The Shiba Inu meme coin is undoubtedly the breakout star of the cryptocurrency industry this 2021. In fact, a $100 investment in SHIB last January would have made one a millionaire!
Shiba Inu Price
For a brief background information about Shiba Inu, this coin was developed anonymously in August 2020 by someone under the alias "Ryoshi," per CoinMarketCap.
The meme currency swiftly grew in popularity and value as a community of investors was pulled in by the coin's charming appeal combined with headlines and Tweets from celebrities like Elon Musk and Vitalik Buterin.
Shiba Inu was created as an Ethereum-based alternative to Dogecoin's Scrypt mining method. Baby Dogecoin (BabyDoge), Dogecoin (DOGE), JINDO INU (JIND), Alaska Inu (LAS), and Alaskan Malamute Token (LASM) are among a group of dog-themed cryptocurrencies.
Investors who missed the Dogecoin boom from 0.0002 to roughly 0.75 USD rushed to these lower-valued currencies.
For those who have invested in Shiba Inu, The Motley Fool reported that SHIB is the clear winner as the greatest investment vehicle for 2021.
Its remarkable growth over the last year may have driven some investors into millionaire status, although its real-world use is still under question. Depending on when a person invested $100, they could be loaded with money by now.
Investors who purchased Shiba Inu at the start of 2021 were likely unaware of what was about to happen since no one expects a 53,241,775 percent growth in a single year.
To put it into context, an investor would have more than $53 million if they had invested $100 in Shiba Inu precisely one year ago.
Unfortunately, the price has dropped from its October peaks. However, if one had sold then, they would have made much more money.
Shiba Inu Price Increase
There were about 4,500 tokens in the crypto market at the start of 2021, per The Motley Fool.
By November, that number had risen to about 8,000, with a combined market worth of nearly $2 trillion for the top-10 most traded coins.
The top coins aren't the only ones with large market capitalization.
Despite the fact that none of them have come close to Bitcoin's almost $1 trillion market cap, even those at the bottom of the list are experiencing a lot of movement.
Furthermore, Ethereum has a lot of blockchain uses, and because it has been around longer than other coins, it's backed up by a lot of blockchain and metaverse apps.
Shiba Inu is compatible with Ethereum and Ethereum-based projects. For instance, there are a quadrillion Shiba Inu coins in circulation, thus they're far from a rarity.
Although investors may acquire it on most cryptocurrency exchanges, there is a specific trading platform called ShibaSwap. Fans have formed a community for ongoing growth, which has so far supported an art incubator and the Shiba Inu dog breed's rescue.
It is not much different from other coins, and its price has risen mostly due to its meme status. In addition to this, Tesla CEO Elon Musk who purchased a Shiba Inu breed dog also helped rapidly increase its value.
However, the price of the Shiba Inu coin has lately decreased, dropping 32 percent in the last month.
Is It Too Late to Have Shiba Inu investment?
It's important to keep in mind that the stock market cannot be controlled.
The chances of someone investing $100 in Shiba Inu and becoming wealthy as a result are essentially low, especially since hundreds of other cryptocurrencies are likely to lose money.
The lesson is to invest properly.
This only means that one should invest money in products with genuine value and set aside a small portion of their portfolio for higher-risk or alternative investments with the potential for massive rewards.
