Shiba Inu (SHIB), a Dogecoin-inspired decentralized cryptocurrency, is currently in a state of reversal along with the broader crypto space as the Omicron variant of the COVID-19 virus unleashes widespread risk across the globe.
Against this bleak background, the Shiba Inu bulls received a ray of hope. To get clever, lead developer of the project Shitoshi Kusama launched a tweet containing the egg emoji and the hashtag “friendshib”:
– Shytoshi Kusama™ (ShytoshiKusama) November 26, 2021
This led to widespread speculation about Shiba Inu’s potential partnership with Newegg, an online retailer of goods including computers and consumer electronics.
– Watcher.Guru (@WatcherGuru) November 26, 2021
Keep in mind that Newegg ranks 90th in the global retailers chart, with more than $2.7 billion in revenue according to the Forbes tab. While this potential development is still limited to speculation, for now, realizing it will bolster Shiba Inu’s growing main image. Last week we noticed that Shiba Inu holders can now purchase a vehicle with their SHIB tokens at the Vegas Auto Gallery. Furthermore, we reported in early November that AMC Entertainment (NYSE: AMC) was about to accept Dogecoin among a host of other cryptocurrencies, including the SHIB token. That arrangement was finalized last week when Adam Aaron, CEO of AMC, said, chirp His company will integrate the SHIB token for Shiba Inu with its payment system within four months.
Moreover, the list of exchanges that accept Shiba Inu also continues to grow, with Coinbase and Gemini Exchange featuring prominently on that list. Of course, SHIB supporters are still waiting for an official acceptance announcement from Kraken Exchange and Robinhood.
Shiba Inu’s SHIB coin has seen a significant drop in its price over the past month. As a clarification, the SHIB token is currently trading at $0.000003836, roughly the same price at the end of October and before the coin rallied significantly to set a new all-time high at $0.00008845. Relative to this peak, the SHIB token is now down 56.63 percent. Interestingly, Shiba Inu’s latest downward push coincides with a major risk aversion swoon affecting the entire crypto space, with Bitcoin also dropping more than 20%. Ironically, if the Omicron variable gains strength, it will dramatically alter the trajectory of the US Federal Reserve’s rate hike, leading to lower Treasury yields and a more favorable environment for long-term growth stocks. Such an environment should also prove favorable for the crypto space given the opportunity cost dynamics between the US 10-year yield and Bitcoin, where a decline in the 10-year yield would reduce the attractiveness of US Treasuries, paving the way for inflows. From money to Bitcoin and other cryptocurrencies.