Retail Traders are Addicted to Meme Coins ($SHIB)

October 29, 2021

Retail Traders are Addicted to Meme Coins ($SHIB)

Consistent returns? Strong fundamentals? These things mean nothing when your investment is destined to shoot to the moon – An overwhelming shared belief in a higher future price for any asset naturally becomes a self-fulfilling prophecy....
Once again, a dog-themed cryptocurrency token is soaring, and it’s NOT DogeCoin ($DOGE). This time it's SHIBA INU ($SHIB), a similar Ethereum token that’s had an equally impressive run, up by nearly +1000% over the past month.
Underlying data reveals retail buyers driving $SHIB higher.
Consumer Mentions of investing in SHIBA INU using popular retail trading platforms, like Coinbase ($COIN) and Voyager ($VYGVF), began trending higher ahead of the recent price increase and have since risen to an ATH in tandem with the asset itself.

The 30-day moving average picked up in mid-September, coinciding with the launch of SHIB on Coinbase – This appears to have been the catalyst that sparked the frenzy of buying seen in the past week.

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