Publicly Traded Firm Joins Shiba Inu Frenzy, Purchases Nearly 1 Billion SHIB Tokens

• Institutions are piling SHIB holdings on a large scale.
• Reduction in price volatility expected to precede the increased demand.

The Shiba Inu frenzy does not seem to be settling any time soon. In fact, as the 4th quarter comes to an end, the conversation about Shiba Inu continues to stretch throughout the crypto industry and transactional markets.

Demand for one has not peaked in the slightest. Although retail traders are expected to cave to the continued volatility and possibly partake in the market selloff. Institutions are however not backing down. Recently, an 833 million SHIB acquisition was executed by Tokens.Com, a Canadian-based company that brands itself as an owner of an inventory of DeFi and NFT based cryptocurrencies.

“Through a process called staking, Tokens.com’s inventory of cryptocurrencies is used to earn additional tokens. In addition, Tokens.com co-owns Metaverse Group, one of the world’s first NFT based, virtual real estate blockchain companies. Through its growing digital asset inventory, Tokens.com provides public market investors with a simple and secure way to gain exposure to cryptocurrencies linked to DeFi and NFTs.”

The purchase is currently one of the highest SHIB purchases by a crypto institution so far. The company describes the purchase as one that was possible due to the fact that the trade-in prices of the assets were significantly low, hence their ability to buy a staggering amount. This could imply that companies and institutions believe that Shiba Inu’s price is still largely undervalued.

In a recent press release, Andrew Kiguel, the CEO of the firm said; 

“We believe we are the first publicly-traded company to provide its investors with exposure to SHIB tokens. “Shiba Inu has evolved to become one of the largest, most popular, and liquid cryptocurrencies in the world with a very loyal following. As a result of its low trading price, Tokens.com was able to purchase a significant number of SHIB.”

If this is a general sentiment shared by institutions, then the market could record an influx of institutional players swimming into the market, in a bid to buy low and secure their spot before the market becomes overly saturated.

Meanwhile, Shiba Inu’s dominance continues to soar as AMC is now looking to add Shiba Inu into its lineup of crypto payments and accept the asset as a payment medium.

Source: Read Full Article