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The meme token hype train is still chugging along after dogecoin (DOGE) rival Shiba Inu (SHIB) had an impressive rally in less than a month. In line with this, during the last quarter, SHIB brought about over 600 percent return of investments to its loyal HODLers.
With the stuff that’s going around with the so-called dogecoin killer, this begs the question, will the meme crypto be any good on anyone’s portfolio?
Shiba Inu is one of the top dogs
Recent reports about Shiba Inu revealed that in the last three months, the token went on to become one of the top cryptocurrencies out there in terms of market capitalization. The thing is, as the bigger market gained traction, its ranking toppled a bit. Despite what happened, the meme token got some sort of staying power as it maintained the 11th spot.
As for the mainstream cryptocurrencies being bitcoin (BTC) and ethereum (ETH), these two are still forces to be reckoned with as they dominate bigger markets alongside their bullish trend.
Ethereum whales
A lot of folks deemed that the Shiba Inu would just be a one-off thing. Further, it is quite unexpecting that the whales over there at the ethereum network may well seem to be rotating profits for the dogecoin rival. In line with this, on November 8,
one of the ethereum whales who goes by the moniker Gimli has purchased over 31 billion SHIB which translates to $1.7 million.
It’s also worth noting that the canine-inspired meme token seems to be pretty popular with investors as the total number of folks who own it have been surging for the last couple of months. It is said that the number of Shiba Inu holders has reached 930,000. Reports even suggest that a SHIB whale injected a whopping $1.5 billion worth of Shiba Inu into a wallet amidst the bitcoin and ethereum bull run. Such a move resulted in investors turning bullish towards the so-called dogecoin killer.
AMC plans for SHIB
Meanwhile, the entertainment company of AMC revealed during their third-quarter earnings call that they are looking for avenues in accepting Shiba Inu as a mode of payment on their chain of movie houses. The said plan is still being discussed by the company, though if such a move comes to fruition, SHIB’s price is expected to skyrocket.
Now, if we were to base the above-mentioned figures and how the cryptocurrency is performing, it’s safe to say that Shiba Inu is a good addition to one’s portfolio.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
