TEMPO.CO, Jakarta - Indodax CEO Oscar Darmawan gave an explanation about the price of one of the cryptocurrencies or crypto currencies, Shiba Inu (SHIB), which rose drastically in the past week.
Basically, said Oscar, the rise and fall of crypto assets remains due to the law of supply and demand. "If the demand increases, of course the price will also increase," Oscar said when contacted, Friday, October 29, 2021.
But on the other hand, he said that recently Shiba Inu was receiving positive news sentiment. This is also likely to be a supporting factor that causes demand to increase.
The first is that it begins with Tesla CEO Elon Musk who posted a picture of a Shiba Inu puppy some time ago. Second, the whales aka big traders who are actually buying Shiba Inu.
Then third, there is news of support for the petition on Change.org. Through this petition, the Shiba Army (as fans of the Shiba Inu) ask Robinhood, one of the largest exchanges in the United States, to list Shiba Inu coins.
Previously from the latest data on October 29, the price of the Shiba Inu was in the position of US$ 0.000007111. This figure has risen to 160 percent in the past week.
"This seems to be being driven by casual shoppers hoping to pocket it now," said Rick Meckler, partner at Cherry Lane Investments in New Vernon, New Jersey, United States, on Friday, October 29, 2021, quoted by Reuters.
This increase data is recorded in the movement released by coinmarketcap.com. This 160 percent figure is also the highest price increase in the past week, among the top 10 cryptocurrencies in the world.
An example is the currency Bitcoin (BTC) which has the highest market capitalization of US $ 1.1 trillion. However, the price increase last week actually fell 1.13 percent.
Then, the market capitalization of Shiba Inu is currently at US$ 38 billion. This figure also places the Shiba Inu in 9th position in the list of the top 10 cryptocurrencies with the largest market capitalization in the world.
Previously, the market capitalization of Shiba Inu on October 22 was still at US$ 10 billion. Only then did it jump high. The figure soared to US$ 51 billion on October 28, before finally dropping again to US$ 38 billion.
Oscar also received information that Shiba Inu was in 9th position, as of 21:21 WIB, October 29. Shiba Inu has also defeated Dogecoin which is now in tenth position.
However, Oscar could not confirm how long this upward rally will last. Because the so-called upward or downward trend, he said, was again caused by the market.
The complete list of the 10 largest cryptocurrencies as of October 28, based on coinmarketcap.com, is as follows:
1. Bitcoin (BTC) is priced at US$ 61 thousand (down 1.13 percent last week) and a market cap of US$ 1.1 trillion.
2. Etherum (ETH) price of US$ 4 thousand (up 7.68 percent) and market capitalization of US$ 516 billion
3. Binance Coin (BNB) is priced at US$505 (up 4.48 percent) and a market cap of US$84 billion.
4. Tether (USDT) price US$ 0.9997 (down 0.04 percent) and market capitalization US$ 70 billion.
5. Cardano (ADA) price US$ 2 (down 7 percent) and market cap US$ 66 billion.
6. Solana (SOL) price of US$ 197 (down 4.59 percent) and market capitalization of US$ 59.8 billion.
7. XRP (XRP) is priced at US$1.07 (down 1.85 percent) and a market cap of US$50 billion.
8. Polkadot (DOT) price of US$ 42 (down 4.45 percent) and market capitalization of US$ 42 billion.
9. Shiba Inu (SHIB) price of US$ 0.00007189 (up 160 percent) and market capitalization of US$ 38 billion.
10. Dogecoin (DOGE) price of US$ 0.2844 (up 18.72 percent) and market capitalization of US$ 37 billion.
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