Shiba Inu Cant Get CoFTRAs Permission? What is the reason?

Shiba Inu Cant Get CoFTRAs Permission? What is the reason?

The Shiba Inu Crypto has not yet received a permit from the Commodity Futures Trading Supervisory Agency( CoFTRA) of the Ministry of Trade( Kemendag). Indodax CEO Oscar Darmawan said his party was applying for a permit to trade crypto in Indonesia. What is the reason?

 

He explained that the Shiba Inu itself is included in the crypto category whose basis or underlying is not clear. However, it wants to trade Shiba Inu due to demand.

 

" When we talk about tokens that are not clear, for example Shiba. At Indodax we also trade tokens with an unclear underlying basis such as Dogecoin, such as Shiba, including tokens that do not have a clear underlying. We are aware of that. But the challenge is this there is a market that wants the token," he said at the Outspoken event.

 

He said, Shibas request is big. So, currently his party is registering with CoFTRA.

 

" Its quite big, why is Indodax trading the token, because we see the first big market demand. The second is from ourselves because we have big demand, international support is also big, we are also registering the token with CoFTRA now," he said.

 

He himself did not know when he would get Shiba Inus permission. According to him, it depends on CoFTRA which will pembaharuan the list of cryptocurrencies traded.

 

" Well, CoFTRA said it will pembaharuan its list every year at the maximum. The list that was previously over a year has not been updated. Thats why we have registered with CoFTRA for a new registration. Well just have to wait. Hopefully, the list that can be traded will be updated by CoFTRA," he said. 

 

The price of Shiba Inu this week continued the downward trend. A five- week straight rally stalled last week, with prices dropping 15%.

 

The price drop sent the meme- based cryptos market capitalization down, to just US$30. 5 billion, after breaking through US$40 billion.

 

As a result, Shiba Inu is back in the top 10 cryptocurrencies with the largest market capitalization in the world, behind Dogecoin. Siba Inu was in seventh place.

 

Late last October, the self- proclaimed Shiba Inu killer of Dogecoin set an all- time high of$0. 000089.

 

However, as the price of the Shiba Inu fell, the number of SHIB accounts recently reached unprecedented levels, repeating the frenzy of retail buyers that occurred in the run- up to last Mays price crash.

 

The number of Shiba Inu accounts jumped sixfold to a record high of 116, 560 in the eight days to November 2, according to informasi from blockchain analytics firm IntoTheBlock.

 

An account spike called All Time Highers tracked by IntoTheBlock shows signs of fear of missing out( FOMO) among traders. FOMO is often observed in the latter part of a bull market.

 

“ The last time this pattern appeared on the Shiba Inu was last May, SHIB was down 90%,” IntoTheBlock said in its weekly newsletter published Sunday), as quoted by CoinDesk.

 

According to IntoTheBlock, Shiba Inus all- time record high number of accounts does not imply a price crash is imminent. But, it does serve as a fairly accurate indicator of the extent of speculative action taking place.