Is the Shiba Inu meme coin worth your investment?

The Shiba Inu SHIB/USD currency has recently boarded the meme-coin train into success, appealing to investors across the globe after the spike in value Dogecoin got on April 28th after Elon Musk made tweets about it.

So, can Shiba Inu rise to $0.01? Let’s take a look.

Should you buy Shiba Inu?

On May 9, SHIB had a value of $0.00001413 but by May 10 it doubled in value after Shiba Inu was listed on Binance. The momentum carried over to the following day when Shiba Inu hit $0.00003628.

However, the coin has lost all momentum and was seen trading at $0.000009809 on Thursday.

It may seem odd to recommend any asset class that has lost a lot of momentum, but in the cryptocurrency universe this logic doesn’t always hold true for one reason: hype.

And Shiba Inu could have plenty of hype in the coming days and weeks.


Bring on the hype 

A Robinhood user Tristan Luke wrote a Change.org petition to request the cryptocurrency broker list Shiba Inu. What may or may have not started off as a joke or something fun actually became one of the most popular petitions at the time.  After more than 90,000 people signed Luke’s petition it was reported that Luke’s initiative ranked as one of the most popular Change.org petitions in May.

What should we take away from this petition? It’s simple. Shiba Inu coin is another hype train that could send the cryptocurrency soaring back in value in the near term. One can only imagine what would happen if Robinhood responds positively. Actually, we don’t have to imagine it as we have a prior case point when the broker added Dogecoin. 

In fact, Robinhood crashed during a Dogecoin spike on May 4. The coins were priced at $0.40, then spiked past $0.50 and reached as high as $0.60. 

Bottom line: buy Shiba Inu as a meme play.

Shiba Inu should be bought by investors now but only as a short-term or swing trade.

As the Change.org petition gains momentum, Shiba Inu will merely attract more attention and interest. One would also assume that the collapse in “meme stocks” on Thursday (driven by a plunge in AMC) means equity investors are now on the hunt for a new investment idea and they may be attracted to Shiba Inu.

Even if Shiba Inu doesn’t find a new home in Robinhood, the hype and anticipation over the potential for such an event is reason enough to buy Shiba now.

The post Is the Shiba Inu meme coin worth your investment? appeared first on Invezz.

Publication date: 
06/03/2021 - 13:51
Disclaimer

The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.