Dogecoin's Sibling: Shiba Inu
On April 19th, my friend told me about Shiba Inu coin known as SHIB.
It is basically another version of Dogecoin. The popular meme coin that is all over the news.
As you can see in the image above, SHIB basically calls itself a meme token as well.
The craziest part is that SHIB has a market cap of $6B as of this writing (CoinMarketCap).
These dogs are having themselves a time in the market!
On May 8th, I sold my SHIB position and achieved 6X on my money. This occurred in 20 days. I believe SHIB could continue to grow but I wanted to reallocate my resources.
Coins like SHIB are purely hyped based social media tactics. The trick is getting in on these coins before everyone else knows about them AND picking the right one’s.
Which is a lot of luck as these meme coins are extremely risky and don’t have anything to do with earnings and company performance.
With that said, there is an art to it.
It’s understanding culture and psychology of how the masses move which represents a technological advancement in the way people engage with markets.
It’s based on memes, social media and branding.
But really, it’s a massive psychology experiment.
One thing I always say, is that you may think the Kardashians are dumb, but you know their name and they don’t know yours. They made a lot more money and achieved a lot more success than a lot of people.
Easy to hate on Dogecoin (I’m guilty of it) or SHIB, but people are playing the game and achieving success. And the game is fun.
My next bet after SHIB is into a coin called FEG (Feed Every Gorilla).
To me, I’m just playing around with the gains I made from SHIB as you have to convert SHIB back into ETH. I then took my ETH that I made from SHIB and used it to buy FEG.
Getting immersed into the crypto world is teaching me about why ETH is the gateway internet money you use to do everything. You use ETH to buy everything in crypto land (NFTs, random coins like SHIB or FEG, and even real estate in the virtual world).
Very fascinating and good point on the Kardashians. The fun aspect of it really resonates...in fact my cashier at trader joes today was saying he put $20 in doge for fun. Just curious if ur buying SHIB through a dex like uniswap? Really enjoying these insights into the cryptosphere!