Shiba Inu coin had a massive spike this week thanks to some new social media attention.
So, in response, the hashtag #SHIB began to trend on social media.
- “On Twitter, many noted that the coin deleted a zero from its decimal. Even so, the coin is still worth less than a penny despite the jump, which took it to 0.00001090 cents,” according to Business Insider.
Shiba Inu coin has had some recent success that’s worth noting. Per Benzinga, the hashtag #SHIB was trending multiple times within the last week, reaching the top 10 spots on a few occasions, too.
- The increased social media attention led to a jump in the Shiba Inu coin price, too, Benzinga reports.
In September, the Shiba Inu coin soared to new levels — spiking by 35% — after it was added to the Coinbase app, according to Mint, which monitors financial and cryptocurrency news.
- Coinbase, a cryptocurrency trading app, allowed people to start trading and investing in the cryptocurrency in September, giving people who might have had access to the coin a chance to invest, per the Deseret News.
The problem, though, with a spike of Shiba Inu coin is that a number of people will invest all at once. When they do so, others will sell, which lowers the value.
- “This kind of behavior is the exact reason why SHIB is an untrustworthy asset because it is literally treated like a pump and dump asset. The instances observed … are similar to what we saw at the beginning of the July rally,” according to AMB Crypto.
Still, cryptocurrencies are always in flux, so they can be a dangerous investment.
- “Memecoins are highly volatile cryptocurrencies that are known to witnesses sharp movements based on news events,” according to Mint.