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Shiba Inu coin for Dogecoin: Why cryptocurrency investors may be leaving Shib

Shiba Inu coin and Dogecoin remain linked together in the search for the better investment

Coins with the letter “D” on it to represent dogecoins.
Shiba Inu coin and Dogecoin remain linked together in the search for the better investment.
Illustration by Alex Cochran, Deseret News

Dogecoin and Shiba Inu coin are hitting massive heights right now that show the cryptocurrency market is still something to watch.

This week, Dogecoin hit its two-month high, surging to $0.335 on Coinbase Thursday, per CoinDesk.com.

  • That’s the highest marker for the coin since Aug. 20.
  • The coin had been hovering in the $0.30 range, a sign that there was slight growth.

Meanwhile, the Shiba Inu cryptocurrency coin Wednesday hit an all-time high, reaching a cost of $0.0000594 per coin.

  • The coin crashed a little, having peaked at $0.00009 in the last three days before dropping back down to $0.00006, according to CoinDesk.com.

Investors told CoinDesk.com that traders may have moved from Shiba Inu over to Dogecoin. The idea would be using Shiba Inu investments for short-term gains but then dip into Dogecoin for the longer investment.

Just one week ago, the opposite seemed to happen as ChangeNOW, a cryptocurrency exchange platform, gave investors the chance to trade their Dogecoin coins for Shib cryptocurrencies coins. Investors flocked to Shiba Inu because there were rumors about a potential rise.

  • “Traders availed this service to accumulate more SHIB tokens ahead of the rumored listing on the zero-commission exchange platform, Robinhood,” according to FX Street.

Douglas Boneparth, certified financial planner and president of Bone Fide Wealth, told CNBC that potential investors need to research the crypto token first before they invest in the coins.