Shiba Inu’s ride higher accelerates as the token surges 18%

Another exchange has listed Shiba Inu, driving even more interest in this meme token.

| More on:
a cute young shiba inu dog smiles at the camera in a park setting.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

This article was originally published on All figures quoted in US dollars unless otherwise stated.

What happened

Today's bullish move in various cryptocurrencies has picked up steam nearly across the board. For top meme token Shiba Inu (CRYPTO: SHIB), the fact this momentum hasn't slowed has led to some rather incredible price action today.

After The Motley Fool reported on Shiba Inu's impressive 14% move over the past 24 hours as of around noon ET today, the token has picked up steam. As of 2:45 p.m. ET, Shiba Inu had surged 18% over the past 24 hours, blowing away most other tokens. Currently, this represents the largest move of all top-40 tokens by market capitalization.

As reported earlier, much of the rise seen today in Shiba Inu appears to be related to skyrocketing short liquidations. However, news this afternoon that Canadian exchange Netcoins has listed Shiba Inu has provided yet another catalyst for investors to jump on today.

So what

Overall, Shiba Inu appears to remain a rather speculative trading vehicle. There's a strong retail base of holders willing to wait out near-term volatility. However, the day-to-day price action with this token simply precludes many investors from holding Shiba Inu for any extended period of time.

That said, retail demand for Shiba Inu continues to be one of the metrics investors watch with respect to where this token could be headed. The addition of yet another exchange to buy and sell Shiba Inu raises the prospect that retail buying activity could spur additional surges in the days to come. Accordingly, speculators are doing what they do best, and diving into SHIB in a big way today.

Now what

The big question many investors have is just how long this rally can be sustained. Meme mania appears to be picking up steam once again, seen in the stock market as well, with the likes of GameStop and other meme stocks taking off. GameStop's 10-day winning streak has been impressive and appears to be emboldening the ShibArmy today.

For now, the outlook among those adding Shiba Inu is bright. This will certainly be a fun token to watch in the days and weeks to come.

This article was originally published on All figures quoted in US dollars unless otherwise stated.

Chris MacDonald has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

More on International Stock News

A circle of hands from business leads cupping a green leaf in soil, indicating ASX companies embracing the concept of ESG and sustainable business practices
International Stock News

Investors are leaning away from ESG investing, but here’s why you shouldn’t follow the crowd

Don't lose sight of the long-term benefits of ESG.

Read more »

a smiling woman sits at her computer at home with a coffee alongside her, as if pleased with her investments.
International Stock News

3 great foreign companies to invest in right now

There is a world of opportunity in international stocks.

Read more »

man and woman looking at bitcoin mining
International Stock News

This company profited $2.6 billion from crypto. What is it investing in now?

Intercontinental Exchange made some whopper profits from crypto investments. Its recent investment in Black Knight could completely transform the company.

Read more »

happy business people celebrate, share rise, record price, increase
International Stock News

2 cryptos that could lead the market recovery

Bitcoin and Ethereum are uniquely positioned to lead the entire crypto market higher in 2022.

Read more »

A young couple look upset as they use their phones.
International Stock News

Not a risk taker? Here’s how that may cost you in retirement

With no risk comes little to no reward.

Read more »

woman working on tablet
International Stock News

3 top US tech stocks that could help make you rich by retirement

Buying and holding these three technology stocks can help grow your portfolio by leaps and bounds.

Read more »

A piggy bank blasts off into the sky.
International Stock News

Why cryptocurrency EOS soared 19% while the market took a breather today

The move follows a positive court ruling over a settlement tied to allegations of unregistered security sales.

Read more »

A worried man holds his head and look at his computer.
International Stock News

Why Bitcoin, Ethereum, and Dogecoin are slumping today

High correlation to equity markets is back, with the price action for major cryptos closely tracking major indices.

Read more »