American online retailer, Newegg, is the newest company supporting SHIB payments. The Shiba Inu token has been receiving support recently from various industries in various forms. Two days ago, the Kraken exchange announced the listing of SHIB on its exchange platform. Per an official announcement, Newegg will start supporting SHIB payments beginning this month.
Newegg Not New To Supporting Crypto Payments
Newegg is a well-known supporter of the crypto industry as it had earlier announced that it would start accepting doge payments for its products. Before supporting doge payments, Newegg had started accepting BTC payments for its products. Newegg started operating a decade ago and is well known for the sale of it-related products and consumer goods.
Over the past few years, the retail giants have collaborated with BitPay in supporting flexible payment solutions for their consumers. Newegg’s head of brand marketing, Andrew Choi, stated that the company would continue to provide different ways their customers can have a seamless shopping experience and payment flexibility.
He further said, “our collaboration with BitPay has fastened our ability in supporting crypto payments for our products. We are also excited to add support for SHIB payments to other crypto payment options that we already offer.”
SHIB Price And Volatility
SHIB price rose and dipped sharply over the past three days. When Kraken announced the listing of SHIB on its platform, SHIB’s price rose by over 35%. But it has also dipped by almost 16% in the past 24 hours.
Even though SHIB’s YTD gains are far higher than any other digital asset among the top 12 cryptos, many crypto investors are worried over its long-term growth because its price has been on a general downtrend in the last one month. Some call Shiba Inu the dogecoin killer, but its actions in recent weeks don’t prove it can be its competitor.
As of this writing, SHIB trades at $0.000048 with a market cap of almost $30B. Despite the price inconsistencies, SHIB’s fundamental growth remains undoubted, as revealed by IntoTheBlock’s latest data. Price indicator analysis indicates that SHIB might retrace. But the fundamental analysis reveals that short-term traders are exiting their positions while long-term investors and network activity keep rising.
Implications Of Long-Term Holders
Many crypto analysts suggest that an asset with a higher number of long-term holders has better long-term prospects than one with a high number of short-term traders. The basis of this reasoning is that long-term holders won’t engage in a short-term entry or exit on SHIB’s trading volume. Mid-term investors in SHIB have shot up sharply over the past seven days.
Mid-term investors are those who have held the token for at least one month. Their number increased by 19% in the last three weeks. Conversely, the SHIB price dip resulted in a 45% reduction in the number of short-term holders of the token.
SHIB price continues to struggle to re-attain its peak price of $0.00008829. Many crypto enthusiasts are worried that the rising number of these mid-term holders might result in significant volume transactions on the network, affecting the token’s price significantly when they happen.