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Dogecoin (DOGE) up 15% as Shiba Inu (SHIB) holders take some profits

It's late night in America, but the crypto market just had to do its usual volatile nonsense. Here's the latest in dog-based cryptocurrency news, folks.
Captain Business
Captain Business
3

It's late night here in the United States of America, but money never sleeps and Captain Business stays up to make sure our Shacknews readers are given the very best coverage on important financial news, like dog-based cryptocurrencies. That's right, like two glorious foofy ships passing in the night, we are seeing some volatile moves in both Shiba Inu Coin and the original dog-based coin Dogecoin. Dogecoin (DOGE) is currently up nearly 16% in the last day, spiking up to $0.3338 from $0.2659 in an hour. Shiba Inu (SHIB) coin has dropped nearly 20% from its all-time high set Wednesday.

Shiba Inu Coin (SHIB) has had a wild ride, up 937% in the last month alone. There were several reports about it surpassing Dogecoin in market capitalization earlier on Wednesday, but appears this old DOGE still has some bite to it. It's entirely possible that these two moves aren't correlated, but this market seems dumb enough for it to be the case. Instead of completely exiting the dog-based cryptocurrency market, why not just move on to another one? But correlation is not causation, and it is important to note that these are illiquid markets that are prone to volatile moves in the middle of the night that make me drag my tired butt off the couch for some pageviews.

The one month chart of Shiba Inu Coin (SHIB) shows its massive run of nearly a 1000% return.
The one month chart of Shiba Inu Coin (SHIB) shows its massive run of nearly a 1000% return.

Too meta? Well this is an article about a dog meme that is now a "currency" with a market cap above $30 billion. In fact, both Shiba Inu and Dogecoin had market caps above $30 billion on Wednesday with Dogecoin (DOGE) now approaching $40 billion again at the time this article went live. Billions of dollars are being poured out of paper currency into much less liquid cryptocurrencies. It is hard to count all of the derivative dog-based coins there are at this point, but as a great man once said, "Great meme artists copy, the best ones steal." Err whatever.

Do stories like this make your head hurt? Are you up a bunch on a silly dog-based cryptocurrency position? Do you think the broader financial market is overextended and about to collapse in on itself like a dying star? Let us know in the Shacknews Chatty comments thread below. We really want to hear your opinion.

This article is only meant for educational purposes, and should not be taken as investment advice. Please consider your own investment time horizon, risk tolerance, and consult with a financial advisor before acting on this information.

Stonk Market Expert
Stonk Market Expert

Greatest Editor Ever.

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