Shiba Inu, the meme coin inspired by Dogecoin, recently made an all time high and became the 11th biggest cryptocurrency, with a market cap of $19 billion. A more than 45 million percent gain over the last year has put it into this position.
As can be seen by the above graph, courtesy of Coin Gecko, Shiba Inu (SHIB) is riding high, having overtaken the likes of Terra (LUNA), Chainlink (LINK), and Avalanche (AVAX).
If you ask a newbie to the world of cryptocurrencies what they are looking to buy, the reply would very often be the Shiba Inu token. The hype has spread far and wide across the social network platforms such as TikTok and Reddit.
Scott Melker, of the Wolf of all streets YouTube channel, is right now broadcasting his take on the token, with the video title:
“Shiba Inu: $1k invested is now worth $500 million | How is that possible?”
Obviously, the answer is that yes, this is certainly possible because it has just happened. This is the power of social communities, and we’ve already seen what they can do when we look back at the GameStop movement that shocked even Wall Street veterans.
The masses have now moved on to getting SHIB listed on the Robinhood trading platform. A petition on Change.org is appealing to the platform management for the listing, and has managed to get more than 300,000 signatures together so far.
So what is wrong with this?
To be honest, there isn’t a great deal wrong with it, other than the fact that investors who know very little about crypto currencies will get burned when the whole pile of nothingness just evaporates away.
However, it is important not to go down the same road of the regulators who ‘know’ what is best for investors, and who will go ahead and pass laws that ‘protect’ investors from the dangers of such dreadful things as cryptocurrencies.
Let’s face it, the banks need protecting at the end of the day, and should a retail investor make a lot of money on meme cryptocurrencies, then that can’t be right and investors will need to be shepherded back into the safe haven of a 0.086% (give or take) savings account, or even less if you leave it in the bank.
Crypto is crypto, and it is fresh, real, and vibrant. Finally, and most surprisingly, the common Joe is front running the banks and the rest of Wall Street. Value abounds all over the many sub sectors of cryptocurrency and people are starting to tune into it.
It’s not easy with the government and institutional backed media publishing anti-crypto stories left, right and centre. It seems to be working in countries like the US, as brain-washed young people scoff at the very idea of putting money into such obvious scams as Bitcoin.
However, times are like they have never been ever before. The Wizard of Oz, or the guy behind the curtain (Jerome Powell of the Fed), is running out of band aids to stick over the absolute financial ruin that he is presiding over.
Shiba Inu can be a transitory phase that makes a few very rich, and many a lot worse off, but the real solid world of cryptocurrency, those projects that are changing the world totally, will carry on and do so, and may as many people as possible wake up and get onto this before the existing monetary system strips their wealth utterly and completely from them.