Shiba Inu Cryptocurrency Insights from a Coinbase Director
Conor Grogan, Director at Coinbase, provided insight to CoinUnited News on the Shiba Inu (SHIB) cryptocurrency market. Grogan recently discussed the digital asset in a Twitter discussion where he gave his thoughts and opinions.
The Shiba Inu Takes a Fall
The top SHIB farmer released $107 million of the digital asset on October 27, 2021, and sent it to a number of exchanges, including FTX, Huobi, Binance, and OKX. This move, according to Grogan, was the ultimate peak for SHIB as the cryptocurrency started to slide downward and never recovered.
Expansion of KSHIB by FTX
Coincidentally, FTX increased its product lineup at the time of the transfer by adding a SHIB perpetual futures contract called as KSHIB. Just for SHIB, the Open Interest (OI) increased to around 1.1 trillion open contracts worth about $85 million (excluding the KSHIB market).
The Fall of the Disgraced FTX Founder and the Shiba Inu
In Grogan’s Twitter thread, he questions whether the arrest of Sam Bankman-Fried, the creator of FTX, who was brought into jail in December, was to blame for SHIB’s demise. Whatever the response, Grogan’s thread provides insight into the occasions that signaled the peak of the Shiba Inu bitcoin market.
For those curious about the dynamics and trends of the market, this most recent development in the world of cryptocurrencies gives a distinctive perspective and priceless insight.