Here’s what’s funny about dog-themed altcoin Shiba Inu (CCC:SHIB-USD). If Dogecoin (CCC:DOGE-USD) was initially pigeonholed as a joke coin, then Shiba Inu got even less respect at first, as it was characterized as a knock-off of a joke coin.
However, the joke’s on the skeptics now. Both tokens have made epic price moves to the upside, and early investors have turned the meme into a dream.
Plus, they’re competing with each other for top spots in crypto dominance. There was even a “flippening” event in which SHIB briefly surpassed DOGE in market value.
So, what’s next for Shiba Inu as it plays catch-up with more established coins? More adoption will be the key, and a dedicated fan base is committed to getting the word out.
Analyzing the Shiba Inu Price
The past month was quite a roller-coaster ride, to say the least. Some traders built their accounts quickly, while others were left in the doghouse.
Are you ready to count some zeros? If you’re not accustomed to SHIB’s low price points, then you might be in for a shock.
In mid-October, Shiba Inu was bottoming out at $0.000025. That’s one then-thousandth of a quarter, by the way.
As it turned out, this would have been a great time to sell all of your belongings and buy as many SHIB tokens as possible.
In a rapid rally, the coin catapulted to $0.00009 by Oct. 27. My old calculator says that this represents a profit of 260%.
After a gain of that magnitude, it’s not a terrible idea to consider taking profits.
Some folks undoubtedly learned this lesson the hard way, as Shiba Inu crashed in late October and early November.
As of Nov. 13, SHIB traded at $0.00005, for a one-month gain of around 100% but a major loss if you bought at the peak price.
Therefore, the immediate-term target should be a return to $0.00009. Eventually, a full penny would be an objective for long-term holders (or should I say, HODL-ers).
Joining the Hit Parade
When the public is clamoring for a coin to be accepted, business leaders have no choice but to listen.
AMC Entertainment (NYSE:AMC) CEO Adam Aron is certainly listening. Just recently, he acknowledged that the movie theater chain is exploring options for accepting Shiba Inu.
This wouldn’t be the first time the company gave consideration to a dog-themed token.
As Aron explained, AMC’s decision to look into Dogecoin as a form of payment was driven by popular demand, and it should be approved for the first quarter of 2022.
Hence, it only makes sense that SHIB would be “the next one on our cryptocurrency hit parade,” as Aron put it.
A Tidal Wave of Support
So, what would prompt a giant movie-theater company to add Shiba Inu to its “hit parade”?
Without a doubt, the groundswell of support was a contributing factor.
“There’s just been a tidal wave of inbound messaging to our company,” Aron revealed.
If you spend a lot of time on finance-focused social media, you may have noticed that there’s a virtual army of Shiba Inu supporters.
They’re loud and proud, and will go to the mat to get SHIB into the public consciousness.
Now, I’ve heard that Robinhood (NASDAQ:HOOD) crypto COO Christine Brown recently shot down the notion that Shiba Inu will be making an appearance anytime soon.
To that, I’d say that resistance it futile.
If enough people demand acceptance of SHIB, they’ll get it sooner or later.
It’s really just a matter of time. And when Robinhood finally gives in to the will of the people, the Shiba Inu price should move much higher.
The Bottom Line
Not everyone is going to like these canine-themed altcoins. Yet, there’s a sizable fan base which shouldn’t be ignored.
Today, Shiba Inu is recognized as more than just a Dogecoin clone.
More acceptance and adoption is inevitable. Just be patient and HODL, as the SHIB army will prevail in the end.
On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
