With the cryptocurrency market heavily bearish, is Shiba Inu still worth buying today?
This is a legitimate question given that the entire market, even supposedly blue-chip cryptocurrencies like Bitcoin are now under heavy scrutiny from investors and regulators.
So, is Shiba Inu a good investment today, or is it too late to invest in meme coins?
Let’s take a look.
Virtual currencies are highly volatile. Your capital is at risk.
Top Reasons why Shiba Inu is a Good Cryptocurrency to buy today
Shiba Inu entered the market in 2020 but has emerged as one of the top cryptocurrencies by market cap. From 2020 to 2021, Shiba Inu recorded gains of 48,000,000%. This means anyone who invested more than $100 in SHIB in 2020 was a millionaire by the end of 2021.
However, as they say in finance, past performance does not determine future performance. Therefore, the big question for any investor is, is Shiba Inu a smart investment?
To understand this, let’s examine the pros and cons of buying Shiba Inu. Let’s look at 7 reasons why Shiba is an excellent cryptocurrency to buy today.
1. Shiba Inu is one of Elon Musk’s favorite tokens
Recently, cryptocurrencies have been gaining a lot of attention from celebrities. Elon Musk is one such celebrity shaping the sentiment across different parts of the market. While Musk claims to own no Shiba Inu, his tweets have impacted the prices of both Shiba Inu and Dogecoin. For Shiba Inu in particular, Musk’s tweets about his dog named Floki with a Shiba Inu logo have positively impacted the price in the past.
Since Musk maintains that he is still pro-crypto despite the market collapse and a lawsuit over Dogecoin, he is likely to remain a positive influence on SHIB’s price going into the future. It is safe to state that Shiba Inu is a good cryptocurrency investment today.
Virtual currencies are highly volatile. Your capital is at risk.
2. Shiba Inu’s tokenomics and prevailing price
One of the key factors to consider when looking for a high-potential cryptocurrency to buy is tokenomics. In the case of Shiba Inu, tokenomics makes a lot of sense to an investor.
Since it launched in 2020, Shiba Inu’s token supply has decreased. When it launched, Shiba Inu had allocated 50% of its token supply to Vitalik Buterin. However, he burned almost all of them and donated the remainder to India for COVID-19. This meant that Shiba Inu’s total supply instantly shrunk by nearly half.
Since then, the Shiba Inu has continued with the token burns. Therefore, as demand grows and chases a declining supply, the price has the potential to go up. From a look at its tokenomics alone, SHIB comes across as a no-brainer cryptocurrency to buy today.
3. Shiba Inu has proven to be a millionaire creator
The much-admired cryptocurrency world is becoming increasingly crowded, with new tokens being launched daily. Each of these cryptocurrencies has its strengths that analysts use to predict its future price performance. For instance, Bitcoin stands out for its first-mover advantage and its potential to one day act as a store of value. Similarly, altcoins like Ethereum are valued for their potential to offer a far greater utility than Bitcoin by going beyond payments into decentralized services.
Shiba Inu has built a reputation as a top meme coin that can rally by great margins in a very short time. After its price action in 2020/21, investors expect SHIB to repeat the same feat once bulls return to the market. Once the market starts to stabilize and investors take advantage of the low prices, Shiba Inu could emerge as one of the top cryptocurrencies that could do well long term.
4. Shiba Inu Could Dethrone Dogecoin as the king of meme coins
Shiba Inu has positioned itself as one of Dogecoin’s biggest competitors over the last two years. Shiba Inu has proven itself as a worthy competitor while at it. In the previous cryptocurrency bull run that ended in November 2021, Shiba Inu briefly outpaced Dogecoin in market capitalization and became a top 10 meme coin by market capitalization.
This competition between Dogecoin and Shiba Inu has a bearing on Shiba Inu’s potential value growth. That’s because investors now understand the potential that meme coins hold in the market. Since the best of the meme coins hold the most potential for gains, Shiba Inu outpacing Dogecoin could see it draw many more investments ahead of the next bull run.
It’s a significant factor that makes Shiba Inu one of the best meme coins to buy today for most gains.
5. There is still RobinHood Buzz around Shiba Inu
This adorable pup has been making waves in the crypto world by demanding that Robinhood add them as an option to trade with. Not only have people started following this movement through social media posts or online forums like Reddit, but many other exchanges have emerged ready to add SHIB trading as well.
While Robinhood is yet to list Shiba Inu, the odds are that it will impact the price of Shiba Inu if they bow to the pressure and list it. That’s because Robinhood is one of America’s most popular exchanges for beginner traders. As such, Robinhood is a wild factor that could make SHIB one of the high potential meme coins to buy in 2022.
6. Developments within the Shiba Inu ecosystem
Most meme coins have little to no utility and are usually built for the hype. Shiba Inu is one of those that are differentiating themselves by moving beyond the hype. Since it launched, Shiba Inu has come up with several developments that can impact the value of SHIB positively.
One of the most interesting Shiba Inu developments is Shibarium. Shibarium is a revolutionary new blockchain technology that will change the face of cryptocurrency forever. It’s an ecosystem built on top and enhanced by SHIB, bringing more tokens into this world with amazing features like never before. In the process, it gives utility to Shiba Inu as a top cryptocurrency.
Another amazing feature that gives Shiba Inu tokens value is the Shiba Inu Metaverse. The Shiba Inu launched in Q1 of 2022, and while it does not utilize SHIB tokens, it potentially has a positive impact on the value of SHIB. That’s because it will help draw attention to Shiba Inu to gamers and others who may not have known about SHIB.
The result is that Shiba Inu could rally faster than most meme coins once the bull market returns. This makes SHIB one of the best cryptocurrencies to buy now in anticipation of the next cryptocurrency bull run.
7. The element of founder anonymity
The element of surprise has played into the advantage of Bitcoin. That’s because it has helped dissociate the cryptocurrency from the person. Shiba Inu has a similar advantage to Bitcoin in that no one knows the identity of the founder(s).
This means the founders’ issues may never have an impact on the price direction of Shiba Inu. This is a factor that has been drawing investors to Shiba Inu. The recent collapse of several projects due to founder issues will likely drive the case for Shiba Inu up even more going into the future.
It is a critical factor that makes Shiba one of the top cryptocurrencies to watch in 2022 and beyond.
Virtual currencies are highly volatile. Your capital is at risk.
Drawbacks to investing in Shiba Inu
Like every other investment, Shiba Inu also has its drawbacks. You should be keen on the negatives because, ultimately, cryptocurrencies are volatile and high-risk investments. If the Terra collapse is anything to go by, then there is always a chance that a cryptocurrency, even a high cap one, can go down instantly.
Let’s now look at a few issues to consider when buying Shiba Inu.
Shiba Inu doesn’t have much utility.
One of the most significant issues for Shiba Inu is a lack of differentiating features compared to the thousands of other cryptocurrencies in the market. This has led to low adoption, especially by corporations that would give SHIB popularity outside the cryptocurrency market. For instance, as of 2022, SHIB is used by less than 100 organizations as a payment method. This could curtail Shiba Inu’s value growth, especially when competing with high utility cryptocurrencies like Bitcoin and Ethereum.
The opportunity for exponential gains may be gone.
Shiba Inu was one of the best performing cryptocurrencies in the 2020/21 bull rally. This was after it rallied by 48,000,000%. While this was a good thing as it brought Shiba Inu to the limelight, it complicates Shiba Inu as an investment for someone buying now. That’s because there are lots of people who bought in 2020/21. These investors are still in massive profits despite the current downturn and still have an incentive to sell.
This means even at current prices, Shiba Inu could keep dumping if whales choose to exit their positions and invest in newer cryptocurrencies or other assets. It is one of the reasons why even as one invests in Shiba Inu, it would be prudent to diversify into other high-potential cryptocurrencies.
Shiba Inu is an ERC-20 token.
Shiba Inu runs atop the Ethereum blockchain. While this has its advantages due to the dominance of Ethereum, it is not without its risks. One of them is that when Ethereum drops in value, ERC-20 tokens also tend to drop. As such, if you are an investor, it would pay to keep an eye on the overall Ethereum ecosystem.
It’s a big reason to consider Shiba Inu alternatives that have high potential as part of a diversified cryptocurrency portfolio.
Is Shiba Inu a good investment today?
If you have followed this guide up to this point, you have a good idea of whether Shiba Inu is a good investment.
That said, here are a few things to consider before you choose to invest in Shiba Inu.
1. The most important one is to buy Shiba Inu from a credible exchange.
2. Make sure to have a secure password since cryptocurrency theft is quite rampant.
3. Get your cryptocurrencies out of the exchange and to a secure wallet.
4. Make sure to buy at the right time, in the bear market, and sell high (at the height of a bull market).
5. Have a diversified portfolio to take care of the risks that come with the crypto market.
While Shiba Inu is a meme coin and is different from Bitcoin, it is a cryptocurrency worth buying in the short term. Confident enough about Shiba Inu? Let’s get started on the buying process.
Virtual currencies are highly volatile. Your capital is at risk.
Shiba Inu or Dogecoin – Which One is a better buy?
When it comes to investing in these two top-performing meme coins, there really should not be an either-or. It would be best to invest in both Shiba Inu and Dogecoin. Both are meme coins, and if the market performs well, the odds are that they will go up in value.
That said, if you don’t want to go all-in on one of them, Shiba Inu sounds like a much better bet. It has much better prospects for anyone looking to invest in meme coins.
One thing that gives Shiba Inu an edge over Dogecoin is tokenomics. Dogecoin is an inflationary token, and 5 billion DOGE annually enter circulation. From an economics point of view, this means Dogecoin has low prospects for long-term exponential value growth. That’s because the new coins entering circulation dilute the token’s value over time.
Shiba Inu does not have such issues. That’s because SHIB has strictly deflationary tokenomics. In 2021 alone, close to 50% of the total Shiba Inu token supply was taken out of circulation by Vitalik Buterin. Shiba Inu continues burning tokens out of circulation. This makes Shiba Inu one of the best cryptocurrencies to buy and hold because as the token supply drops, demand will be chasing a fewer number of tokens over time. Simple economics dictates that the price is likely to go up over time.
Shiba Inu also beats Dogecoin in terms of potential use cases. Dogecoin is designed to be a payment cryptocurrency and more like a low-cost version of Bitcoin. Since DOGE entered the market in 2013, there hasn’t been much improvement or diversification in its use cases.
On its part, Shiba Inu is a payment cryptocurrency but has many other use cases. Shiba Inu only became a thing in 2020. Still, since then, it has seen its ecosystem grow, ranging from a decentralized exchange to a Metaverse that has attracted a lot of hype. All these use cases point to SHIB as a cryptocurrency whose intrinsic value is rising, a positive indicator of its long-term value growth.
Shiba Inu has the edge over Dogecoin in short to medium term. So, should you buy Dogecoin or Shiba Inu? If you have to choose, SHIB sounds like a better bet. However, crypto being crypto, it would make sense to hold both as part of a diversified cryptocurrency portfolio.
Virtual currencies are highly volatile. Your capital is at risk.
Final Review – Is Shiba Inu an excellent cryptocurrency to buy today?
Shiba Inu crypto is worth investing in and a good buy today. The Shiba Inu team has proven one of the best in crypto. To understand how good they are, consider that Shiba Inu is a meme coin that hit the market in late 2020 and became one of the largest by market capitalization. It also became one of the best performing cryptocurrencies ever, with gains of close to 50,000,000%.
The Shiba Inu team has not rested either after the initial success. Over the past year, Shiba Inu has added several features that have made it stand out from the other meme coins. For instance, since it launched, Shiba Inu has moved from a mere speculative token to having a Metaverse, a DEX, among other features.
All these features put Shiba Inu among the top cryptocurrencies to buy and hold long term. Besides these use cases, the number of organizations that accept Shiba Inu as payments is growing.
Essentially, Shiba Inu is one of the cryptocurrencies that stand to do well in 2022 and the years to come. So, ultimately, Shiba Inu is a cryptocurrency worth investing in 2022.
To buy Shiba Inu, one of the best exchanges to use is eToro. Opening an eToro account is pretty straightforward.
Virtual currencies are highly volatile. Your capital is at risk.
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