Time To Cash In? SHIB Soars 40% And Snatches DOGE Position In Top 10
October 27 2021 - 2:44PM
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Switching positions in the crypto top 10 during the past 24 hours,
Shiba Inu (SHIB) has finally taken Dogecoin (DOGE) position as one
of the largest cryptocurrencies by market cap. Related Reading |
Shiba Inu (SHIB) Jumps 50% To ATH Amid Robinhood Rumors As of press
time, SHIB trades at $ 0,000068 with a 44% and 144% rally in the
daily and weekly charts, respectively. In the 30 days chart, the
token records a massive 865% profit. The token was launched as a
competitor to DOGE, but with its own team and community. Their
collective efforts have managed to bring SHIB to this point, as it
continues to gain more popularity. The token has gone from being a
meme coin dumped by the creator of Ethereum Vitalik Buterin to
representing the spirit of retail investors looking to create their
own opportunities. With millions in profits in the 1-year chart,
SHIB could easily be crowned as the king of meme coins. Pseudonym
trader IncomeSharks has been tracking the price of this token.
Despite its massive rally, the cryptocurrency could be approaching
a selling zone as the euphoria mania around comes to an end. As
seen below, IncomeSharks compared SHIB and DOGE’s performance and
concluded that there are “identical” market conditions and human
behavior. $SHIB – Identical human behavior and market conditions to
$DOGE (even if it's better). – Long accumulation– Massive breakout
(millionaires are made)– Retail wants to get rich– Narratives and
price targets start– MEME dog tokens explode– Top holders cash out–
Panic sell pic.twitter.com/InyBG0xfOI — IncomeSharks
(@IncomeSharks) October 26, 2021 These two elements have allowed
SHIB to climb all the way up to the top 10, but also suggest an
irrational market that could lead to a sudden crash. Similar to
DOGE, SHIB Whales could be preparing to dump on retail: Irrational
markets create a lot of opportunity but you have to remember it
doesn’t last forever. Don’t let unusual market behavior change your
strategies. Either flow with it temporarily or wait for conditions
to align back to what you were comfortable with. Related Reading |
Why Shiba Inu (SHIB) Rallied 266% Following Biggest Dump In Its
History Forget SHIB, What’s The Next Big Thing Market conditions
could also tip in favor of SHIB bulls, and the token could continue
its impressive rally. As IncomeSharks has also noted, Bitcoin’s
Dominance (BTCDOM) in the market has been moving sideways in the
past few days. The metric stands now at a “sweet spot” and could
allow altcoins to persist in their price discovery mode. Several
altcoins besides Shiba Inu have experienced all-time highs or a
fast return to their previous highs in the past week, including
Solana (SOL), Polygon (MATIC), and others. Related Reading | Shiba
Inu Outranks Chainlink And Takes Place In Top 15 Crypto-Assets
IncomeSharks tries to stay ahead of the trend. Therefore, he
suggested investors take their profits from SHIB and move it to
MINISHIB, and other meme coins already yielding high returns. He
claimed: I’m excited for the $SHIB holders making money, and hope
it keeps going. But while everyone was buying green candles and
following the herd I went to the MEME plays which are always next.
I had higher returns on 4 of these than this $SHIB pump. $DIGINU
$SNOOD $SMI and #MINISHIB.
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