Shiba Inu Meme Coin Soars to Record, Slips…as Chinese Authorities Strengthen Supervision of NFTs

TheStreet | Rob Lenihan | Oct 25, 2021

Cryptocurrency prices were climbing Monday with the parody cryptocurrency Shiba Inu coin soaring to a record over the weekend before losing ground.

Shiba Inu’s recent surge appears related to unconfirmed rumors that the coin would soon be listed on the popular stock trading app Robinhood, according to Fortune.  Shiba Inu coins traded at a record $0.0000455 at 7:20am U.S. Eastern. That topped the previous record $0.0000388 from May 10, Coindesk reported, citing Messari data. It’s currently trading at $0.000039.

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Some market observers said that the currency started falling after Tesla CEO Elon Musk, famed for rattling crypto markets worldwide, tweeted on Sunday that he does not own the cryptocurrency.

“Don’t bet the farm on crypto,” Musk tweeted. “True value is building products & providing services to your fellow human beings, not money in any form.”

Regulation remains a factor in the cryptocurrency world.

— “[The] U.S. Congress predictably looking at imposing standard financial industry ‘Know your Client’ and Internal Revenue Service reporting requirements

— “[The] UK warning about investor protection

— [The] EU cracking down on money laundering,” and,

— “China clearing the field for the introduction of the digital yuan.”

Winston Ma, a former managing director and head of North America at China Investment Corp., said Chinese regulatory authorities are strengthening their supervision of NFTs, “as regulators cast a weary eye on this new virtual asset market as a potentially huge bubble.”

See: 

Ways NFTs Can Reinvent Your Small Business

“They have spoken with Big Tech companies about this market, according to a tweet posted on Saturday by Colin Wu, an influential blogger,” said Ma, who is author of “The Digital War – How China’s Tech Power Shapes the Future of AI, Blockchain and Cyberspace.”

By Monday, Ma said, Chinese technology giants Alibaba Group and Tencent Holdings have both renamed their nonfungible-token offerings “digital collectibles. The rebranding actions taken by Alibaba and Tencent reflect their efforts to steer away from any potential conflict with China’s digital economy regulators,” Ma said.

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Source: https://ncfacanada.org/shiba-inu-meme-coin-soars-to-record-slips-as-chinese-authorities-strengthen-supervision-of-nfts/