- After the correction, crypto enthusiasts are sniffing around to get the best crypto
- More than 10,200 tokens to choose from
- Only the strong are likely to stay - A market cap of over $3 billion puts the token in the top 0.39%
- SHIBA INU is not Dogecoin, but it is the top tier asset class at number 31
- Maker is right behind, at 33
For those who enjoy playing on growing volatility with wide price variations, few crypto markets in their history have offered such moves, very confusing. As of June 2, Bitcoin (BTC) remains the asset class leader, holding 41.6% of the entire crypto market value. If you add Ethereum (ETH) with a value of 18.6% of the total, more than 60% of its value is in the hands of the two leaders. Within that remaining 40%, there are some diamonds that are still rough. While most will eventually disappear in cyberspace, others can provide tremendous benefits. Investors should only invest money that they are willing to lose because risk always has to do with the potential for reward.
The quest for profit like Bitcoin and Ethereum means the risk is equal to the entire investment. For traders, liquidity is very important because it allows reasonable bid-offer spreads when buying or selling positions. The size of crypto in the market is seen from liquidity, so tokens with a value above the $1 billion level offer the best potential for trend following and other trading activities. Volatility and liquidity are an attractive combination because they combine to create opportunities. SHIBA INU (SHIB) and Maker (MKR) are two tokens at the top tier, with a market cap at the level of “creating liquidity” during a normal market.
After the correction, crypto enthusiasts are sniffing here and there for the best deals
Elon Musk's 180-degree turn in accepting Bitcoin for Tesla (NASDAQ:TSLA) EV for generating carbon by mining in the asset class sparked sales above the $60,000 level. China's ban on cryptocurrencies as they prepare to release their digital yuan was the factor that caused Bitcoin to halve in value and caused the market cap of this asset class to be much lower.
The value of Ethereum corrected from $4,442 in the June futures contract on May 12 to a low of $2,077.50 on May 24. Around $37,700 and $2,720 on June 2, Bitcoin and Ethereum remain closer to recent lows than highs.
The parabolic rally in cryptocurrencies in 2021 has been incredible. There has been a severe correction in the upward trajectory over the past few weeks due to Musk's decisions and policies in China.
More than 10,200 tokens to choose from
The number of asset classes continues to increase every day as new cryptocurrencies appear on the market. While there are more than 10,200 tokens in the asset class, only two have a market cap of more than $63 billion. Nine were worth more than $20 billion as of June 2, and fifteen had market caps above the $10 billion level. Eighty-five tokens are worth more than $1 billion; this amount represents only 0.83% of the total tokens circulating in cyberspace. While some of those 10,000 tokens can provide huge returns, chances are, most will simply disappear in digital wallets.
Only the strong are likely to stay - A market cap of over $3 billion puts the token in the top 0.39%
One of the most important characteristics for a trader is liquidity, as the ability to buy and sell depends on how strong his level of participation is in the market. The higher the market cap, the greater the chance of surviving in the long term. Around 0.40% of cryptocurrencies have a market cap above the $3 billion level. SHIBA INU and Maker have the critical mass needed to gain traction in trading and liquid investment activities.
SHIBA INU is not Dogecoin, but it is the top tier asset class at number 31
SHIBA INU is a meme related to Dogecoin (DOGE). This cryptocurrency has received a lot of PR due to endorsements from Elon Musk, Snoop Dog, Mark Cuban, and other celebrities. Meanwhile, the cryptocurrency that started as a joke, is currently the sixth leading token with a market cap of over $55 billion.
SHIBA INU is a decentralized cryptocurrency, created in August 2020 by an unnamed person, “Ryoshi.” SHIB is an ERC-20 token on the Ethereum blockchain, based on Dogecoin, and branding itself the “killer of Dogecoin.” The website states SHIB is “a decentralized meme token that is growing into a dynamic ecosystem. ShibaSwab. Fun Tokens. Artist Incubator, Growing 440+ community & more.”
While DOGE started out as a joke, SHIB is a derivative of a joke. Meanwhile, as of June 2, SHIB is the thirtieth leading token with a market cap of over $3.74 billion.
Shibu Daily
Source: CoinMarketCap
The chart shows that the SHIB token rose from less than $0.00000001 in August 2020 to a high of $0.00003431 on May 10 and was at $0.0000095 on June 2. For those looking to collect a lot of tokens, $1 buys over 105,000 SHIB tokens at the June 2 price level.
Maker is right behind, at 33
Just behind SHIB, the derivative of the cryptocurrency that started as a glitch, namely Maker, is ranked at number thirty-one. Maker is the governance token that supports the first “stablecoin” on the Ethereum platform, known as DAI; Stablecoins like DAI are cryptocurrencies backed by reserve assets. MKR tokens go up and down according to price fluctuations. The MKR website states that Maker is “a better and smarter currency – DAI can be used by anyone, anywhere, anytime.” The highlights of MKR are:
“The world's first unbiased currency. DAI is a stable and decentralized currency that does not discriminate. Any individual or business can realize the benefits of digital money.”
As of June 2, MKR had a market cap of $3,559 billion, with the token trading at $3,590.
Source: CoinMarketCap
The chart shows MKR rising from $24.45 in late January 2017 to a high of over $6,000 in early May. At $3,590, MKR is another success story in the cryptocurrency asset class, as its price is more than 146 times higher than it was in early 2017.
SHIB and MKR are two candidates for trading because they have critical mass and market capitalization which creates liquidity. When deciding to invest in one of the tokens, the advice is the same as for any of the 10,200 cryptocurrencies. Invest what you are willing to lose.
Tag:
shiba inu price prediction
shiba inu coin price in india
shiba inu coin price prediction 2025
shiba inu coin robinhood
shiba inu coin news
shiba inu coin exchange
binance shiba inu
shiba inu coin future
No comments:
Post a Comment
Note: only a member of this blog may post a comment.