Yesterday it looked as though the pupcoin frenzy might be coming to a halt as the price of Shiba Inu (CCC:SHIB-USD) began to fall after a whale began offloading a massive holding. For an entire market that had been wondering how high the pupcoin could go, this was a fascinating phenomenon to watch as Shiba Inu prices declined, raising the question of if the selloff was the beginning of the end — not just for SHIB but for the entire puppy pack. Today brought a new twist, though, as a new player entered the game.
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A New King of Shiba?
In this case, the term player has a double meaning. Brandon King first became famous as a linebacker for the New England Patriots, but he’s also become known for his cryptocurrency investments, particularly within digital investment communities. Yesterday, as Shiba Inu prices plunged, he tweeted the following:
Im buying more #SHIB
— Brandon King (@BrandonKing4787) November 4, 2021
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King hasn’t disclosed how much SHIB he owns, but it’s clear that he’s employing the popular technique among crypto communities of buying the dip, seizing the opportunity that can come from a crisis that sends prices plunging. This is also a favorite tactic of King’s. On Oct. 29, he tweeted about Shiba again, urging investors to do exactly that.
Buy the dip #SHIB
— Brandon King (@BrandonKing4787) October 28, 2021
Both of King’s tweets on SHIB have received considerable traction and positive reactions, indicating that the SHIB army is happy to have him on its side. As it turns out, someone with his type of influence throwing his hat into the game may be exactly what the token needs.
Shiba Inu Prices Are Rising
While it’s still in the red for the week, SHIB is in the green for the day, up almost 8% as of this writing. This is welcome news for the digital army who stood faithfully by as the token declined, urging each other to buy the dip and not to panic. Shiba’s pupcoin predecessor Dogecoin (CCC:DOGE-USD) is also up today, rising 1.39%. Floki Inu (CCC:FLOKI-USD) is still down across the board, but it has done some climbing today as well. As we know, the puppy pack moves together on both good and bad days.
We shouldn’t forget that price predictions for these meme tokens have been generally positive lately, with experts forecasting rises for both Dogecoin and Shiba Inu for the coming year.
What Does This Mean?
It’s been a tough week for the puppy pack, but that doesn’t mean investors should write it off just yet. Yesterday had some scary moments, but prices for the pack’s two biggest players are already rising. Furthermore, Floki has made it clear it wants to get back in the race.
Brandon King thinks that Shiba Inu prices are going to keep going up. As long as people like him keep pushing for bigger plays on it, it’s quite likely that it will. The rise of pupcoins has taught us about the power of digital communities. When influencers join them, prices can soar.
On the date of publication, Samuel O’Brient did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
