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

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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.

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.

$SHIB CHART! 🔥

📈 It is forming a bullish triangle for around ten days. It accumulates in .2479 (support) and .3519 (resistance) channel!

Once it breaks the resistance, targets will be .4161 and .5201! 🔥 pic.twitter.com/VUhlu55AdW

— $SHIB KNIGHT (@army_shiba) October 22, 2021

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.

22.5 million active users on Robinhood. Let that sink in #SHIBAINU frenz. pic.twitter.com/BuJt1zqKsP

— $Sh!b Na$ti (🏅-G3n3r4l) (@NastyShib) October 23, 2021

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.