Many Vietnamese investors are selling Shiba Inu Coin
Many Vietnamese investors are selling Shiba Inu Coin
Many investors bought in FOMO fever, fearful of swaying at the top, and decided to liquidate SHIB so as not to lose everything.
From the beginning of November until today, the price of the Shiba Inu Coin (SHIB) has regularly corrected itself sharply after reaching an all-time high. 0.00008719 USD/ dong on October 28th. In the past 7 days, the SHIB price has fallen more than 20% and is currently trading around the threshold 0.000564 USD/Copper.
Impatient to see SHIB continually adjusting, Bich Phuong – a cryptocurrency investor in Quang Ninh – decided to cut losses on all SHIBs in the portfolio.
“I am willing to accept a 20% loss to avoid capital constraints. According to FOMO, investing in inflated coins is a wrong decision. This is the time when the market is thriving, so the drop in SHIB price sends a bad signal, “Phuong said.
Has the SHIB bubble burst?
In October, the digital currency with the image of the dog Shiba Inu turned out to be a phenomenon with impressive growth dynamics. The following string of good news started a chain reaction at SHIB, helping the coin rise 800% in just one month.
Trading volume and market capitalization remained high, making SHIB one of the top 10 largest coins in the world. However, at the beginning of November, many investors were disappointed with the “performance” of SHIB. Since the last high, SHIB’s value has fallen by more than 50%.
In the last few days, SHIB has repeatedly been the target of criticism from experts and industry insiders. Ms. Caitlin Cook – Senior Leader of Onramp Invest – told CNBC that it is the strength of the support community that has fueled the rise in the price of coins like SHIB.
“They are not a long-term investment for most people. Investors don’t even have a reason to hold onto it long, “Cook said.
In other words, investing in SHIB or Dogecoin is a form of “speculative betting” similar to the “lottery coin” concept that investors in Vietnam use for SHIB.
In the same opinion, Douglas Boneparth – financial planner and president of Bone Fide Wealth – believes that the success and growth of altcoins like SHIB lies in the community rather than the convenience or technology it brings.
In the whitepaper itself, the SHIB founding team sees this project as an experiment to build a decentralized spontaneous community.
Geoff Lewis – founder of Bedrock Capital – even compared SHIB to the dot-com financial bubble that has existed since 2000.
SHIB is not a good project, but an attractive investment portfolio
Bich Phuong, Quang Ninh crypto investor
Speaking to us, Ms. Phuong said she had invested 500 USD in SHIB at the price 0.000025 USD/ dong in mid-October after the coin received a strong FOMO. According to the plan, she wants to take profits at the price 0.0002 USD/Copper.
“Back then I made three times as much profit and pumped more and more 500 USD surf, buy for the price 0.000073 USD/Copper. Before profit-taking, the SHIB price went down. I thought this was just a small adjustment to collect, but it turned out it wasn’t, “Phuong shared.
“SHIB is not a good project, but it is an attractive speculative portfolio. There are always winners and losers, especially in the cryptocurrency market. At SHIB, I’m the loser. Losing is not just about money, I realize that I’ve lost my investment principles and blind to profit, ”she continued.
Why has SHIB dropped dramatically?
Buy rumors, sell facts is a concept that describes the situation of buying an asset based on positive information that has not yet occurred. On the contrary, when the truth is not as expected, investors are often prone to sell-off, causing assets to collapse.
This is also the situation that is currently happening at SHIB. SHIB’s breakthrough has raised high hopes among investors. The trust of the community was further strengthened by rumors of a listing of SHIB on platforms such as Kraken or Robinhood.
On November 1st, Brian Hoffman – Kraken’s Product Lead – announced that he would put SHIB on the table on November 2nd, when the Twitter post reaches 2,000 likes. However, despite 11,600 likes, Kraken has still delayed its decision.
The situation is similar with the Robinhood Exchange. Investors believe that SHIB’s appearance on Robinhood or Kraken will generate new heat to further its value. To petition the platform, over 500,000 SHIB supporters signed a petition on Change.org. To date, Robinhood has not done anything.
For Bao Do – an investor who owns 4 million SHIBs who lives in Thanh Hoa – the reason he quickly took profits on SHIB was because a whale held SHIBs worth billions of dollars.
According to on-chain data analysts, this whale bought earlier $ 8,000 SHIB in August last year when this project was just started, ie 16% of SHIB’s capitalization. So far, this number of SHIB has a price above and below it $ 5 billion.
After more than a year of “sleeping” this whale has made 4 transactions with a total value $ 2.3 billion on 4 different purses.
“I was very concerned when I heard the news and decided to take profits earlier than expected. Even if the profit is not satisfactory, it is better than losing it all. Owners of so much SHIB have the ability to manipulate the entire market. If he decides to take profits, many investors will certainly get away with it, ”said Do.
“Making a profit is never wrong,” he added. According to this investor, SHIB is entering a saturation phase, especially during the period when the top coins and foundation coins are rising in price. So when investors are overlooked by the prospect of a tenfold increase in assets, it’s easy for investors to pay the price.
However, many investors see the current share price of SHIB as a good opportunity to buy and strengthen their portfolio. On the other hand, in knowledge sharing groups about SHIB, we still recognize a large number of players who have just started to learn SHIB.
Mr. Xuan Thinh – a Hanoi investor – shared more, saying he had just bought more 1,500 USD SHIB at the price 0.000053 USD/Copper. Before that I bought 300 USD SHIB at the price $ 0.0000081/Copper.
“Remember, a lot of people viewed this project as a worthless joke before SHIB raised the price. Your money is up to you, if you believe it invest, if not, stay out, ”he said.
However, Thinh’s new investment comes from the profit from the previous profit-taking. “That’s the amount of money I’m willing to lose if I lose. SHIB is still a lottery coin anyway, players always have to be aware of that in order to be more responsible with their money, ”says Thinh.