Shiba Inu Coin Is Absurd, Amazing and Impossible to Ignore
Whenever something becomes popular, there always have to be sequels. Thus, Dogecoin’s (CCC:DOGE-USD) moonshot had to be followed up with a rocket ride for the Shiba Inu (CCC:SHIB-USD) altcoin. But does it make any sense to actually own Shiba Inu?
The answer, really, depends on one’s position size and risk tolerance. As long as you’re not betting the farm and you’re prepared for total capital loss, altcoin investing can be rewarding.
Heck, even strait-laced CNBC acknowledged that altcoins are “sometimes called ‘s— coins.’” So, we can’t take these smaller tokens too seriously.
But then, investors’ money is at stake, so we have to treat every asset with dignity and legitimacy. For all we know, this little dog-faced coin could be your ticket to riches.
Analyzing the Shiba Inu Price
The SHIB price is so low that is almost defies technical analysis. Even sub-penny stocks typically don’t trade this low.
Here’s what I’m talking about. At this writing, the Shiba Inu coin traded for .000653 cents.
In case you wanted more zeroes in your life, that number translates to $0.00000653.
Thus, SHIB going to one one-hundredth of a penny would be a big deal. And going to a full cent would be monumental.
Another thing to note is that the Shiba Inu price tends to follow the Dogecoin price around, much like a dog following its master.
Hence, if you’re going to watch and/or invest in SHIB, you’ll probably want to keep tabs on the price movements and news developments for DOGE as well.
In any case, I’m not against taking a tiny fraction of one’s account and putting it into the Shiba Inu token. Heck, you can even buy a million of them for the price of a fast-food dinner.
Let’s Get Serious, Elon
Gazillionaire Elon Musk is known for joking around sometimes. The problem is that his jokes have the power to move asset prices.
Case in point: on June 25, Musk tweeted, “My Shiba Inu will be named Floki.”
The last time I checked, that tweet received more than 300,000 likes, that’s all fine and good.
Here’s where it gets to be slightly unsettling: the SHIB token’s price surged 25% following that tweet.
Musk’s influence hasn’t gone unnoticed, or uncriticized.
For instance, referring to Musk, former Secretary of Labor Robert Reich declared, “His tweets are having a serious impact on markets. It’s just another example of how billionaires get away manipulating markets without accountability.”
To his credit, Musk has warned that cryptocurrency investors should invest with caution. But then, I suspect that many SHIB traders won’t heed that advice.
Petitioning for a Coinbase Listing
My point here is that a single tweet could send the Shiba Inu coin much higher.
Consequently, you’ll want to keep a close watch on a number of social media feeds, including Musk’s.
While you’re at it, you’ll definitely want to check for developments with Coinbase (NASDAQ:COIN) concerning SHIB.
On June 15, Coinbase revealed that the Shiba Inu token would be available for trading on Coinbase Pro starting June 17.
However, a day later, an update was appended to that blog posting. Frustratingly, technical delays prevented the SHIB coin from being launched on Coinbase Pro on time.
As of this writing, that story is ongoing. But the more impactful question concerns whether Shiba Inu will be listed on regular (non-Pro) Coinbase.
There’s even a petition going around, trying to get SHIB listed on Coinbase. If this actually happens, undoubtedly there will be a massive spike in token’s price.
The Bottom Line
My final message today is this: it’s okay to have fun with Shiba Inu, as long as your position size is very small.
Sure, SHIB could reach a full penny someday.
Just don’t pour too much of your capital into it. Otherwise, you could end up in the financial doghouse.
On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
The post Shiba Inu Coin Is Absurd, Amazing and Impossible to Ignore appeared first on InvestorPlace.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.