Shiba Inu Gains 40% Today, Is It The New Dogecoin?

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Last Updated on 24 October 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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Met a friend of mine last week for dinner. He and I have been invested in crypto for several years now, taking our profits whenever we can and hoping to stay on the side whenever there’s a crash. As Bitcoin and other cryptos have no built-in circuit breakers, you always have to take into account that falls will be far heavier than similar moments in stocks of course.

I told him about my Dogecoin investment in 2021. Invested in January of this year, I sold the majority of my position when Elon Musk presented SNL in April, which was indeed near the (temporary) top. Dogecoin has been in the doldrums ever since and can’t seem to break 25 cents anymore.

Given that it started the year at around 1 cent, still a fantastic result if it were to finish the year like that, but for those of us who have seen it rise to 75 cents, that one dollar target seemed pretty close of course.

My buddy told me he didn’t like the so-called memecoins, to which I responded that some of the other crypto coins are probably memes as well.

Advertentie.

Robinhood rumor

We also briefly discussed Shiba Inu, which is apparently trying to be the new Dogecoin. Although it has no celebrity backers (there were moments earlier this year where every US celebrity seemed to be holding Dogecoin), Shiba Inu has managed to break into the top over at CoinMarketCap.

One of the reasons could be the (unproven) rumor that Robinhood, the trading app favored by youngsters and millennials, is considering the small memecoin for a listing. Apparently, according to many on social media, several unknown crypto platform are already offering a “Flip DOGE for SHIB,” effectively exchanging your Dogecoin holdings for Shiba Inu coin.

Whatever truth there is to is, Shiba Inu seems to be doing well. At the time of writing, it is up more than 40% and is one of the clear winners of the past week (up 55%). Could it be the new Doge? Much Wow we say.