China To Accept Shiba Inu Coin and price will hit $0.1 Soon!!
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The tide is turning in favor of SHIB bears once again, also portrayed by Shiba Inu’s daily chart, with the market recuperating from the China-led hit. The Chinese central bank, People’s Bank of China, PBOC, said it was illegal to facilitate cryptocurrency trading.
But the China ban is not something to be stressed about exclusively. Data shows that the bans issued by China impact the market for the short-term only, and the sentiment flips after some time. For instance, when China announced a crackdown on BTC miners and trading, the market went down by about 5% immediately. But in terms of 90 days of price action after this announcement, crypto investors got a gain of nearly 25%. Another scenario we can look at is: when Baidu, Zhihu, & Weibo censored keywords related to major crypto exchanges, BTC miners in Xinjiang and Qinghai were ordered to shut down operations, there was a 30-day return of -1% but a 58% profit on 90-day return. So, since we all know history repeats itself and the news will not have much of an effect on the market for the long-term, stressing over the fact that “China’s central bank says all crypto-related transactions are illegal” will be nothing but a waste of time.
Besides this, Shytoshi, the creator of Shibaswap, has recently announced some new updates coming into the ecosystem in two weeks or less, which is expected to change sentiments for Shiba.
The recently released Bone is the governance token of the ShibArmy. Using the Doggy DAO, Bone owners can decide how funds are spent, and the new tokens that are introduced into ShibaSwap.
Shiba Inu’s community might be the fundamental factor behind the coins’ prosperity. From the very beginning, the asset intended to mold a large group of dedicated fans who could support the project throughout tough times.
The SHIB community is amongst the toughest ones in the industry. They are passionate about every use case related to their favorite currency. If any company decides to adopt SHIB tokens as payment or donation, the company is sure to get a ton of hype from platforms like Reddit and Twitter.
To top it all off, since the SHIB token is based on the Ethereum blockchain, the network is truly one of the most flexible and unharmed ones in the industry. Meaning, the holders of SHIB coins won’t have to stress over their crypto reserves being stolen from them in a hacker attack.
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