Early investors of Shiba Inu are now billionaires; Should you invest?
Shiba Inu is ranked in the eighth position based in terms of cryptocurrency market capitalisation. Currently, it holds a valuation of $41 billion
New Delhi: Popular meme coin Shiba Inu has reached its greatest highs with its value surging to 140% over the last week. The surge has increased the trading of the digital coin and the already existing investors are presently billionaires.
For instance, an investor who has invested $8,000 in Shiba Inu last August is currently holding $5.7 billion. “We may actually be looking at the greatest individual trade of all time,” tweeted the Morning Brew along with the user’s wallet picture.
This wallet bought roughly $8,000 of $SHIB last August.
It’s now worth $5.7 billion.
From $8,000 to $5.7 billion in roughly 400 days.
We may actually be looking at the greatest individual trade of all time. pic.twitter.com/LtdgQ83bKP
— Morning Brew ☕️ (@MorningBrew) October 27, 2021
Several others have profited from the spike in the value of Shiba Inu. Another user stated that they have invested $200 last year have witnessed massive gains, currently holding $21 million.
the $200 of $SHIB i sold last year now worth $21M.. no big deal pic.twitter.com/AgytqITGSL
— hundo (@BitcoinTo100k) October 27, 2021
Shiba Inu is ranked in the eighth position based in terms of cryptocurrency market capitalisation. Currently, it holds a valuation of $41 billion, which is more than the market capitalisation of companies such as ITC, Larsen and Toubro (L&T), Maruti Suzuki, Nestle India, and Adani Green Energy.
Following the urge made by a Change.org petition to the Rohinhood, a crypto trading platform to list Shiba Inu, the self-proclaimed ‘dogecoin killer’ has been reaching record-breaking highs. The petition stated, “Let’s encourage Robinhood to be the first traditional brokerage to get on this train!
Shiba Inu has also been listed on Binance and its momentum is growing with every hour. More than half of the questions in the trading forums ask, “How can I buy Shiba???”
Is it a good idea to invest in Shiba Inu?
Although the hike in the value of Shiba Inu makes investors irresistible, it is accompanied by high volatility and risk also. Bitcoin is hosted on its own blockchain and aims at creating a decentralised ecosystem providing minimum utility, however, Shiba Inu can be hosted on Ethereum blockchain and thereby, depend on community growth.
Altcoins like Shiba Inu are easier to create with much lower prices, carry a high risk for investment, unlike Bitcoins.
Holding price less than $1, Shiba Inu’s value marks to be extremely volatile and it caters to only a few hands. For instance, if a few investors decide to dump the coin, the value of the coin is likely to crash.