Did the Shiba Inu (30% higher in a week) comeback begin?

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Last Updated on 15 August 2022 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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A week ago, Wall Street analysts were dumbfounded. For some reason, Bed, Bath & Beyond stock was up some 45% in just a few days. There was no announcement from the company, no warning from banks, no changed buy recommendation.

Until someone took a look at the forum of WallStreetBets, the group of small investors on the Reddit forum who sometimes push a stock higher.

It turned out that an anonymous poster known as “TheDude0007” had taken a position of “10x’d a $45K YOLO” in Bed Bath & Beyond stocks since Ryan Cohen, the founder of the Chewy fund, also stepped in. Suddenly, almost the entire WallStreetBets group followed suit and the stock quickly moved up 45%.

The group once again showed the strength of social media.

Advertentie.

Shibarmy

That’s how it seems to be going for Shiba Inu the last few days. After the Shibarmy, the group of supporters on social media that backs the memecoin, called on everyone to bring the coin back into the top ten coinmarketcap, Shiba Inu has only been going in one way, and that’s back up.

How long it will last and whether this is the only altcoin to go higher along with Bitcoin and Ethereum in August is unclear at the moment, but never underestimate the power of social media in terms of memecoins and memestocks.

Remember that Shiba Inu made it’s all time high last year when the Shibarmy called on Robinhood to list the coin.

In the last week, Shiba Inu moved up a good 30%. The start of a comeback?