The Next Shiba Inu? 7 Meme Coins to Keep on Your Crypto Radar
InvestorPlace - Stock Market News, Stock Advice & Trading Tips Rather than putting all your money into a major crypto, take a small bet on these speculative coins that could...
Perhaps no other alternative cryptocurrency has had more of an impact on the speculative digital asset markets than Shiba Inu (CCC:SHIB-USD). Between early April and early May of this year, the price of SHIB tokens rose several hundred times higher. While terrifyingly risky, it raises the obvious question: which meme coins could be the next Shiba Inu?
To be completely and brutally honest, don’t bet money you can’t afford to lose on the next Shiba Inu — or any crypto, for that matter. Because virtual currencies are incredibly volatile, you could lose everything in a blink of an eye.
Furthermore, cryptos never stop trading. Previously, I considered this a positive aspect of the market due to its inclusive nature. But it can also be a liability.
Imagine the next Shiba Inu is some obscure coin or token that few have ever heard of — except for a ravenous community on the other side of the globe. While you’re sleeping, your position could exponentially rise in value, only to come crashing down as early proponents take their profits. By the time the panic has subsided, you could wake up to serious losses.
Even if you’re awake for the action, cryptos can be cruel. However, the positive end is that mathematically speaking, the risk-reward narrative presently favors you.
For instance, if Bitcoin (CCC:BTC-USD) were to jump from $60,000 to $100,000, you’d need to put $60,000 at risk to make $40,000. However, you could have made the same nominal profit putting $8,000 in SHIB between late September and early October.
There is a caveat to that scenario: it’s more probable that Bitcoin will rise to $100,000 than it is some random junk coin will generate big returns. But again, the tradeoff is that you’re putting serious capital at risk.
By finding the next Shiba Inu, you could put in a relatively small figure and possibly generate huge returns. Below are some highly speculative ideas to consider:
- Dogelon Mars (CCC:ELON-USD)
- MonaCoin (CCC:MONA-USD)
- Hoge Finance (CCC:HOGE-USD)
- Tiger King (CCC:TKING-USD)
- Samoyedcoin (CCC:SAMO-USD)
- DOGGY (CCC:DOGGY-USD)
- Pepe Cash (CCC:PEPECASH-USD)
Before we dive in, let me reiterate that all cryptocurrencies are risky and speculative. They’re not tied to anything except a blockchain technology that requires public consensus to operate. And since anyone can emulate blockchain functionality, you’re depending on the greater fool theory for returns. I’m serious here — please don’t wager with money you can’t afford to lose.
The Next Shiba Inu: Dogelon Mars (ELON)
While I’m sure all these meme coins are tied to a fundamental narrative or ideology, I’m going to look exclusively at the digital asset’s technical posture. Therefore, I will judge Dogelon Mars strictly from the angle of the greater fool theory.
For those who are interested in the story backing ELON tokens — or any other cryptos — I encourage you to join their respective communities.
Right off the bat, I noticed that with Dogelon Mars, the token’s price trends correlate with its volume dynamics. For instance, during the early October rally, as prices jumped forward, volume levels also increased, lending credibility to the rise.
Following a sizable correction, Dogelon Mars bulls reloaded, setting up a mini-rally between Oct. 10 and Oct. 11. During this time, acquisition volume increased with the price — exactly what you want to see.
Even more impressive, when ELON hit its most recent high on Oct. 14, volume confirmed the price. Volume levels were also much higher than the early October rally, providing more confirmation. Thus, if you’re looking for the next Shiba Inu, ELON surprisingly has strong support.
Apparently an open-source peer-to-peer payment network, MonaCoin has carried a cult following for years. I’ve known about this extremely speculative coin for quite some time and yes, I’m kicking myself for not taking a shot at it earlier.
What makes MonaCoin “fundamentally” appealing — if I can even use such a term — is that unlike so many other meme coins, it’s priced at a normal rate. At time of writing, you can buy MONA for just a few pennies under $1.50.
I get it — a lot of folks prefer buying meme coins priced at fractions of a fraction of a penny, just like SHIB. That way, the law of large numbers works in your favor.
However, there are plenty of people that fear such ridiculously low price tags. For them, there’s comfort in an investment that carries a relatively substantive price.
Looking at MonaCoin’s history, it almost made its way to $17 during the 2017 crypto bubble. If MONA were to reach that level again, we’re talking about a gain of more than tenfold from the aforementioned price. While it might not be the next Shiba Inu in terms of outrageous gains, this crypto is nothing to scoff at.
The Next Shiba Inu: Hoge Finance (HOGE)
Like so many other meme coins, this is the first time I’m hearing about Hoge Finance. From what I can gather, the underlying protocol features a supply burning process to keep the HOGE token deflationary.
Theoretically, this sounds like the antithesis of the “printing press” of the Federal Reserve. But in reality, deflationary currencies are unlikely to be feasible.
As an aside, I say this because functional economies usually grow, featuring either increasing population bases or rising per-capita wealth. Therefore, a deflationary currency would unnecessarily stymie an economy. Additionally, rarity alone doesn’t always correspond with high valuations.
Instead, investors (well, speculative traders) should look at a meme coin’s technical dynamics to see if it has the potential to be the next Shiba Inu. What I like about Hoge Finance is that it, like Dogelon Mars, has rising volume confirming rising prices.
Note that in the early October rally, acquisition volume moved higher as the price did. Then, in the most recent rally that culminated in mid-October, volume expanded substantially. This is the logic that I like to see before plunking my own dollars into what is possibly the next Shiba Inu.
Tiger King (TKING)
Another deflationary meme coin, Tiger King is named after the reality TV series of the same name. The show’s main character, Joe Exotic, endorsed the Tiger King token, thereby generating widespread attention. Cool stuff.
Like Hoge Finance, I’ll repeat the same fundamental warnings. First, a deflationary currency is not necessarily an asset, just as an inflationary currency isn’t ideal if it gets out of hand. Rather, the aim of any currency is stability. That way, it generates trust among its users.
Second, don’t get trapped in the rarity fallacy. Just because there are few of something, it doesn’t mean those particular items are valuable.
Instead, if you’re going to gamble on Tiger King because you think it might be the next Shiba Inu, do it for its logical trading pattern. In prior rallies, rising volume appears to consistently confirm rising prices.
One tip though: I’d wait for TKING to finish collapsing before putting any money at risk.
The Next Shiba Inu: Samoyedcoin (SAMO)
While Americans might not recognize it immediately, Samoyedcoin is yet another canine-inspired meme coin. In this case, we’re talking about the Samoyed dog breed, which originates from Siberia. According to the American Kennel Club, Samoyeds are playful and lively yet carry a stubborn streak.
On a technical basis, Samoyedcoin is fascinating for two reasons. First, as I explained about other possible candidates for the next Shiba Inu, SAMO tokens feature a logical alignment between price and volume: as prices rise, so too does the volume.
I keep mentioning this because if rising prices meet declining volume, then you have an illogical and potentially unsustainable rally on your hands.
Second, the posture of SAMO’s price action seems to suggest a bullish pennant formation. If you’ve got some actual coins in your sofa, maybe put that to use in Samoyedcoins rather than a cup of coffee at your local cafe.
If you want to tap into the mad rush of both meme coins and non-fungible tokens (NFTs), then DOGGY might fit the bill. Per the Wall Street Journal, NFTs are “unique, algorithmically generated digital images.” Designed to be traded on the blockchain, NFTs are separate from cryptocurrencies because of their non-fungible nature.
With regular cryptos, one target coin “won’t have a different value than another.” But NFTs feature unique digital signatures, theoretically providing them with different value propositions. Again, I believe the rarity fallacy mentioned earlier applies to NFTs. In other words, let the buyer beware.
But hey, we’re talking about which meme coins could be the next Shiba Inu, so I’m sure many readers have already thrown caution to the wind. In that case, DOGGY could be interesting. To its credit, the token has a logical backdrop whereby rising volume confirms rising prices.
Also, between Oct. 8 and Oct. 9, DOGGY jumped more than three times higher, which is extremely impressive. Considering that the average millennial has $51,300 in their savings account, they can theoretically afford to throw in a few thousand dollars and gain substantial rewards.
While super risky, DOGGY is a lot more appealing than putting $60,000 at risk on one bitcoin.
The Next Shiba Inu: Pepe Cash (PEPECASH)
We all take stupid bets. But in the rarest of cases, those bets pan out extraordinarily well. Such is the case of David Choe, who was persuaded to take stock of a company rather than cash to paint wall murals for this emerging technology firm.
That company was Facebook (NASDAQ:FB), and Choe was worth $200 million in in 2015.
I’m not going to promise returns like that for Pepe Cash — heck, you’ll probably lose money on it. But on the off chance it becomes the next Shiba Inu, you might as well explore its potential before dismissing it.
Pepe Cash is apparently derived from the Pepe the Frog meme. I initially thought the meme was a bigoted symbol, considering that so many ultra-right-wing trolls adopted it online.
However, in 2016, the Anti-Defamation League teamed up with Matt Furie, the character’s original creator, to “reclaim Pepe so that he might be used as a force for good.” Since then — and after some legal action taken by Furie — the cartoon has begun the process of shedding its negative image.
But outside of the character’s past controversies, you should have valuation concerns about Pepe Cash. Price and volume trends lend logical credibility to its ebb and flow. However, this is a volatile, limited-market token — so no big bets, please.
On Low-Capitalization and Low-Volume Cryptocurrencies: InvestorPlace does not regularly publish commentary about cryptocurrencies that have a market capitalization less than $100 million or trade with volume less than $100,000 each day. That’s because these “penny cryptos” are frequently the playground for scam artists and market manipulators. When we do publish commentary on a low-volume crypto that may be affected by our commentary, we ask that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
Read More: How to Avoid Popular Cryptocurrency Scams
On the date of publication, Josh Enomoto held a LONG position in BTC and MONA. 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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