If you have looked on Twitter in the past days or checked the crypto market, there is no doubt you will have noticed everyone mentioning one thing. Shiba Inu. It is the latest “meme coin” to take everyone by storm, currently up 200% in the last three days.
Is it a meme?
On the surface, Shiba Inu looks very much like the latest meme coin. It’s logo and name are very similar to that of Doge coin (DOGE). Another similarity is the meteoric rise in price, similar to the move DOGE saw in January of this year. Another major connection between the two is Elon Musk.
What is Elon Musks connection to Shiba Inu? Well, it’s his dog. The billionaire recently bought a puppy in September. He tweeted a picture of his dog, named Floki Frunkpuppy, and investors flocked to buy the coin. The coin however was not mentioned by Musk. He simply tweeted a photo of the dog. Elon musk is a smart man and is a big investor in crypto. We don’t think he was clueless about what he did.
What is the value of Shiba Inu?
So, yes, it is a meme coin. But meme coins are not something to look past for profits, especially when you’re an early investor. DOGE ran from $0.0074 to a high of $0.74, a small 1,000% gain. SHIB could continue running. Investors and traders have become attached to anything meme related this year.
The value in Shiba Inu may not be in the fundamentals, but rather the following of Doge coin. SHIB is being labelled as the “doge killer”. If the investors backing Doge coin witch their attention to Shiba Inu, the price would continue to increase. The demand would be enormous.
Shiba currently sits at number 17 in regards to their market cap (coinmarketcap.com). The total supply is 394,796,000,000,000. Thats 394 trillion to make it easier for you. Its price is currently $0.000029.
Is it worth your money?
We don’t think it is worth investing into it. The volatility and uncertainty is not worth your money. However, memes do have strength and can be fun to be apart of. So if you have some beer money lying around, maybe pick up a few coins (or a few million due to the price). But keep in mind, this could be worth nothing in a few days or it may have doubled again. This is not an investment, rather a gamble. There are wiser investments such as Cardano and Ethereum for you.