“I am going to hold Bitcoin, Shiba Inu & Dogecoin for the long term” states Kucoin CEO

Utkarsh Gupta
Source: lowyat.net

After rising by more than 830% in October, Shiba Inu is currently declining in the industry. Market returns for the month of November are -20% but the trend is far from being bearish. SHIB registered a recovery of 4.2% over the past day but its market cap remained under $30 billion.

In spite of short-term corrections, one particular individual in the crypto ecosystem remained confident with Bitcoin, Shiba Inu, and Dogecoin.

“Shiba Inu is Retail’s favorite Coin”

Johnny Lyu, CEO of Kucoin Global, suggested that he is going to hodl Bitcoin, Shiba, and Dogecoin for the long term. In a recent interview with MarketWatch, Lyu indicated that the current market crypto market is dominated by retail investors. Kucoin Global is the 5th largest crypto exchange based on 24-hour trading volume. The exchange catered majorly to a millennial crowd because they are more interested in low-valued crypto assets.

According to Lyu, Bitcoin is too expensive. It is a slow-growing asset in the market now, even though it has minimal volatility. Assets such as Shiba Inu and Dogecoin attracted more investors because their Risk-to-Reward ratio was higher. He said,

“Seeing bitcoin’s rise, some younger investors without a lot of money want to profit from crypto as well. You’d need over $60,000 to buy one bitcoin. So they turn to Dogecoin and SHIB, where you buy tons using just $100.”

The Kucoin CEO made a valid point in terms of low-price assets being more palatable. However, these assets were also the riskiest and most volatile ones.

Is Social Sentiment still backing SHIBA?

Source: Santiment

Shiba Inu’s social popularity and dominance have definitely depleted in November. However, it is important to note that it is still maintaining a higher average in 2021. The Kucoin CEO was correct in terms of suggesting that retail can control the direction of these low-valued assets. SHIB tokens’ minimal price allows retail to accumulate during the bearish periods as well.

Right now, Shiba Inu possibly requires a strong announcement or market development. The Robinhood petition to get SHIB listed on the exchange is picking up traction every day. At press time, more than 5 million people have signed the petition on change.org. Recently, the Gemini crypto exchange listed the token but bullish momentum did not surface for the meme token. It is a waiting game at the moment for SHIB investors, and one way the other, the asset will soon enough establish a breakout.