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Why the Shiba Inu Digital Currency Is Skyrocketing Again Today

By Chris MacDonald – Nov 11, 2021 at 1:00PM

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The cryptocurrency's meme status appears to be in full swing, given today's price action in this dog-inspired token.

What happened

Today, popular meme token Shiba Inu (SHIB 1085.76%) took off. This dog-inspired cryptocurrency provided investors with gains of as much as 13% in earlier trading. Currently, it is up more than 4% over the past 24 hours.

What's important is that SHIB is moving substantially higher, despite other popular cryptocurrencies cooling off of late. Investors appear to be rotating back into more speculative meme tokens in lieu of other top cryptocurrencies right now.

Investors appear to be factoring in news that AMC Entertainment Holdings (AMC) might be considering accepting SHIB at payment at the company's theaters.

Shiba Inu logo

Image source: Getty Images.

So what

Shiba Inu appears to have cooled off somewhat, following a momentous rally through the end of October. It currently trades around 40% below its all-time high just a couple of weeks ago.

That said, investors need to keep in mind that SHIB has still posted one of the most incredible runs the cryptocurrency world has seen this year. Keeping everything in context is important. And today's rise highlights the value Shiba Inu's robust community provides.

Now what

Various analysts and cryptocurrency experts are pointing for SHIB to continue its run from here. Whether or not this token can make another parabolic move remains to be seen. However, investors certainly have reason to watch SHIB at these levels to see how it performs.

From a fundamental perspective, rising adoption could be bullish for the digital coin. That said, given the range of cryptocurrency options available to investors, Shiba Inu appears to remain among the more aggressive higher-risk/higher-reward tokens for those at the upper end of the risk tolerance spectrum.

Chris MacDonald has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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