This dog-themed meme coin is competing for Best in Show.
Although Shiba Inu (SHIB -3.25%) has been on a tear so far this year, investors shouldn't take the meme token too seriously. A dog inspired its name, after all. However, the cryptocurrency's impressive $16 billion market cap is no joke.
The meme investing craze a few years back turned modest investment into millions -- life-changing wealth for some.
Today, Shiba Inu is back to near its highest prices since the bubble started to burst in 2021, with a gain of about 250% in 2024 (as of April 12).
Can Shiba Inu still deliver serious investment returns? Here is what you need to know.
Shiba Inu isn't catching anyone off guard
Shiba Inu was created in 2020 as an experiment to foster an online community. You could say that's been a success. Shiba Inu has become very recognizable in the broader cryptocurrency landscape, primarily for its Shiba Inu logo, which many investors associate with fun and speculative investment behavior.
A gigantic circulating supply of just over 589 trillion tokens dilutes the per price to fractions of a penny. One Shiba Inu token is worth about $0.000024. Ironically, that's a big increase from where Shiba Inu initially traded. To date, the token has appreciated about 2,000,000%. That's enough to turn $100 into $2 million. So yes, Shiba Inu once had millionaire-making potential.
However, Shiba Inu is much better known these days, which could limit the future upside in the price. Shiba Inu's market cap is currently about $14 billion, down from $39 billion at its peak in 2021. In other words, Shiba Inu can only double or triple without going into some seriously new territory value-wise. Investors won't get very far with small amounts of capital without the exponential gains Shiba Inu once had.
The unserious nature of the coin wards off serious investments
The problem is that everyone knows Shiba Inu isn't a practical, real-world asset. It embodies speculative behavior. The vast majority of people put a small amount of money into it, and hopefully, the price gets hot, and they make a quick buck. About 90% of holders own less than $1,000 of Shiba Inu, and 98% hold $100,000 or less. It's not an investment reasonably risk-averse investors will put serious money into.
That creates a problem for those hoping to strike it rich off Shiba. It's unlikely to grow exponentially again anytime soon, and it doesn't make sense to put enough money into it that a double or triple would create life-changing returns. You're better off focusing your investment strategy on blue chip stocks and cryptocurrencies.
Is Shiba Inu a millionaire maker?
Shiba Inu was once a millionaire maker. Its huge gains since its introduction exceed the returns of almost any other investment. But Shiba Inu isn't sneaking up on anyone anymore. It's well known, and the chances of it repeating comparable gains are minimal at best.
The coin runs on the Ethereum network, so if you want to invest in Shiba Inu for its technological features, consider owning Ethereum instead.
Justin Pope has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Ethereum. The Motley Fool has a disclosure policy.
FAQs
To date, the token has appreciated about 2,000,000%. That's enough to turn $100 into $2 million. So yes, Shiba Inu once had millionaire-making potential. However, Shiba Inu is much better known these days, which could limit the future upside in the price.
Will Shiba Inu make millionaires? ›
Key Points. Shiba Inu could have made you a millionaire for the price of a cup of coffee in 2021. The token has since declined 73% from its all-time high, though sentiment is improving in the cryptocurrency space. It might not be possible for Shiba Inu to rise enough from here to mint more millionaires.
Will Shiba Inu coin reach 25 cents? ›
Shiba Inu reaching the 25 Cents mark needs a robust and massive push in its market cap. SHIB's market cap is near $15 billion today and needs to scale up phenomenally to even consider reaching $0.25. While the market cap seems unrealistic, it's not impossible to achieve in the future.
Could a Shiba Inu skyrocket? ›
At that nearly $6 trillion market cap, Shiba Inu would be more valuable than Microsoft and Apple combined. That seems totally unreasonable. Even though Shiba Inu isn't likely to soar 34,000-fold over the next six or so years to reach $0.01, it doesn't mean some investors aren't still interested in owning it.
Should you invest in Shiba Inu in 2024? ›
Positive Price Predictions: Despite currently resting approximately 300% lower than its previous all-time high, Shiba Inu price predictions for 2024 suggest a potential range of $0.00008 to $0.0001, hinting at bullish sentiment.
How high will shiba go? ›
Shiba Inu (SHIB) Price Prediction 2030
According to your price prediction input for Shiba Inu, the value of SHIB may increase by +5% and reach $ 0.00003 by 2030.
Will Shiba Inu ever reach 1 dollar? ›
Simply put, there is no way Shiba Inu can rise to $1 in its current state. The community is trying to shrink supply by "burning" tokens, which removes them from circulation forever, but efforts have been futile so far.
Will SHIB ever hit a penny? ›
Unfortunately, no leading price prediction firms have predicted a tentative timeline for Shiba Inu to reach the $0.01 milestone. The highest they have predicted is a price target of $0.0001 and that too after this decade in 2030. Even leading analytical firms remain clueless about when SHIB could reach the 1 Cent mark.
Which coin will reach $1 in 2024? ›
Dogecoin (DOGE)
Emerging from an internet meme, Dogecoin has surpassed expectations, transforming into a well-known name in the crypto realm. Currently valued at $0.08126, Dogecoin's path to the $1 milestone has been fueled by volatility, market corrections, and unwavering community support.
What will Shiba Inu be worth in 2040? ›
Shiba Inu is expected to cost between $0.0045 and $0.0058 in 2040, with an average market price of $0.0049. This range represents market expectations and takes into account several possibilities as crypto is expected to attain widespread usage.
Even though Shiba Inu trades well below its peak price, investors should avoid it like the plague.
Where will Shiba Inu coin be in 5 years? ›
Shiba Inu Overview
| Year | Minimum Price | Maximum Price |
|---|
| 2024 | $0.0000339966 | $0.0000389961 |
| 2025 | $0.0000489951 | $0.000059994 |
| 2026 | $0.0000719928 | $0.0000859914 |
| 2027 | $0.0001039896 | $0.0001229877 |
8 more rowsIf you are someone who understands the crypto market well and has the expertise to capitalise on market volatility, then Shiba could be a good fit for you. However, if you are a long term investor who seeks sustainable growth in your portfolio, Shiba might have to be a small portion of your crypto portfolio.
Is Shiba Inu a wise investment? ›
Shiba INU (SHIB) is a high-risk investment. However, earlier deemed as a “meme coin” with little utility other than trading, SHIB is increasing its applications. It has its own Metaverse called Shib Metaverse.
Will Dogecoin make millionaires? ›
Holding 10,000 Dogecoin Could Make You A Millionaire, Predicts Crypto Analyst. Since 2021, Dogecoin (DOGE) has consistently been one of the largest cryptocurrencies in the market. The token has attracted tens of billions in investment and is up more than 27,000% since its launch.
How much is a Shiba Inu today? ›
The live Shiba Inu price today is $0.000023 USD with a 24-hour trading volume of $474,449,238 USD. We update our SHIB to USD price in real-time. Shiba Inu is down 3.42% in the last 24 hours. The current CoinMarketCap ranking is #11, with a live market cap of $13,669,741,329 USD.
How do I buy a Shiba Inu coin? ›
You can buy SHIBA INU on Coinbase with an approved payment method, including a bank account, a debit card, or you can initiate a wire transfer.
