Shiba Inu is a dog. Also, it’s a meme cryptocurrency that has reached superstardom thanks to hype created by people like Elon Musk. The thing that’s special about it is that there is absolutely nothing special about it besides being similar to Dogecoin — it has just as much utility (none) and is dog-related.
Ok, one thing is definitely special about it, which is more to do with its brand rather than true value, is how quickly it grew. Unlike Dogecoin that was created in 2013, Shiba Inu was created in August 2020 by a certain Ryoshi and became super popular the following year. Also, unlike Dogecoin it doesn’t have its own blockchain but is based on Ethereum, which is why SHIB is a token rather than a coin.
The crazy hype around investing in Shiba Inu started when it exploded in May 2021, going up 700% from the beginning of the year. It fell almost straight away and later exploded again in October thanks to an Elon Musk tweet, thus delivering total gains of 46 million percent! This second spike was also due to rumors about SHIB becoming available on Robinhood, so if you were wondering, “where can I invest in Shiba?” by this point it’s widely available on crypto exchanges.
Of course it fell back down once again after Elon Musk tweeted that he doesn’t have any SHIB in response to a question from the team. So theoretically a $100 dollar Shiba investment would have made you a millionaire, but you would have to have timed everything perfectly to get these gains. In reality, 80% of investors made a loss, but many still want to invest in Shiba.
Still, Shiba became the most popular crypto coin in 2021 and firmly established itself as one of the biggest cryptocurrencies — currently at number 17 by market cap (as of June 2022).
Does SHIB have any special utility? Despite being called a Dogecoin killer, it doesn’t have its own blockchain, but the fact that it works on Ethereum means it supports smart contracts and can be used in some DeFi applications. This means you can invest in SHIB and make money by staking and so on. But the main reason why people invest in Shiba is because they are hoping the price will go up.
Should you invest in Shiba Inu today? Not something to spend your whole investment budget on, but as a speculative investment, it might as well be a good time to invest in Shiba now, because the crypto market is down and there is potential for high returns. Of course it can go down even more.
The best way to invest in Shiba is to only invest an amount you are prepared to lose. Can it go higher than it was? It’s possible. Can it go to zero? Yes. So either way, it’s better not to use big amounts. If you want to build a healthy investment portfolio, try stocks, ETFs or TTFs first before moving on to speculative coins like Shiba.
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