While Dogecoin was in a bubble last week, which later burst, its greatest rival, SHIB, has been gaining massively.
In just three days, the Shiba Inu token rose by around 2100%. Its market cap moved from $35 million to around $13 billion. This surge is higher than what DOGE has recorded in any week this year.
Both DOGE and SHIB are meme-based tokens. However, the two have risen beyond expectations to become highly valuable tokens that almost everyone in the crypto space wants to get their hands on them.
Dogecoin’s market strategy mainly lies with Elon Musk. By labelling himself the ‘Dogefather,’ Elon Musk has played a key role in influencing the prices of Dogecoin.
The Tesla CEO usually tweets about Dogecoin, and the crypto community responds to the tweets by buying more of the token hence increasing its prices. Because of Elon’s influence over DOGE’s value, the crypto community is always looking out for his tweets to decide whether to buy the crypto or not.
Shiba Inu token is big in China
SHIB is no different when it comes to the pumping strategy. Social media platforms have influenced Shiba Inu’s token price in China, such as WeChat and Weibo.
It has also been pushed on Twitter by Chinese venture capitalists, including Xue Manzi. Besides tweeting about SHIB, the billionaire also tweets about Dogecoin.
Three reasons to buy Shiba Inu (SHIB) coins
If you have not decided on whether you should buy SHIB tokens, here are three reasons why you should:
1. You can buy billions of the tokens
SHIB’s value is around $0.00003398. This means that if you only have $1000, you can buy around 29,429,075 SHIB tokens. Compare this with other currencies like Bitcoin, where $1000 will only give you a fraction of Bitcoin.
2. Its price movements are promising
If SHIB tokens have gained 2100% in only three days, and its market cap rose to around $13 billion, it shows that the token has great potential. However, with the volatility of cryptocurrencies, the price can easily change to a downward trend.
3. Ideal for long-term speculation
One of the best ways to invest in cryptocurrencies and avoid stress is through long-term speculation. Since the low SHIB value gives you more tokens, it is an ideal coin for those who want to HODL.
Three Reasons to sell Shiba Inu (SHIB) coins
If you already hold SIHB coins and you are wondering whether it is the right time to sell, consider the following:
1. High probability of a market correction
If you have been in the crypto market for a long time, you know that market corrections always happen. The probability is even higher when the value of a coin shoots upwards by a large percentage.
2. Dogecoin is still taking the lead
While SIHB may be labeled as the Dogekiller, Dogecoin is still far ahead in value and market capitalisation. Besides, Dogecoin’s cheerleader, Elon Musk, has a massive following, which helps push for DOGE’s value.
3. Realise Quick profits
If you had bought SIHB tokens before the price gain, you could use the price hike to make some quick profits. This is a good reason to sell if you are a retail trader. Also, some people think it might be a scam as nothing is publicly known about who is behind the project.
Looking to buy or trade Shiba Inu (SHIB) now? Check out eToro!
75% of retail investor accounts lose money when trading CFDs with this provider
Credit: Source link
