Shiba Inu coin (SHIB) is one of the hottest cryptocurrencies to watch right now, having shot to the moon back in May before somewhat cooling off. Shiba tokens have had their ups and downs, though what’s the situation right now? Get the latest Shiba Inu coin news today and find out whether or not it’s currently a good time to invest.
Shiba Inu Coin News: Is SHIB up or down today?
Shiba Inu coin is up 1.32% over the last 24 hours at the time of writing. SHIB tokens are on the rise today, though still down over 78% since last month’s all-time high.
The May 2021 Shiba Inu coin takeoff was largely due to Elon Musk’s appearance on SNL, during which the Tesla CEO made a disparaging Dogecoin joke. SHIB’s meteoric rise prompted some investors to wonder whether it’d reach a cent, or even a $1 valuation at the time. Unfortunately, it didn’t happen and is arguably looking increasingly less likely. Although anything can happen in the volatile world of cryptocurrency trading, DOGE is busy retaking its mantle as the canine crypto of choice at the moment.
Musk has now realigned himself with Dogecoin, which is helping to bring about its recovery. Although this doesn’t spell immediate doom for SHIB — clearly, as it’s on the rise — it probably won’t do much to help. Shiba Inu coin essentially stepped in as the replacement crypto featuring a cute dog when DOGE fell from grace. That’s no longer the situation, though; the defacto doggo is now back on its paws, meaning many traders will turn their attention back to Dogecoin.
Of course, it’s important to remember that DOGE isn’t infallible. The past proves as much, though the same rings true even now. There are tons of uncontrollable factors that influence crypto marketplace pricing. These will likely cause SHIB tokens and Dogecoin to continue trading blows, which should make for an entertaining spectacle if nothing else.