What Will Become of SHIB When Former Fed Chairman Says Bitcoin Won’t Become Legal Tender.
In an interview with CNBC on May 17, former Federal Reserve Chairman Ben Bernanke discussed bitcoin and other cryptocurrencies. According to Ben Bernanke, Bitcoin and other cryptocurrencies have been successful as speculative investments. Bitcoin is mostly used for underground economic transactions, which often include illegal regions. I do not believe bitcoin will become a viable substitute for fiat money.
Such a remark might foreshadow the future path of cryptocurrencies. Because of the huge drop in cryptocurrency values over the previous two weeks, governments’ rules on virtual currencies are progressively getting harsher. This has a significant impact not just on the trend of stable cryptocurrencies, but also on cottage coins such as the Shiba Inu currency.
At the time of writing, the Shiba Inu coin was trading at $0.00001266, down 12.6% in the previous seven days on the Gate.io international digital currency market. However, the price has climbed by 4.8% in the previous 24 hours, with a volume traded of $636,680,458. On May 12, the price hit a low of $0.00000993 in the first half of 2022, which seems to be a little distant from the Shiba Inu coin team’s original aim of $0.01.
The United States will tighten controls on the cryptocurrency market.
Cryptocurrency assets are highly speculative, and investors need more protection or they will lose trust in the market, according to SEC Chairman Gary Gensler, who stated that while the crypto market is considered decentralized, most activity occurs on a handful of trading platforms, which, along with Token issuers, must collaborate with the SEC to improve industry rules and disclosure. He emphasized fundamental market concepts such as “anti-fraud, anti-manipulation, ensuring there is no pre-emption, and ensuring orders are genuine and not fictional.” Furthermore, Gary Gensler said that the SEC would continue to function as a “police officer on call” while collaborating with the CFTC to guarantee that all cryptocurrencies are regulated.
$274 million in cryptocurrency investment products inflow
According to CoinShares’ weekly statistics, inflows into digital asset investment products hit $274 million last week, a new record for the year. Bitcoin received the largest inflows, with a total of $299 million inflows last week. Ethereum, on the other hand, had another $27 million in withdrawals last week, bringing the total to $236 million, or 2.6% of entire AUM. Furthermore, blockchain stock investors experienced $51 million in withdrawals, the third-largest outflow ever.
Shiba Inu Coin has 3.33 million Twitter followers.
Shiba Inu Coin is now growing at a startlingly rapid pace, reaching 3.33 million followers on Twitter. The point is that the project has only been in existence for about a year and has already become one of the more successful MEME coins. Shiba Inu currency, which has traditionally trailed Dogecoin, is now just roughly 20,000 followers behind the Dogecoin token and might overtake it at any moment.
Shiba Inu Coin is now rated fourth among the top ten cryptocurrencies in terms of Twitter followers. Many are afraid that the increase in the price of Dogecoin tokens after Marx’s acquisition of Twitter would devalue the Shiba Inu currency; nevertheless, the growing number of followers today may indicate more prospective investors searching for the best moment to acquire the Shiba Inu coin.