Publicly Traded Company Buys 833,000,000 SHIB to Offer its Investors Meme Exposure
Though worth just $50k, Tokens.com notes it is the first publicly-traded company to expose its investors to the SHIB cryptocurrency.
Publicly traded company Tokens.com Corp announced on Monday that it had bought 833 million SHIB tokens earlier this month.
While a good amount of tokens, this investment was worth between $50,000 and $60,000 the day the company bought the tokens. Tokens.com said it bought SHIB tokens on Nov. 3, less than a week after its ATH, when the price was between $0.000071 and $0.0000632.
But the fact that a publicly-traded company has invested in the meme coin, though a crypto-focused company, it’s a good thing for SHIB.
“We believe we are the first publicly-traded company to provide its investors with exposure to SHIB tokens,” commented CEO Andrew Kiguel.
As of writing, SHIB has been trading at $0.00005606, down 35.5% from its all-time high of $0.00008616 hit eleven days back when it surpassed its competitor Dogecoin in market cap. Since then, the $36.8 billion market cap DOGE has taken its place, at 9th place, above Shiba Inu’s 11th place with a market cap of $30.7 bln.
In its official announcement, the company defined Shiba Inu as an Ethereum-based token alternative to Dogecoin (DOGE), which operates on the environmentally friendly Proof-of-Stake (PoS) platform. Unlike Dogecoin, which is just a meme coin, the SHIB ecosystem also supports NFT, GameFi, and decentralized trading through Shibaswap.
“Shiba Inu has evolved to become one of the largest, most popular, and liquid cryptocurrencies in the world with a very loyal following,” said Kiguel adding it was due to the low trading price of SHIB that they were able to purchase a significant number of tokens.
ShibaSwap developer also acknowledged this on Twitter but said Musk could very well be trolling the SHIB community, or it could be a code name for some other dog currency like Dogecoin, which Musk favors. Nothing regarding this has been revealed by Tesla yet.
I verified on Tesla site, there could be few possibilities
1. @elonmusk trolling #SHIBARMY
2. Someone at $TSLA is #SHIBARMY trolling @elonmusk to support $SHIB
3. Shiba is a code name for some Dog currency
4. SHIB is COMING!
In any case please DYOR, and don't stake your farm
— Kaal (@kaaldhairya) November 1, 2021