SHIBA INU (CRYPTO: SHIB) recently rose about 17% over the past week.

According to Benzinga, “The self-described Dogecoin-killer moved 6.8% higher against BTC and was up 7.41% against ETH. In the last 30-day period SHIB rose 30.65%.”

There is currently a lot of social media interest with Shiba Inu. It has been trending high on Twitter lately. People are excited about it and that in and of itself will lead to more gains. Whether it follows the pattern that DOGE has followed in the past is uncertain. It would likely need some major media exposure, but that could easily happen.

That Shiba Inu is trending higher even while other currencies are pulling back catches my attention. It seems to be, at least in the short-term, a safe buy and potentially profitable. Although, there has been some volatility over the past several months. Therefore, SHIB is down about 70% or so from its all-time high this past spring. Some would see this as an indicator that there is an opportunity to buy.

One site (www.cryptolifetoday.com) described it this way, “the question for now becomes whether or if you fancy buying a lottery ticket. If yes, you could consider investing in SHIB token. With enough luck on your side, you could potentially see your fortunes change, especially if the altcoin gets the backing of a celebrity like Elon Musk.” The point is, you could make a lot of money, but you could also lose.

According to Benzinga crypto expert, Tyler Bundy, “the $0.00001 level has acted as resistance for SHIB, noting that the cryptocurrency has entered overbought territory and could shoot higher should the momentum continue.”

On a side note, Siba Inu (SHIB) is working with Amazon Smile to raise money to help rescue the Japanese dogs after which the coin was named.

I recently bought about $300 of SHIB using the Uniswap app that I have connected with my Coinbase Wallet. You have to buy Ether first and then swap it. There are fees associated with all of this, but within 48 hours I had recovered all of my fees and made about a $17 profit. A lot of people like using the Shiba Swap app in which you can also swap their other Ethereum based tokens: LEASH and BONE.

SHIB is also available on other exchanges, like KuCoin.

Is SHIB a good investment? The obvious answer is that time will tell. I would put this in the category of medium risk with medium to high reward.  

As always, buy, sell, exchange, or swap at your own risk.

The Lynx

www.cryptolynx.co