The chill is beginning to settle on this crypto winter. Volatility has been front and center. But downward pressure has been winning since this past November. However, Shping crypto went on a wild upward trend while others pulled back.
As the price of Bitcoin fell another 15% last week – and Ethereum and Solana performed just a badly – the Shping token rocketed up 550%. It was one of the few bright spots in an otherwise gloomy crypto market.
However, since peaking just shy of $0.10 a token, it has come back down to Earth. Traders can now pick up Shping crypto for around $0.03 a piece.
So what’s behind Shping crypto’s parabolic rise? What’s its practical function? And perhaps most importantly, will it return to those former highs any time soon?
To answer the first question, we’ll look to Twitter (and this time Elon Musk has nothing to do with it):
Inbound transfers for Shping Coin (SHPING) is now available on @Coinbase and @CoinbaseExch in the regions where trading is supported. Trading is not enabled at this time. Trading will begin on or after 9AM PT on Thurs Jan 20, if liquidity conditions are met. pic.twitter.com/kbLvN9ot4X
— Coinbase Assets (@CoinbaseAssets) January 19, 2022
Liquidity conditions were met rather quickly. In turn, a fair amount of Coinbase users jumped on board. And for a token with a market cap under $50 million, it didn’t take too much effort to quickly push prices higher. But as the initial feeding frenzy calmed down, some investors pocketed…
