The price of Stronghold Token (SHX) has seen impressive gains recently, surging 21% today and more than doubling over the last 7 days. But what’s behind this latest SHX price action, and should traders view it as a buying opportunity or a sign of speculation? Here’s a closer look at what’s happening with the cryptocurrency tied to Stronghold’s payments protocol.
What you'll learn 👉
Rumors of New Exchange Listings
Part of the reason for SHX’s price pump seems to be growing rumors of additional exchange listings. Earlier this week, a Twitter account named CryptoBanker SHX (@CryptoBankerSHX) tweeted that people are excited about a potential Uphold listing for SHX. The account went on to state:
“My Sources says there ́s two more [listings] Not Financial Advice I Don ́t Care If You Believe My #RawSauce Or Not Always Do Your Own Research”
So the prospect of expanded exchange availability and greater liquidity is likely contributing to speculative buying in SHX.
Belief in the Stronghold Protocol’s Value
Others like X user @af2f2g23g3 are focused more on the potential value of Stronghold’s payments protocol itself:
“The price is a distraction. The value is in the protocol. The ripple protocol. The stronghold protocol…What price would you put on that protocol?”
Indeed, Stronghold aims to connect banks and financial institutions to speed transactions and settlement, with its protocol involved in settling over $55 trillion in payments in 2019. So some SHX buyers seem confident in the project’s long-term utility.
Warnings About Getting Caught Up in the Hype
However, the same CryptoBanker SHX account also cautions that large influencers who missed out on previous SHX gains may now try to spread fear, uncertainty and doubt (FUD) to justify missing the opportunity and depress prices so they can buy in at lower levels:
“Be careful of big accounts who have missed $SHX trying to spread FUD statements without any context…to justify to their followers why they failed them and didn’t in the last two years see and share the best opportunity in $CRYPTO in recent times”
This serves as an important reminder to tune out hype and speculation, do your own research, and invest based on fundamentals – not because of pressure to chase short-term gains. SHX may have long-term potential, but traders should be wary of getting caught up in pump-and-dump dynamics.
So in summary, while technical and adoption developments may be supporting SHX prices, caution is warranted when considering trading this latest volatility. As always in crypto, it pays to think critically and avoid emotional decision making, whatever the latest rumors and social media chatter might suggest.
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