency.

The best ways to do this include:

  • Social media campaigns with relevant hashtags and attractive visuals;
  • Adding your website to directories listing crypto-friendly merchants;
  • Discounts, giveaways, or gifts for those who pay with crypto;
  • Press releases, newsletters, and blog articles;
  • Collaborations with influencers;
  • Publishing a tutorial on your site for first-time crypto payers.

As cryptocurrency adoption increases and BTC garners more and more attention from the media, the question isn’t to accept or not to accept Bitcoin payments – but rather what is the most efficient way to do it. Working with a reliable processing provider and using the correct marketing tools, you will soon see first a trickle, and then a veritable stream of new customers, increased revenue, and much lower payment costs.

Newegg Adds Shiba Inu to Payment Option

The crypto community has had one of its best years with a spate of adoption from giant companies around the world. Shiba Inu, one of the crypto revelations of the year, has enjoyed continued growth in its popularity and adoption as Newegg has revealed that it would accept the popular meme coin on its platform.

Newegg joins AMC in embracing Shiba Inu

According to a recent tweet from the official Twitter handle of the E-commerce platform, Newegg will finally be accepting Shiba Inu on its platform after hinting that it could be accepting the asset soon.

This was also given wider publicity by the company via a digital out-of-home (DOOH) campaign that was displayed on The Reef, North America’s largest DOOH billboard.

Little over a week ago, the California-headquartered company had spoken to the volunteer project lead of the Shiba Inu project Shytoshi Kusama via Twitter to clarify some issues surrounding their possible adoption.

Andrew Choi, Director of Brand Marketing at Newegg revealed that the idea would be coming true through the partnership of BitPay, which would be used to facilitate the payment. According to Choi, “Through our partnership with BitPay, we have the ability to move quickly and lead the market with flexible cryptocurrency payment options. To that end, we’re excited to offer SHIB as a payment option on Newegg.com.”

Apart from Newegg, other notable companies that now accepts Shiba Inu as a viable payment option includes leading American theatre chain, AMC, Nexus Aurora, Marklien

Crypto community reacts

Community members of Shiba Inu have reacted positively to news of the adoption with the tweet already generating over 15,000 likes on Twitter.

One of the responses from the #ShibArmy stated that “Adoption by large online global retail business is great for $SHIB.” Another member of the community Shibillionaire said that he would be patronizing Newegg because of its adoption of the meme coin.

Since reaching its new ATH of $0.00008845 on October 28, Shiba Inu has lost 55% of its value and is currently trading for $0.00003912. The asset is also currently ranked as the 12th largest crypto asset by market cap.

AMC Partners Sony to Gift Moviegoers With Spider-Man NFTs

Leading US theatre chain, AMC, has made a number of crypto-related activities this year, the latest is its attempt to giveaway NFTs for an upcoming movie screening in partnership with Sony.

AMC to gift patrons Spider-Man NFTs

According to a press statement issued by the company, AMC will be gifting movie goers who pre-orders “Spider-Man: No Way Home” with Spider-Man NFTs as a way of appreciating their patronage.

The Spider-Man NFTs would be designed by Cub Studios and are expected to be at least 90,000 pieces, however, only 86,000 pieces of the tokens would be given to the movie goers.

Winners of the NFTs will receive a code to redeem their free NFT before March, 2022 on Wax blockchain which is currently one of the most utilized blockchain in the world presently. The said movie ticket would begin selling on November 29 and it is expected to be screened on December 16 on AMC theatres in the United States. 

While this might be AMC’s first interaction with NFTs, the tokens have gained popularity and adoption by various sectors across different human endeavors. 

NFT, short for non-fungible tokens, have a fungible feature that makes it impossible to interchange or replace them with other tokens because they are created with distinct properties that makes them unique. 

AMC crypto payment adoption

One of the major firms that have embraced crypto adoption this year is the American leading theatre chain, AMC. 

Just recently, the firm’s CEO, Adam Aron announced that the firm would start accepting payment for its tickets and other products in crypto assets like Bitcoin, Ethereum, Bitcoin Cash and Litecoin

Aron had also recently revealed that the firm could start accepting two of the popular meme coins, Shiba Inu and Dogecoin soon, leveraging on the growing popularity of these coins.

Though Shiba Inu now boasts the distinction of being one of the few digital assets with over 1 million holders, its value has declined rapidly by as much as 50% after it reached a new ATH towards the end of last month and after briefly being among the top 10 crypto assets by market cap.

Shiba Inu Slips in Coinbase Volume Rankings. Is the Coin’s Popularity Fading Away?

Shiba Inu was one of the best-performing cryptocurrencies a few weeks ago, but it has now slipped in terms of market ranking.

Shiba Inu Slips in Coinbase Volume Rankings

Shiba Inu debuted on the Coinbase cryptocurrency exchange a few weeks ago. Listing on Coinbase usually comes with a lot of frenzies as the demand drives the prices higher. However, SHIB has been performing excellently before then.

SHIB was one of the best-performing coins in recent weeks. Following its massive rally that saw its total market cap touch the $35 billion level, SHIB briefly overtook Dogecoin to become the tenth-largest cryptocurrency by market cap.

However, the frenzy around Shiba Inu has died in recent weeks, with the bear market currently in place. According to the recent reports, SHIB accounted for roughly 6.7% of the total trading volume on Coinbase. This means that Shiba Inu has dropped below Bitcoin and Ether in the volume ranking list.

SHIB previously accounted for the highest trading volume on Coinbase a few weeks ago, contributing 16.6% to total activity in the seven days to November 11 and 25% in the seven days to November 5. The massive whale movement of funds has affected SHIB’s performance in recent weeks.

Shiba Inu is the meme coin designed to kill Dogecoin, but it remains behind DOGE in terms of market cap and trading price.

Is SHIB’s Popularity Fading Away?

The recent dip in SHIB’s trading volume on Coinbase has led to questions about its popularity. Shiba Inu has also lost its place as the eleventh-largest cryptocurrency by market cap after it was overtaken by Avalanche (AVAX) a few hours ago.

SHIB/USD 4-hour chart. Source: FXEMPIRE

At press time, SHIB is trading at $0.0000426 per coin, down by nearly 5% over the past 24 hours. SHIB is currently down by 50% from the all-time high of $0.00008616 it achieved roughly a month ago.

The broader cryptocurrency market is currently in a bearish trend, and it would be interesting to see how SHIB performs once the bull market returns. AMC Theaters announced last week that Shiba Inu is one of the coins it would start accepting as payment options in the first quarter of 2022. NOWPayments also revealed that it had adopted SHIB as a payment method.

Thus, the adoption of Shiba Inu continues to rise despite its price currently on the decline.