It’s Official: Tuesday Is the Worst Day to Hold Shiba Inu
InvestorPlace - Stock Market News, Stock Advice & Trading Tips While Shiba Inu is a wild cryptocurrency, its relatively predictable nature (at lea...
When I last discussed Shiba Inu (CCC:SHIB-INU) — the cryptocurrency the investment community can’t get enough of — I made clear that it was a speculative “opportunity.” Yes, you could make money from the trade, but you could also lose it all.
In this market, there initially doesn’t appear to be any rhyme or reason behind its moves. However, when you take a closer look, there is perhaps one bankable phenomenon: “If you must buy Shiba Inu, do it on a Friday.”
But what makes Friday so special? And if SHIB’s ups and downs are so cyclical, what other trends should investors be aware of?
Why Friday Is a Good Day for Shiba Inu Buyers
This conclusion is based on historical pricing data on Yahoo! Finance. As data points broaden over time — assuming Shiba Inu is still a thing beyond this hyped-up phase — the narrative certainly could change.
But for whatever reason, Fridays post the worst day-over-day performances on average, with SHIB generally down 4.5%. Subsequently, this makes Friday the best day to buy Shiba Inu, considering that Saturdays and Sundays average a daily profit of 3.1%.
I believe this happens because SHIB appeals primarily to those with a nine-to-five weekday work schedule, which describes many folks.
Therefore, this altcoin of altcoins receives a dual impact. One part is selling pressure from people who are looking forward to the weekend and need some liquidity. The other is buying pressure on the weekends from worker bees who are investing for the future (but don’t have the time to do so during the workweek.)
But then, this raises another question: when’s the worst time to hold SHIB?
Shiba Inu Goes to the Dog Pound on Tuesdays
If you look at the average daily performances of Shiba Inu in my last article, you’ll notice that Tuesday is the second-worst-performing day of the week. With average losses just a hair under 3%, you don’t necessarily want to be caught holding onto a hefty position here if you’re a day trader.
That’s because unlike Fridays, when the weekend can boost your holdings, the Tuesday through Friday slog features an average loss of 1.19%. You’re much better off waiting for the Friday fallout, buying the dip and then hope the weekend turns true again.
It’s a fascinating sequence, and the most recent corrective phase in the crypto market confirmed my findings on Shiba Inu.
The latest crypto crash occurred on Sept. 7, a Tuesday. The following Wednesday brought pensive price action for many (if not most) digital assets, but not for Shiba Inu. Instead, the canine-themed meme coin benefitted from a massive double-digit percentage surge on hump day — staying exactly true to its daily statistical trend.
If you haven’t looked at the prior article, Wednesdays average 5.22%. That’s the best-performing day on average for SHIB.
Looking ahead, if we see lower prices for the altcoin today and Friday, I think my argument would be a solid one.
These cyclical ups and downs make this crypto a much more appealing asset. With Bitcoin (CCC:BTC-USD) nowadays, you don’t know what you’re going to get. With Shiba Inu, you can appreciate its pricing dynamics.
Perhaps SHIB Deserves More Respect
Now, I’m not going to go so far as to recommend buying Shiba Inu. Frankly, I’m not in a position to do so, as SHIB is the equivalent of an ultra-micro-penny stock. It would be grossly irresponsible to attach my name to a buy recommendation.
But I might concede, at a future point in time, that Shiba Inu could deserve respect — at least, more respect than mainstream analysts have given the token. While crypto proponents celebrate the arrival of institutional players in Bitcoin, I’m more skeptical. Everything has pros and cons, as we’ve seen in the past few days.
Regarding blue-chip cryptos like Bitcoin, they’re now much harder to predict because it’s difficult to understand the motivations of the big wigs. But for cryptos like SHIB, that’s not the case at all. Don’t most of us work for the weekend to varying extents? If so, it’s no wonder that Shiba Inu is relatively predictable.
As long as this trend stays consistent, there could be a trading opportunity here — as long as you understand the serious risks involved.
On the date of publication, Josh Enomoto held a LONG position in BTC. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
A former senior business analyst for Sony Electronics, Josh Enomoto has helped broker major contracts with Fortune Global 500 companies. Over the past several years, he has delivered unique, critical insights for the investment markets, as well as various other industries including legal, construction management, and healthcare.
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