Is Shiba Inu (SHIB) a Good Investment? • Benzinga (2024)

Decided Shiba Inu is a good investment already? You can buy SHIB today on Robinhood and eToro.

Over the past three years, the cryptocurrency world has seen the rise of Shiba Inu, a dog-themed meme coin that has captured the attention of investors around the globe. Known for its impressive returns and association with other popular cryptocurrencies like Bitcoin and Dogecoin, Shiba Inu has become a hot topic for those looking to enter the world of digital assets.

For those who have been following cryptocurrency trends, the question that may come to mind is whether it is too late to invest in Shiba Inu. The answer? No, while there are positives and negatives, there's still time to get in. The dog-themed meme coin that emerged in 2020 is still in the top 20 largest cryptocurrencies by market capitalization. Is Shiba Inu a good investment? Read on to understand the pros and cons of investing in Shiba Inu, with performance history and tips to store it safely and protect your digital assets.

What Is Shiba Inu?

Shiba Inu was created three years ago. Its founders designed it to capitalize on Dogecoin's success while making it more functional to increase utility and adoption. They built Shiba Inu on top of the Ethereum network to increase compatibility with most exchanges and other decentralized applications (dApps). Shiba Inu is also structured to run smart contracts.

Like many other emerging cryptocurrencies, widespread adoption is still far away. Shiba Inu is accepted as a payment method by only about 40,000 merchants worldwide. In March 2024, Shiba Inu was in the top 10 cryptocurrencies by market cap. How long will it stay there? Recent reports suggest Shiba Inu (SHIB) burned 146 million tokens to maintain its top-ten spot.At the moment, the token is ranked #13 with a market capitalization of around $9.6 billion.

Despite falling from its high, Shiba Inu is still up since its inception, and wider crypto markets could push Shiba Inu higher in 2024. At the moment, it's unlikely to cross $0.01.

How Does Shiba Inu Work?

Shiba Inu coin (SHIB) is a cryptocurrency created in August 2020. It’s a fork of the already popular cryptocurrency Dogecoin (DOGE) built on top of the Ethereum network. Like DOGE and Ethereum, SHIB is a decentralized, peer-to-peer (P2P) digital currency. Users can send and receive payments without a central authority.

Shiba Inu Price History

Shiba Inu is still young but had an impressive performance last year. With a starting price of just $0.000000001009, it reached an all-time high (ATH) of $0.00006885 in early November 2021. While it also fell after that, it has risen over 120% in the past year and sits, as of Jul. 12, 2024, at $0.0000165. When dealing with such small numbers, it’s easy to see how holding some Shiba Inu could be a smart long-term investment.

How Did Shiba Inu Perform in 2023?

Shiba Inu had a tumultuous performance in 2023. While it reached a high on 5 February, with a total trading volume of just under $1 billion, the rest of the year was up and down. Two notable downs came in June and October, when the price dropped to $0.000006793 and $0.000006908, respectively. While it rallied towards the end of the year, increasing investor sentiment and giving hope of new highs, its new highs only showed up in the last month.

How Much is Shiba Inu Right Now?

As of Jul. 12, 2024, Shiba Inu is priced at $0.0000165.

Shiba Inu Price Prediction

While no price predictor is perfect, a Shiba Inu price forecast can indicate investment opportunities. Benzinga collected the essential info you need to know about SHIB future prices and answered questions like “Will Shiba Inu go up?” Find Shiba Inu price forecasts here.

Where to Buy Shiba Inu

For U.S.-based investors, Coinbase and Kraken are some of the best options for buying Shiba Inu. However, more than 20 sites offer Shiba Inu, including Robinhood, Binance and eToro. You can also consider crypto brokers or crypto apps. Find exchanges where you can buy SHIB crypto.

How to Store Shiba Inu Safely

To store Shiba Inu safely, consider a hardware or software wallet. There may be a place for each. A software wallet provides you access to the platform you want to make trades easily. A hardware wallet can protect your private keys and sign transactions offline while keeping your Shiba Inu safely offline.

• Best hardware wallet: Both Ledger and Trezor support Shiba Inu. They are widely considered the most secure wallets for cryptos to protect cryptocurrency offline while allowing easy access when necessary.
• Best software wallet: Shiba Inu can be securely stored in the ZenGo software wallet. ZenGo combines exceptional safety features to protect your cryptocurrency against hackers while allowing you to easily access the currency when needed.

Pros and Cons of Investing in Shiba Inu

Weigh the pros and cons of investing in Shiba Inu before moving ahead.

Is Shiba Inu (SHIB) a Good Long-Term Investment?

Whether Shiba Inu is a good investment depends on your risk tolerance and overall portfolio. For the majority of investors, Shiba Inu (SHIB) carries too much risk of extreme volatility. However, assessing the long-term viability of any cryptocurrency carries a certain inherent risk, leaving investors to wonder, "Is SHIB a good investment?"

Despite recent surges in Bitcoin, there's no clear indication that Shiba Inu will follow a similar trajectory. If you're willing to watch the market carefully and be ready to sell when it reaches a new high, it can be worth adding Shiba Inu to your investment portfolio. Because of its volatile nature, you should not invest more than you can afford to lose.

For many investors, the instability and unpredictability might outweigh the potential for high returns. However, with research, assessment of your individual risk tolerance and in discussion with a financial adviser, SHIB could have a minor place in investment portfolios. In the long term, it could reach new ATHs with impressive returns on investment.

What Experts Say on Investing in Shiba Inu

Market analyst at Conotoxia, Grzegorz Drozdz cautions investors about meme coins' unpredictable and volatile nature in the digital asset market. With that understanding, long-term price predictions from Benzinga's experts suggest the potential for robust long-term growth.

Should You Invest in Shiba Inu?

Shiba Inu is a unique investment opportunity with the potential for huge returns, but it doesn't come without risk. Should you invest in SHIB? That depends on your risk tolerance. However, speculative cryptos have the potential to give investors huge returns in the decades to come, and a diversified portfolio across various crypto assets, along with other investment classes, can be a wise long-term strategy. Learn more about how to trade cryptocurrency.