The power of meme stocks has been proven on multiple occasions; illustrating the real power of amassed retail investors. It was no surprise then, that when cryptocurrency hit the big league of mainstream investment; the emergence of ‘meme coins’ swiftly followed, and gained unbelievable traction.
Bearing in mind the success of the meme coins’ predecessor Dogecoin, and what that proved about retail investor rallies; it was only a matter of time before the crypto collective latched on to the next ‘to the moon’ coin – and Shiba Inu took off.
However, the reality of Shiba Inu might be starting to hit home for the retail masses. The story is very clear – unless we’re all in it, none of us are. The coin really took off around the start of October, hitting a peak of $0.000088 in the final week. Since then, however, the token has fallen to around $0.00003 – losing around 70% of its value.
Why? Because the hype is fading. Google Trends highlights a rather worrying red flag for the token’s holders – as Shiba Inu popularity hits 90-day lows – mirroring the token’s extended downside since the end of October.
Now, another curious angle to emerge from Shiba Inu’s enigmatic decline; is Robinhood’s plans to add to the token to its tradeable assets – with rumors suggesting it might be available as early as February. Robinhood caused quite a stir amongst retail crypto traders with its decision late last year, but it’s worth wondering whether Robinhood’s popular pick might backfire as Shiba Inu crowds continue to dissipate.
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Oliver is a financial writer and analyst specialising in the US stock market, with years of personal experience in understanding micro/macroeconomic structures, market trends and fundamental analysis.