Shiba Inu (CCC:SHIB-USD) has moved a great deal so far in October. Its market cap is at $34.8 billion, as of Oct. 30, which is now slightly higher than Dogecoin (CCC:DOGE-USD) and its market cap of $34.4 billion. That makes SHIB crypto the nineth largest cryptocurrency, according to Coinmarketcap, just above Dogecoin.
SHIB crypto is now priced at $0.0006648, up from $0.002523 cents per SHIB token as of Oct. 17 when I last wrote about the crypto just about two weeks ago. That means that Shiba Inu is now 2.63 times the price it had in less than a month ago.
That is an incredible run. Clearly, the forces pushing Shiba Inu meant to catch up to Dogecoin, as I wrote in my last article. So, now that this has happened, what’s next?
Where Shiba Inu Might Be Headed
Both currencies represent “meme coins” or cryptos that move up simply because they represent some humorous aspect to society or as a joke. Although those may be its beginnings, the crypto tends to take on a life and rationale of its own as it rises.
For example, over time backers of Dogecoin have referred to its utility as a method of recording digital transactions, i.e., a digital currency. This is not the same as a store of value for which cryptos like Bitcoin (CCC:BTC-USD) and Ethereum (CCC:ETH-USD) are known.
But now that SHIB crypto has reached parity with Dogecoin, where could it be headed next? This was its great purpose until now.
They both have a $34-$35 billion market cap. They both represent dog memes as cryptos. A rush of retail traders seeking to cash in on a craze kept them moving higher.
But now that it has reached its apparent goals, is there going to be as much fanaticism powering it higher? I suspect not. In fact, many of those investors may have already moved on to try and push Floki Inu (CCC:FLOKI-USD) to the same height. I wrote about this recently in my article last week.
For example, Floki has a market cap of just about $2 billion or so. So, it might not be out of the question for the same investors in SHIB crypto to make a run at Floki Inu to see if it could reach the same height as Shibu. And frankly, that is probably where a lot of the investors in Shibu Inu are bound to go.
But I could be early on this.
What to Do With SHIB Crypto Now
One reason that I might be wrong about everyone ditching Shiba Inu is a story that just came out on Cryptoslate. It is headlined: “Over 400,000 People Want Robinhood to List Shiba Inu.”
Apparently, Change.org has shown that over 400,000 people have signed the petition to see the coin listed on Robinhood’s (NASDAQ:HOOD) platform. After all, it’s already listed on Coinbase Global (NASDAQ:COIN).
The originator of the petition, Tristan Luke, said this about the reason for asking for a Robinhood listing:
“Dogecoin has been a huge success for Robinhood, and its investors. We have all enjoyed the ride. Shiba Inu is a similar meme coin with genuine potential, up 2000% in the last weeks!”
This shows that a good number of the people who were behind Shiba Inu’s rise are still behind the crypto.
But it also leaves the rest of us wondering what will happen next. There does not seem to be any real purpose behind Shiba Inu … other than its existence as a meme crypto.
If you can live with that, then maybe SHIB crypto is for you. But, as I have maintained all along, this is a highly speculative crypto. Investors should be very careful with it and assume that it’s going to be a bumpy ride.
On the date of publication, Mark R. Hake held a long position in Ethereum but did not own any other security mentioned in the article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.