Shiba Inu Quiet on Monday as Bigger Entertainment Burns Millions of Tokens

Updated:

Steven Cooper, the founder of crypto burn campaign company Bigger Entertainment, recently tweeted that his team had successfully burned another 2.75 million Shiba Inu (SHIB) tokens. Meanwhile, Shiba Coffee Company also announced that it has taken 11,851,851.85185185 SHIB out of supply.

Including its latest burn event, Bigger Entertainment has now sent 889,483,100 tokens to the “null wallet,” which contains a supply of coins inaccessible to anyone since October 2020, when the company announced the launch of the campaign.

The crypto-based record label also sells NFTs, events tickets, and merchandise for crypto and burns a portion of the fees earned for allowing customers to listen to music tracks. At the scheduled “Burn party” on December 26, 2021, the company deleted 239,600,144 Shiba Inu tokens.

Cooper also noted in his tweet that the company plans to improve its burning capabilities over the next sixty days, noting that they plan on doubling their current burn rate as they seek out better ways to burn SHIB tokens.

Finally, the founder noted that the company should burn more tokens later today. At the end of 2021, the team announced that SHIB burn events would likely occur every month in 2022. Overall, over three billion SHIB tokens (worth $102 million at press time) got burned in December by different members of the Shiba Inu community.

Key Shiba Inu Levels to Watch — January 3

SHIB continues to trade within a sideways pattern into the third day of the new year since it fell into this range on December 29. As expected, the market has remained quiet over the week as the global markets are yet to resume, forcing traders to remain on the sidelines.

SHIBUSD – 4-Hour Chart on Binance. Source: TradingView

That said, the SHIB market needs a breakout, either towards the upper-pivot zone at $0.0000350 or the lower end at $0.0000325, before momentum returns. Until then, the sideways bias will persist.

Meanwhile, my resistance levels are $0.0000350, $0.0000360, and $0.0000375, and my support levels are $0.0000325, $0.0000300, and $0.0000280.

Total Market Capitalization: $2.21 trillion

Shiba Inu Market Capitalization: $18.9 billion

Shiba Inu Dominance: 0.85%

Market Rank: #13

 

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Shiba Inu Crowned Most Popular Cryptocurrency in 2021 on CoinMarketCap

Updated:

2021 was, without a doubt, the year for Shiba Inu (SHIB) as the meme coin breaks milestone after milestone. New reports for crypto tracking platform CoinMarketCap revealed that Shiba Inu has emerged as the most viewed cryptocurrency in 2021, outpacing top cryptocurrencies like Bitcoin, Ethereum, and Dogecoin.

CoinMarketCap revealed that the meme coin recorded over 188 million views within the last 12 months, surpassing Bitcoin, which came second with 145 million views, with 43 million views. SHIB’s rival Dogecoin came in third place with 107 million views, followed by Cardano and Ethereum with 86 million views and 81 million views, respectively.

Notably, Shiba Inu is only 15 months old but holds the number 13 position in top crypto rankings based on market capitalization with $20.93 billion.

In October, SHIB bounced by over 133% within a few days to reach an all-time high of $0.000088, which pushed its market cap over $50 billion. At the time, the meme coin rose as high as the seventh position, overtaking its predecessor Dogecoin.

In other news, data from top information firm Global Data showed that social media conversations about SHIB spiked by 16,000% in 2021, giving the cryptocurrency the highest growth rate compared to other cryptos in the top 10 rankings.

Key Shiba Inu Levels to Watch — December 27

SHIB traded in a quiet tone through the morning on Monday amid a lack of momentum or volatility due to the festive season. However, the meme coin recorded a more active session yesterday after reestablishing a footing above $0.0000375, indicating that trading momentum remains in the market, albeit at a downbeat rate.

SHIBUSD – 4-Hour Chart on Binance. Source: TradingView

That said, we should expect to see a slow and steady bullish continuation towards the critical $0.0000400 top over the coming days. My bullish projection comes following the observation that SHIB now trades above most of my technical positions, indicating that the path of least resistance is upwards.

Meanwhile, my resistance levels are $0.0000390, $0.0000400, and $0.0000420, and my support levels are $0.0000375, $0.0000360, and $0.0000350.

Total Market Capitalization: $2.39 trillion

Shiba Inu Market Capitalization: $20.9 billion

Shiba Inu Dominance: 0.87%

Market Rank: #13

 

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Shiba Inu Lose Whale Dominance Amidst Bearish Price Action

Updated:

Shiba Inu (SHIB) has lost a huge chunk of its dominance among the top 1,000 Ethereum whales. This downtrend became more pronounced after the meme coin dropped by over 12% due to a local reversal.

As the GameFi industry overtakes the crypto industry in bullishness, some analysts opine that meme coins, like Shiba Inu, have begun to settle into range-bound phases or even bear trends, which could trigger losses to the general crypto market capitalization.

One common trend indicator is the dominance among various digital assets. As dominance in a preferred asset drops, whales tend to distribute their funds into other assets as a hedge. Given that GameFi and Metaverse tokens are the raves of the moment, whales have steadily moved their funds into these sectors.

Despite losing 12% in whale dominance (from 20% to 8%), SHIB boasts of a USD value of roughly $2 billion.

Whales likely hold the same amount of tokens, at the moment, but are not increasing their positions on SHIB. As mentioned earlier, this comes amid the downbeat performance of the token over the past few weeks.

Furthermore, reports show whales now hold more “other tokens,” like smaller altcoins with relatively smaller market capitalizations, making it more difficult to track.

Key Shiba Inu Levels to Watch — December 3

Following a bullish breakout on Tuesday, SHIB recorded a multi-week high near $0.0000550 but could not sustain the rally and slumped to the $0.0000420 support. However, the second-largest meme coin has bounced off a new ascending trendline to reclaim the $0.0000440 axis.

SHIBUSD – 4-Hour Chart on Binance. Source: TradingView

With the current upbeat sentiment across the broader market, we could see a retest of the $0.0000500 pivot base as we head into the weekend. Also, I expect any new bearish move in SHIB over the coming hours or days to get repelled by the mini ascending trendline.

Meanwhile, my resistance levels are $0.0000500, $0.0000550, and $0.0000600, and my support levels are $0.0000420, $0.0000400, and $0.0000375.

Total Market Capitalization: $2.64 trillion

Shiba Inu Market Capitalization: $24.1 billion

Shiba Inu Dominance: 0.91%

Market Rank: #13

 

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Shiba Inu Continues on Bearish Row as SHIB Team Warns Public on Ongoing Scams

Updated:

The Shiba Inu (SHIB) team has cautioned the public to remain alert against ongoing online scams targeted at SHIB investors or enthusiasts.

The scam alert came from a tweet from the official Shiba Inu Twitter handle (@Shibtoken) yesterday, detailing various tactics used by these bad actors to dupe unsuspecting victims in the SHIB community. The tweet noted that:

“Stay Alert & Safe #ShibArmy!

We’ve been made aware of a recent scam, traveling social media, and other communication platforms.

Here’s a quick video to provide more information on the matter.”

The tweet further noted that: “A fake Shiba Telegram group is being shared across all social media. The scammers impersonate official accounts and create fake users. These scammers reply to general posts.”

The recent success of SHIB has attracted thousands of investors and traders, many of which hope to become crypto millionaires and billionaires. However, bad actors have taken advantage of this desire by many and target unsuspecting investors on social media platforms like Telegram and Twitter. One of the widespread methods used by scammers is to contact potential victims under a false identity, like impersonating official accounts or personnel.

That said, the scam alert clarified that the community currently offers no promotions of any kind, including airdrops, bonuses, giveaways, or gifts. The warning also stated that investors must refrain from sharing sensitive account information, like wallet keys, with anyone on the internet and joining or following fake social media accounts.

Key Shiba Inu Levels to Watch — November 22

Despite a decent bullish attempt last Friday, Shiba Inu continues to trade along my four-week-long descending trendline. However, Friday’s bullish attempt helped SHIB flip from below the trendline to the upper limit, thereby easing the bearish pressure from the trendline.

SHIBUSD – 4-Hour Chart on Binance. Source: TradingView

That said, the twelfth-largest cryptocurrency currently trades on a slightly bullish sentiment on Monday morning amid a sharp reversal across the broader market. I expect to see a bullish swing first to the 50 SMA at $0.0000482, followed by a retest of the 0.0000500 psychological resistance. However, failure to post a decisive break above the former could restrict the price along my trendline, pushing SHIB closer to the $0.0000400 low.

Meanwhile, my resistance levels are $0.0000482, $0.0000500, and $0.0000550, and my support levels are $0.0000440, $0.0000420, and $0.0000400.

Total Market Capitalization: $2.58 trillion

Shiba Inu Market Capitalization: $24.5 billion

Shiba Inu Dominance: 0.95%

Market Rank: #12

 

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Shiba Inu Plummets Amid Wave of “Bad News” for Crypto Industry

Updated:

Shiba Inu (SHIB) suffered a massive dip this week amid intense bearish forces at work in the market. Most cryptocurrencies performed abysmally as well, with most recording double-digit drops since the start of the week.

Trouble started when China (for the umpteenth time) cracked down on Bitcoin mining activities. After that, investors got ruffled by the final approval of the US infrastructure bill, which meant investors using US-based crypto services would begin paying taxes by 2024. These, coupled with a stronger dollar, opened hell for the crypto industry over the past few days.

Additionally, SHIB suffered further bearish Price action following reports that large-scale selling by whales could spike in the near term. Notably, reports show that about two-thirds of all circulating Shiba Inu reside in just ten wallets.

That said, it was not all bad news for SHIB holders this week. SHIB recorded a brief spike earlier this week, following the announcement that AMC Entertainment will accept SHIB as payment for tickets and concessions, beginning anywhere between 60 to 120 days.

Also, giant crypto exchange Gemini announced that it planned on adding SHIB to its offer basket. Finally, ZenGo, a keyless non-custodial cryptocurrency wallet, announced that it was adding support for SHIB this week.

Key Shiba Inu Levels to Watch — November 19

SHIB has suffered a crushing decline over the last three weeks after it peaked at $0.0000885. The meme coin remains unable to break above my three-week-long descending trendline as it recorded its lowest point since October 25.

SHIBUSD – Hourly Chart on Binance. Source: TradingView

That said, the eleventh-largest cryptocurrency currently approaches this trendline again and needs to post a decisive close above this line to break the jinx. Failure to close above this level preserves the bearish momentum and could set SHIB into consolidation between $0.0000470 and $0.0000420.

Meanwhile, my resistance levels are $0.0000500, $0.0000550, and $0.0000600, and my support levels are $0.0000450, $0.0000420, and $0.0000400.

Total Market Capitalization: $2.57 trillion

Shiba Inu Market Capitalization: $25.6 billion

Shiba Inu Dominance: 0.99%

Market Rank: #11

 

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Shiba Inu Trades Flatly Around $0.0000525 Despite Top Exchange Listings

Updated:

US-based crypto exchange Kraken has hinted at the possibility of listing Shiba Inu (SHIB) this week after making a similar tweet at the start of the month. The hint came from Kraken’s lead Product Manager Brian Hoffman who tweeted a Shiba Inu Gif with the caption “feeling good about this upcoming week.”

Meanwhile, the giant trading platform’s official Twitter handle tweeted on November 2 that if a particular tweet got up to 2,000 likes, it would list SHIB the next day. The following day, the said tweet had amassed over 80K and 4K retweets, but Kraken failed to keep to their word, leading many to believe that the tweet was just a publicity stunt.

However, after a few days, Kraken replied to the original tweet noting that they had heard the $SHIB community and that they had kickstarted their listing review process.

Kraken’s renewed SHIB listing hint comes a few days after another US-based giant cryptocurrency exchange, Gemini, listed Shiba Inu. The crypto exchange listed SHIB together with several other trending tokens. Meanwhile, other top crypto exchanges like Binance and Coinbase added more trading pairs for SHIB amid intense demand.

That said, many enthusiasts believe that the series of listings on top exchanges could trigger a new bull run for the meme coin.

Key Shiba Inu Levels to Watch — November 15

Despite the recent listing by Gemini and the proposed one by Kraken, SHIB continues to trade flatly around the $0.0000525 area. This comes amid a sustained flow along my three-week-long descending trendline, bolstered by our hourly 200 SMA.

SHIBUSD – 4-Hour Chart

However, our hourly 50 SMA continues to prop up the meme coin from bearish pressure. That said, SHIB needs to secure a clean break above the $0.0000535 – $0.0000550 resistance area to regain any semblance of upwards momentum. The eleventh-largest cryptocurrency needs to post an upward move soon or risk restriction along the descending trendline towards the $0.0000500 and lower in the coming hours and days.

Meanwhile, my resistance levels are $0.00005500, $0.00006000, and $0.00006500, and my support levels are $0.00005000, $0.00004500, and $0.00004200.

Total Market Capitalization: $2.87 trillion

Shiba Inu Market Capitalization: $29.6 billion

Shiba Inu Dominance: 1%

Market Rank: #11

 

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Will Shiba Inu (SHIB) ever reach 1 cent or even $1?

Updated:

It’s a Doge-Eat-Doge World Out There

Shiba Inu is the latest meme coin. Its holders are promising it will make you an overnight millionaire.

And they have proof to back up their claims.

In August, a Shiba holder spent $3,400 on the meme coin. Now it’s worth $1.5 billion.

Impressed yet? If not, consider another dog coin baron.

This one bought $8,000 worth in August. It’s now worth $5.7 billion. For those counting, that’s $8,000 to $5.7 billion in about 400 days.

Some are calling it the “greatest trade ever.”

Not quite.
It's a Doge-Eat-Doge World Out ThereShiba has leapfrogged dogecoin to become the ninth-most valuable crypto in the world.

Obviously, that’s not a buy signal.

So why is Shiba pumping? Well, apart from the fact that the majority almost always buy green and sell red…

The “Dogecoin Killer”
Crypto whales use meme coins as a gauge of how much new — and unsophisticated — money is moving into the crypto markets. And then they do everything they can to take that money from them.

(Anecdotal, but almost everyone I’ve talked to who’s recently gotten into crypto started with a dog coin.)

This morning, for kicks, I asked crypto whale watcher Justin Gupta of CryptoDash.live what he thought about Shiba.

“Cryptocurrencies are volatile as is,” said Justin. “But when they are not well distributed, and only a few control a large portion of the tokens, they become even more so. This is because these few individuals can move the market at their whim.”

In the case of Shiba, Justin explained, nearly 1/5th of the supply is controlled by two accounts: “Meaning at any given moment, if these accounts decide to dump, they could trigger a massive panic sell-off and crash the asset.”

It's a Doge-Eat-Doge World Out There
One fifth of Shiba is held by 2 accounts

One fifth of Shiba is held by 2 accounts

Compare that to Dogecoin, where the top two accounts hold 10% of total circulating supply.

But, in the end…

It Doesn’t Matter
The reality of the current crypto market is that virtually nobody cares about the technology or tokenomics. Consider, months ago Shiba pumped 300% after Elon Musk tweeted he would be getting a Shiba Inu dog.

And to the untrained eye, Shiba seems cheap.

It’s currently sitting at $0.00007253.

But, the market cap is $40 billion, bigger than Robinhood. Bigger than Sysco Corp., the largest food distribution company in America. (And its circulating supply is around 550 trillion.)

If you’re buying into Shiba today it’s because you’re convinced it’s going to 1 cent. Maybe even $1. I’ll tell you right now. It’s not going to happen.

Yes, this points to new money coming into this space. But there are clearly other things driving this mania. Sometimes these things are best expressed with memes:
Richard Burton, a designer for DeFi projects, brought up an important point that gets far less attention than the money printers: barriers to entry in traditional finance.

Shiba Inu, he wrote, “is what happens when you stop generations of Americans from investing in startups with Accredited Investor Laws designed to ‘protect people.'”

Perhaps lower barriers to entry mean we create more informed investors. Or… as in the case with all meme coins and stocks… perhaps not.

NB: Shiba Inu is not the next bitcoin. More likely, it’ll be where most newbies get fleeced. If you’re looking for solid advice on the projects worthy of your hard-earned money, look no further

Author: Chris Campbell
For Altucher Confidential

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Shiba Inu Comes Under Intense Sell Pressure as Third-Largest SHIB Whale Moves Holdings

Updated:

The Shiba Inu (SHIB) ownership concentration came under scrutiny as the meme coin continued to slide from its recent highs. According to reports, of the 872,382 wallets that hold SHIB, only ten control 72% of the total supply.

Experts have expressed their concerns with this situation and that despite the abundance of transparency in the crypto industry, it is almost impossible to link wallets to their owners. They also worry that this anonymity leaves market participants unaware of whale concentration and activities that influence prices.

Shiba Inu attracted a significant level of buzz after it flipped Dogecoin to become the ninth-largest cryptocurrency by market valuation last week. That said, all eyes are on the SHIB whale that controls over 13% of the circulating supply of the meme coin.

Meanwhile, whale wallet concentration has triggered worry over possible liquidity issues amid the growing sell pressure on SHIB at the moment. At press time, the eleventh-largest cryptocurrency has dropped by over 10% in the last 24 hours and 29% in seven days.

While no token sale has occurred yet from the earlier mentioned whale wallet, this address has moved about 10 trillion SHIB to four newly-created addresses, sparking liquidation fears.

Interestingly, transaction activity on the SHIB network recorded an exponential increase, momentarily exceeding other top networks like Ethereum (ETH) and Solana (SOL). This increase in activity stems from the selling pressure on the SHIB network, as holders dump their tokens to realize profits from the recent rally.

Key Shiba Inu Levels to Watch — November 5

As mentioned earlier, Shiba Inu is in a dramatic bearish spiral as traders book profits. The meme currency bottomed at $0.00004312 yesterday before jumping near the $0.00005500 resistance. This jump failed to yield the desired results for SHIB holders as the cryptocurrency dropped again to $0.00004500.

SHIBUSD – 4-Hour Chart

However, the eleventh-largest cryptocurrency has rebounded again near the $0.00005500 resistance as bulls attempt to reclaim that level and push the price higher. That said, the critical level for bulls at the moment is the $0.00006000 psychological, where my descending trendline from the recent ATH resides.

Meanwhile, my resistance levels are $0.00005500, $0.00006000, and $0.00006500, and my key support levels are $0.00005000, $0.00004500, and $0.00004200.

Total Market Capitalization: $2.72 trillion

Shiba Inu Market Capitalization: $27.4 billion

Shiba Inu Dominance: 1%

Market Rank: #11

 

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Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

Shiba Inu Crushes Record Highs Amid Revelation of Thinly-Distributed Supply

Updated:

Shiba Inu (SHIB) recorded an extraordinary rally this week as it crushed record highs after record highs. The second-largest meme coin printed a new record high yesterday at $0.00008854 before recording a double-digit drop.

Shiba Inu’s market capitalization recently crossed the $40 billion mark, which pushed it into the top ten crypto rankings and helped it overtake its meme coin predecessor Dogecoin. 

However, recent circulatory data calls for some caution around SHIB. Currently, the market is heavily saturated with many Shiba Inu in circulation, despite Vitalik Buterin’s recent 1 trillion SHIB donation and the network’s deflationary feature. 

At press time, there are over 549 trillion SHIB tokens in circulation, a humongous amount compared to Bitcoin and most other cryptos. Meanwhile, Bitcoin’s whale concentration currently stands around 14.65%, a tiny figure compared to Shiba Inu’s. 

According to data from coincarp.com, 10 holders own 71.9% of all SHIB in circulation. Interestingly, some of these wallets are owned by crypto exchanges like Binance and Crypto.com. Also, if he totals 838,305 SHIB addresses, only 20 control 75.95% of the circulating supply. Finally, the top 100 wallets own 80.48% of all SHIB supply. 

This data illustrates how unevenly distributed the meme coin is and how it is under the possible risk of manipulation. 

Key Shiba Inu Levels to Watch — October 29

SHIB has had a mind-blowing performance this week as it peaked at a new record high close to deleting another zero from its price. However, the ninth-largest cryptocurrency suffered a sharp correction from the new record high to the $0.0000600 support.

SHIBUSD – 4-Hour Chart

However, bulls have refused to rest on their oars and have boosted the price towards the $0.0000750 resistance, where it currently struggles to break. I expect to see a steady consolidation between $0.0000750 and $0.0000600 in the near term as some bearish undertones remain. 

Meanwhile, our resistance levels are $0.0000750, $0.0000800, and $0.0000885, and our key support levels are $0.0000650, $0.0000600, and $0.0000550.

Total Market Capitalization: $2.60 trillion

Shiba Inu Market Capitalization: $39 billion

Shiba Inu Dominance: 1.5%

Market Rank: #9

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Shiba Inu Records Historical Dump Following +350% Rally

Updated:

After recording a sharp +350% rally under seven days in early October, Shiba Inu (SHIB) suffered a 41% drop amid the token’s largest dump in its trading history, Santiment reports. Following its Binance listing in May, SHIB recorded a 250% pump but later suffered a 50% drop in two days. However, the recent 40% decline occurred in a single-day candle.

According to on-chain data, small accounts holding between 1 – 10 million coins triggered the retrace. Reports show that this group of holders dumped over 30 billion SHIB directly into the market, which exerted immense selling pressure. Because of the number of over-leveraged positions in the market and the recent parabolic bull run, SHIB lacked solid support zones in the order books.

However, SHIB has recovered halfway from the recent retrace over the past 24 hours. The dumped 30 billion tokens got mopped up by ‘micro traders’ that set buy orders after witnessing the parabolic growth of the coin.

Nonetheless, SHIB remains a highly leveraged and volatile asset, with its volume on derivative products at high levels. Reports show that an immense amount of leveraged positions on SHIB trading pairs could have exacerbated the retrace.

Key Shiba Inu Levels to Watch — October 11

As mentioned earlier, Shiba Inu recorded a sharp drop from the $0.000035 barrier as traders took profits off the table. Subsequently, we saw a bullish charge towards the $0.000030 psychological level, followed by another rejection to the $0.000025 low on Saturday.

SHIBUSD – 4- Hour Chart

Today, SHIB has retested the $0.000030 resistance but failed to post a bullish continuation and could continue to struggle below this level in the coming hours.

However, the nineteenth-largest cryptocurrency trades up by 12.4% over the past 24 hours, indicating an immense bullish presence. That said, we expect to see a bullish continuation soon once bulls manage to clear the $0.000030 psychological barrier.

Meanwhile, our resistance levels are $0.00002500, $0.00002750, and $0.00003000, and our key support levels are $0.00002000, $0.00001700, and $0.00001500.

Total Market Capitalization: $2.32 trillion

Shiba Inu Market Capitalization: $11.3 billion

Shiba Inu Dominance: 0.48%

Market Rank: #19

 

You can purchase crypto coins here: Buy Tokens

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$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.