Are Redditors Short Squeezing Wall Street Via Shiba Inu?

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Looking at the coinmarketcap top 100 there is one memecoin that is sticking since the beginning of the year. Although Shiba inu, the Dogecoin wannabe who turned investors into billionaires last year, was declared dead and buried by most investors, it’s been slowly moving up since a few weeks again.

Although the crypto and stock markets have known rough beginning of 2022, Shiba has been looking upwards most of the time.

Social Media versus Wall Street

Rumor has it that a group on Redditors and other social media platforms are keen on short squeezing Shiba Inu as they know many Wall Street investors are trying to short the coin.

As we explained you in our knowledge database:

A short squeeze follows the same route as short selling. The only difference is that instead of the price dropping, it increases. Mostly, short selling falls under margin trading where the trader borrows a cryptocurrency, sells, buys back at a lower price, pays a commission, and keeps the profit. When one is caught up in a short squeeze, they end up making losses.

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The number of stories and YouTube videos describing the apparent move have been popping up allover media outlets in the past few days. Sites like Barrons, Forbes and the Motley Fool all titled Shiba Inu’s move next to Bitcoin’s revival, which heightened the media outreach of the small memecoin. Benzinga even did a technical analysis which has proven quite correct for the past week.

New Blog: A METAVERSE Story that begins… with an update!

🏡 Introducing Lands, a queue system, and more!
🦮 $LEASH holders will be the first to gain access to Shiba Inu Metaverse Lands.

Read more… https://t.co/S758ClAbRC

— Shib (@Shibtoken) February 8, 2022

Lastly, the fact that Shiba announced a few days ago it too was ready to enter the metaverse means the cryptosphere has one more reason to speak about the Dogecoin rival in a positive manner. Don’t write Shiba Inu off just yet apparently.

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