Shiba Inu (SHIB) Posts 300% Gains This Week... Is It a Good Buy???
Evening
It has been a great week for cryptocurrencies so far, with Bitcoin surpassing $55k resistance level and most of the top coins following the suit showing decent gains. But the talk of the town is Shiba Inu, posting 258.9% gains in last 7 days.
Today the meme coin peaked to $0.0003473 before the dumping pulled the price back to $0.0002480. As of now Shiba Inu is 15th largest coin ahead of Chainlink and Litecoin, with a the total market cap of about $12.5 billion.
The token's bulls run started last week with Tesla and SpaceX CEO Elon Musk twitting the image of his new Shibu Inu pup, Floki. Thanks to the positive market sentiment Shibu Inu holders community is now 700,000 strong as per data from etherscan.
So the question remains, is Shiba Inu a good buy? Despite some improvements over Doge, Shiba Inu is still a pet coin. And despite this week's humungous gains, it is imprudent to think Shiba Inu is a good investment, considering the fact its growth is primarily triggered by the picture of a puppy on social media from a celebrity.
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This Shiba is really giving me great joy I think I am gonna get some of it
But dont take it too serious. It can go south quickly.
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Probably that's true I agree with you
Dog coins are dumb.
Yeah indeed they are sir. No doubt about that!
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