Home News Experts Opinion on Shiba Inu Coin: Is This Coin A Good Investment?

Experts Opinion on Shiba Inu Coin: Is This Coin A Good Investment?

2022-02-28 18:14:19
Is Shiba Inu A Good Coin
The Shiba Inu coin was almost unstoppable in 2021. When the year began, it was changing hands at a microscopic $0.000000000073, but on the last day of 2021, Shiba Inu coin price closed at $0.000033364 according to data from trusted exchange,Gate.io.

SHIB successfully erased six zeroes after its decimal point while delivering a historic gain of approximately 46,000,000%.

Many investors and analysts have been trying to dig out the driving force behind SHIB's huge growth rally. However, there wasn't a single factor that can be pinpointed as the sole reason. Rather, it was a confluence of catalysts among which was the influence of celebrities.

First of all, Shiba Inu is fortunately on the positive side of Elon Musk's tweets. Musk helped it become the famous “DOGE Killer” from a so-called shitcoin and raised its ranks to that of the largest cryptocurrencies by market cap. While Musk has greatly increased SHIB's exposure and buzz on social media, it was also Musk who announced to Twitter that he doesn’t hold any Shiba Inu tokens and that made the coin suffer a 20% retracement in two hours on October 25, 2021.

Unlike Elon Musk, there are plenty of internet celebrities and influencers who are either planning to buy Shiba Inu coin or have even added this coin to their portfolio. Kai Greene,a bodybuilder and actor, is one of the earliest celebrities who bought SHIB in 2021. He has declared himself a SHIB Army member in a few Tweets and his Twitter profile is filled with posts mostly referring to SHIB or promoting it. Other examples include Backstreet Boys member Nick Carter, who claims himself to be a SHIB devotee and NFL wide receiver Antonio Brown, who calls SHIB “the next Dogecoin.”

What Experts Say About Shiba Inu Coins?
Like most meme coins, Shiba is not commonly used for commercial transactions and is considered by most experts and investors to be a risky investment. When OKEx announced its listing of SHIB as the first exchange in May last year, experts had already issued warnings.

“Don’t join the rat race, stick to the fundamentally sound projects. The rally looks lucrative, but jumping into it is like playing with fire,” said Sidharth Sogani, founder and CEO of Crebaco Global, a research, rating, and intelligence company focused on blockchain and cryptocurrencies.

Ajeet Khurana, founder of Genezis Network, a think tank for crypto startup investments stated that some retail investors might be going for Shiba Inu coin for its low price, but “this is wrong thinking”. Hitesh Malviya, founder of itsblockchain.com, a blockchain and cryptocurrency publication, had a similar opinion with Khurana. The SHIB Army believes that Shiba Inu coin price will hit $1, however, “investors should understand that it is not possible because of the circulating supply of Shiba”, said Malviya.

By contrast, Johnny Lyu, the CEO of the world’s third-largest crypto exchange KuCoin, recently explained that Shiba Inu coin could make a good long-term investment. Lyu said this coin represents young investors' interest in cryptocurrency.

“Seeing Bitcoin’s rise, some younger investors without a lot of money want to profit from crypto as well. But you’d need over $60,000 to buy one bitcoin. So they turn to SHIB, where you buy tons using just $100.These investors are very passionate about such tokens and are determined to push the prices higher.”

Whichever you prefer to believe, according to Douglas Boneparth, certified financial planner and president of Bone Fide Wealth, potential investors should research the coin before investing. “Before investing in any cryptocurrency, it’s important to understand what you’re investing in and the associated risks, not just hype around it”.

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