Shiba Inu Coin (SHIB) gains 291% this month despite crypto sell-off By Tyger Fitzpatrick – On May 31, 2021, 8:19 pm
Shiba Inu (SHIB) has gained serious traction in the crytpo community over the past month.The crypto was initially launched to rival Dogecoin and has since been dubbed the “Dogecoin Killer”.The coin has gained 291% over the past month, outperforming larger market cap cryptocurrencies such as Dogecoin, Ethereum and Bitcoin.The coin hit an all time high on May 10 with a price of $0.0000388 before falling back to its current price of $0.7785.With so many questions surrounding the emerging crypto, this article will breakdown everything investors need to know.
Shiba Inu Coin delivers strong returns
Interestingly, if you had bought $1,000 worth of Shiba Inu coin at the start of May, it would now be worth roughly $3,000.This is impressive considering this also accounts for the recent correction.
We have also seen these levels of growth across emerging coins such as Cardano and Safemoon.These levels of short term growth are rarely seen in equity markets which may be why more investors are adding crytpo currency to their portfolio.However, timing of entry is important as a purchase of Shiba Inu at its all time high is now worth 80% less.This is the risk investors take on board when investing in cryptos such as Shiba Inu.Why is Shiba Inu Coin so popular?
With the rise in popularity of cryptocurrency over the past year, investors are looking to invest in the next “Bitcoin” success story.The prevalence of bullish sentiment towards Dogecoin has also shed light on Shiba Inu coin.These “meme coins” which have initially started as a joke have become extremely popular, ultimately driving a higher demand and momentum.
In addition, at the current price of Shiba Inu investors can hold millions of coins without committing too much capital.A common strategy is to buy and hold until the value ultimately rises in the long run, which is what we have recently seen with Dogecoin.
What are the risks with Shiba Inu coin?
Firstly, cryptocurrency provides investors with unique risks that are less common in equity markets.As discussed in our Bitcoin article, the integration of a cryptocurrency in corporations is what is exciting Bullish investors.A energy efficient, secure cryptocurrency can provide advantages to businesses therefore driving an increase in demand.However, for “meme coins” such as Shiba Inu the possibility of integration seems less likely.Therefore, it is important for investors to understand what they are buying prior.
The information above is not financial advice.Youth Investment Group has no liability for personal financial interests or investment decisions.You should make your own investment decisions based upon your own research and what you believe is best for you.
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