Shiba Inu spiked more than 160% last week.
Over the weekend, US whistleblower Edward Snowden criticized those betting on SHIB.
He believes investors cannot make money by betting against the market that sold them the coin.
Shiba Inu is now the most popular cryptocurrency among retail investors according to google search results. Such is its popularity that its price jumped more than 160% last week to hit a new all-time high of $0.00008825.
However, SHIB, sometimes referred to as the ‘dog coin’ among crypto critics, continues to split opinion. In a recent tweet, the infamous US whistleblower Edward Snowden warned those looking to make money by investing in ‘dog money’ or even ‘clone of dog money’ could regret their decision in the near future.
He argued that (paraphrasing) SHIB is a meme coin, whose price is driven by social media chatter, and that betting against the market that sold them the stake is likely to end in failure.
However, Elon Musk, one of the most popular personalities in the cryptocurrency market and a big supporter of Shiba Inu, hit back with a laughing emoji.
Technically, SHIB/USD seems to have recently pulled back in a descending channel formation after rallying to trade at a new all-time high of $0.00008825. However, SHIB remains in overbought conditions of the 14-day RSI.
Therefore, investors could target extended short-term pullbacks at about $0.00005807, or lower at $0.00004841. On the other hand, Shiba Inu could also bounce back given its popularity among retail investors, surging towards $0.00007946, or higher to $0.00008825.
Therefore, SHIB’s current pullback could be an exciting opportunity to buy ahead of a potential rebound.