 So everywhere you turn right now somebody is talking about Shiba Inu. Shiba has gone up over 390% over the last week to start the month of October off. So what is Shiba Inu? Should you be buying Shiba? And if you're already in Shiba, what should you do with your trades? Let's jump on that in today's quick take. Hey, what's up Jay here and welcome to Bitcoin Daily bringing you guys the best tips, tutorials and ideas to help you guys become profitable and successful investors. So first off, what is Shiba Inu? In short, it's basically a meme coin. So what exactly does that mean? A meme coin is basically a joke inspired within the community by the community. So the original meme coin in cryptocurrency was and is still Dogecoin. You might recognize this cute little face which is the logo of Dogecoin. This dog breed here is called a Shiba Inu. An anonymous person known as Ryoshi created Shiba Inu back in August of 2020. So let's take a look at what's been going on with Shiba over the last seven days. As you guys can see here, starting on October 1st, we had a huge blast off here basically to the moon where Shiba went up 392%. Now, what did it do before that? Well, there really wasn't much of anything going on during this entire period. So this is the first time we see any type of volume since basically May 19th when the entire crypto market crashed. If we look back in its short history, you can see that this is not the first time that this coin has some type of rally of this magnitude. Back on May 7th, we had a similar rally where Shiba went up 2400%. Of course, at this time, this was the talk of the crypto space as Dogecoin was also in a similar fashion going up very, very quickly. So of course, it brought a lot of investors in and then what happened? Well, they basically got dumped on as a coin's value fell by 84%. So if you're currently not invested in this, if you did not buy during this period here, I do not recommend buying up here. If we add on the Fibonacci retracement levels here, you can see that we basically just went to the same exact spot where we were before and got rejected. Now, this doesn't mean that we're going to get rejected all the way back down here, but it does mean that it we're probably going to retrace to some point, right? Now, you can currently see that it's already retraced about, let's see, 25% from the high of the day. And currently on the daily, it's down over 5% right now. Now, I don't think we get a 85% drop as we saw here previously because the entire market was tanking at that point, but we should have some sort of retracement here. The different levels that I could retrace to right now is this, the some of the possible levels that I could retrace to is basically each of these Fibonacci retracement areas. So right now, we're sitting at that first retracement Fibonacci level. The next one is going to be right here and so forth. So if you bought down here during this consolidation period, which is when you want to be buying these type of coins and any type of coin for that matter, you want to buy it when it's bottomed out here. You don't ever want to buy it when it's running up like this. Then I recommend taking profits. And if you want to leave something on the table just to have some skin in the game, that's fine. But please take profits, guys. You could potentially buy at a lower level. Now, should you be buying at these levels right now? Definitely not. As you guys can see, there's already been a retracement here and we could potentially go lower. It could potentially even retest these bottom levels here. So I definitely would not recommend buying these coins at this moment. I personally do not invest in these coins. The reason why is because these are not predictable. You cannot predict the movement on these coins. Therefore, I do not invest my money into what's something that I can't really predict. These moves happen just randomly whenever it wants or anytime there's some sort of news catalyst on the project or anything like that. So thank you guys for watching this video. Make sure that if you're new to the channel to subscribe, make sure to turn on the notifications as well. And if you enjoyed this video, smash that like button. I'll see you guys on the next one. As always, peace and love.