Johnny Lyu, CEO of popular cryptocurrency trading platform KuCoin, suggested that the Shiba Inu (SHIB) is worth holding long term despite the recent price correction. Here are the details…
Lyu: Shiba Inu (SHIB) targets retail investors
Lyu also pointed out that SHIB’s trading volume exceeded Bitcoin for at least three consecutive days on the trading platform. Cryptocoin. com
As we reported , last month, the cryptocurrency’s trading volume on spot exchanges briefly surpassed that of Ethereum, the second largest cryptoassets by market cap. Lyu added that KuCoin is primarily targeting individual investors this year with cryptos inspired by memes like Shiba Inu and rival Dogecoin. With an average of 2.8 million monthly searches, SHIB is the third most searched cryptocurrency on Google so far this year.
Seeing bitcoin’s rise, Lyu noted that some investors who “don’t have a lot of money” looking to profit from crypto are turning to DOGE and SHIB because the price per token is significantly lower than BTC, which is currently trading at over $64,000. Lyu added that these individual investors are “very passionate about these types of tokens and are determined to push prices higher.”
Despite the recent fall of Shiba Inu, Lyu said he will hold the cryptocurrency long term, along with both Bitcoin and DOGE. Lyu notes that “while BTC can act as a hedge against inflation, meme tokens represent the strength of their community.”
