Shiba Inu is the darling memecoin of the crypto world at present. It has a loyal community of ‘hodlers’ who identify as the ShibArmy. However, since the past few weeks, the price of Shiba Inu has been on the downfall. This begs the questions: “Can Shiba Inu Coin make you rich”?
To answer this rather generalized question, we shall look at the returns that Shiba Inu crypto has given in the past. Why? Because the memecoin has been successful in producing many millionaires and six-figure owners in the last one year.
Shib first started trading on crypto exchanges Aug. 1, 2020, with a first-day print of $0.00000000051 per token. After 15 months, the memecoin was roughly up by 14,044,998%. This definitely proves that Shiba Inu has massive potential for returns. But let’s shift out focus to ‘meme coin Vs stablecoin debate’ now.
Real World Utility of Shib
Shiba Inu was started as a joke to rival the biggest memecoin in the world, Dogecoin. However, as time has passed by we have begun to see real world utility of Shiba Inu coin.
Companies have adopted cryptocurrencies as a mode of payment and Shiba Inu has also seen a widespread adoption in the recent weeks.
US Senate candidate Shannon Bray has also invested and profited from the Shiba Inu rally.
He wrote: “I hodl #shib because I believe in @ShytoshiKusama. Even though I work for another token, my largest holding is with $shib. Just because I tweet about other tokens, it does not take away my focus on Shib and the #ShibaArmy”.
Road To Riches?
In the comments section when he was asked about another cryptocurrency by the name of Saitama, he said “I’m still holding Saitama. I will not sell it but I’m only holding around $3k. I’ve made a little on it but I’m up 6 figures on Shib.”
ShibArmy on Twitter promotes ‘buying the dip’ opportunities since this would be asure-shot way to riches according to them. However, leaving behind all the bright side of making massive returns with Shib, one must be very cautious in his/her investments.
Some important caveats to remember are:
- Never invest more than you can afford to lose.
- Do you own due diligence and do not just listen to advice of others
- Always book profits
- This is not financial advice.
What do you think about the whole story? Tell us your thoughts in the comments.