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Prominent Bitcoin Analyst Invests in $SHIB Despite $DOGE’s Surge After Tesla Approval

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A closely-watched bitcoin analyst has revealed that he has invested in meme-inspired cryptocurrency Shiba Inu ($SHIB), despite rival memecoins Dogecoin ($DOGE) seeing a significant surge after Tesla started l ‘accept as the method of payment for the goods.

Pseudonymous bitcoin analyst Pentoshi, who has over 460,000 followers on the microblogging platform Twitter, revealed that he “bought SHIB” believes his risk-reward ratio, which marks the potential reward that an investor can earn for the risk of the investment, justifies the move.

Pentoshi noted that he will be watching the price of the cryptocurrency to see “how it develops as we get closer to February” and that he prefers it to its “near relative” at this time. This parent, DOGE, pumped after Tesla allowed payments for goods on its website.

As CryptoGlobe reported, Tesla’s DOGE payment feature has gone live with the company allowing the sale of specific products such as its “cyberwhistle”, its “Giga Texas” belt buckle and its four-way “cyberquad”. children’s wheels for DOGE. These items are all priced in DOGE, ranging from 12,020 coins for the four-wheeler to 300 DOGE for the cyberwhistle.

At Tesla Dogecoin Support Page, the company notes that it only accepts DOGE as a form of payment and that it “cannot receive or detect other digital assets”. It asks users to ensure they are using DOGE when purchasing as sending “any other digital asset may result in the assets being lost or destroyed”.




Notably, Pentoshi chose to invest in Shiba Inu at a time when rumors that it would be listed on Robinhood (NASDAQ:HOOD) in February helped its price rise. Shortly after Robinhood signup rumors started spreading, an Ethereum whale bought 58.9 billion SHIB. The Shiba Inu has lost around 53% of its value since hitting an all-time high of around $0.00008 in mid-October 2021.

SHIBUSDT chart via TradingView

Dogecoin, on the other hand, hit an all-time high of nearly $0.70 in May last year and has since lost around 72% of its value, as it is currently trading at around $0.19, according to CryptoCompare Data. Meme-inspired cryptocurrency surged 11% on Tesla endorsement.

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The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading crypto-assets involves the risk of financial loss.

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