Are Redditors Short Squeezing Wall Street Via Shiba Inu?

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Last Updated on 15 February 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 / [email protected]
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Looking at the coinmarketcap top 100 there is one memecoin that is sticking since the beginning of the year. Although Shiba inu, the Dogecoin wannabe who turned investors into billionaires last year, was declared dead and buried by most investors, it’s been slowly moving up since a few weeks again.

Although the crypto and stock markets have known rough beginning of 2022, Shiba has been looking upwards most of the time.

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Social Media versus Wall Street

Rumor has it that a group on Redditors and other social media platforms are keen on short squeezing Shiba Inu as they know many Wall Street investors are trying to short the coin.

As we explained you in our knowledge database:

A short squeeze follows the same route as short selling. The only difference is that instead of the price dropping, it increases. Mostly, short selling falls under margin trading where the trader borrows a cryptocurrency, sells, buys back at a lower price, pays a commission, and keeps the profit. When one is caught up in a short squeeze, they end up making losses.

YouTube video

The number of stories and YouTube videos describing the apparent move have been popping up allover media outlets in the past few days. Sites like Barrons, Forbes and the Motley Fool all titled Shiba Inu’s move next to Bitcoin’s revival, which heightened the media outreach of the small memecoin. Benzinga even did a technical analysis which has proven quite correct for the past week.

Lastly, the fact that Shiba announced a few days ago it too was ready to enter the metaverse means the cryptosphere has one more reason to speak about the Dogecoin rival in a positive manner. Don’t write Shiba Inu off just yet apparently.

kvickys / Depositphotos.com