Suddenly, there it was: the SHIB cryptocurrency, named after the Japanese dog breed Shiba Inu. Within a year, the alternative to Dogecoin managed to climb into the top 20 of the most important cryptocurrencies. Whoever invested 1,000 euros in the coin last year is now a millionaire.
Is it too late to invest in Shiba Inu now? And more importantly, is it a good idea to invest in a meme coin anyway? This is why you (don’t) want to invest in Shiba Inu.
A parody of a parody
When the Shiba Inu meme coin was first released, there were plenty of skeptics. How could it be different? If Dogecoin is a parody of Bitcoin and Shiba Inu is a parody of Dogecoin, we are actually talking about a parody of a parody.
Even in a world where memes are rampant, rolling out a meme coin is unlikely to produce legendary returns. Still, skeptics are now mute.
The coin was launched in August 2020 with an initial price of $0.000002 each. Although the coin is now at $0.000037, it has also been at $0.000088. Anyone who has invested heavily in the coin and made profits at the right times can be very rich. We previously wrote about a 35-year-old warehouse manager who put almost 7,000 euros into the coin and is now a millionaire.
No other digital currency has generated as many returns as the Shiba Inu this year. Success stories like this make it very tempting to invest in Shiba Inu as well. But is that the right move? Aren’t you really late?
Why Shiba Inu will be worth more
Shiba Inu now has over a million investors. Due to this milestone, the developers behind the coin are investigating whether further growth is possible, for example by integrating the Shiba Inu with the metaverse. Specific tokens related to the metaverse, such as SAND and MANA, have gained popularity in the last month, after Facebook announced that it would change the name of the umbrella company to Meta.
CEO Mark Zuckerberg dreams of a metaverse: a digital universe where people can communicate, work, shop and play as avatars. SHIB investors are naturally excited that the coin can be integrated into metaverse projects.
Integration with other services and companies can give a positive boost. It also shows that developers now have bigger ambitions than just being a meme coin. In this article, learn more about Shiba Inu’s plans for the metaverse and blockchain gaming, believed to be leading to massive “token burn.”
Another reason the Shiba Inu price could still rise is if the coin were to be offered on more and more trading platforms like Robinhood. This way, major investors would also get their money into the coin faster.
Upgrading to Ethereum 2.0 could also make a difference. Shiba Inu currently runs on the Ethereum blockchain, which is slower and higher cost than other blockchains.
And we haven’t even talked about Elon Musk yet. The CEO of Tesla and SpaceX has already made the price explode in the past, while he personally does not even invest in the coin. If he were to announce that he is now investing in SHIB, we predict that Shiba Inu will skyrocket.
Why Shiba Inu won’t be worth more
But that word also immediately explains why you don’t want to invest in the coin: ‘predict’. There are plenty of other cryptocurrencies that have skyrocketed in the past, but have since dropped by at least 90 percent.
Also, the competition is high. Since then, Avalanche has surpassed Shiba Inu in the top 20 most valuable cryptocurrencies and who says other coins won’t pass SHIB as well? Aside from a large community of loyal fans, the Shiba Inu has few strong points. Many other tokens have greater practicality.
To invest or not to invest in SHIB?
Only you can decide whether or not you should invest in Shiba Inu. No one can say for sure what the crypto currency will do in the future (so don’t believe it if someone does). The thing you should always remember is that investing in cryptocurrencies is already risky, but investing in meme coins is totally risky.
The exchange rates that we mentioned earlier in this article show how volatile the currency is. Never invest all your savings in the same currency and be prepared to lose your entire bet.
5 dangers of cryptocurrencies that you should know before investing
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