There is an old adage that says ‘every dog has its day’ but the dog-based meme token Shiba Inu (SHIB) is having the best time of its life for a year now.
Ever since this penny token, named after a Japanese dog breed, entered the crypto scene, it has grown at an astounding rate, garnering attention from investors and enthusiasts alike. It even managed to beat the returns of behemoths like Bitcoin and Ethereum.
The meme coin has appreciated 2,50,00,000 per cent in the last one year. An investment of Rs 1,000 in the token would have turned into Rs 25,00,00,000 during the period. However, it is important to note that cryptocurrencies, especially meme coins, are a highly volatile investment.
In the last 24 hours, the thirteenth largest crypto asset has rallied more than 15 per cent and is now boasting a market cap of little less than $19 billion. The traded volume of Shiba Inu has surged nearly 105 per cent, the data from Coinmarketcap suggests.
Shiba is an altcoin, meaning it is community-based. The coin’s success depends largely on the growth of the community and its utility has a lesser role to play in this regard, explains Raj A Kapoor, Founder, India Blockchain Alliance.
The latest surge in the coin has been fuelled by a strong rumour that Shiba Inu will likely list on Robinhood.
“The news that Shiba will list on Robinhood app in February has renewed investors’ interest in the token. Matic has, however, already flipped Shiba Inu in market capitalization thanks to the 16 per cent rebound in its prices. It is unlikely that Shiba would hold onto the momentum it had witnessed last year,” said Sharat Chandra, VP- Research & Strategy, EarthID, a self-sovereign Identity Management Platform.
He, however, advised investors to allocate a small percentage of their portfolio to this token.
Any major listing on a widely adopted exchange is big news. In the months following such events, investors look to get in front of this and buying is heavy.
“It remains to be seen whether this latest rumour will pan out or whether it might have been just another smoke-and-mirrors attempt to get Shiba Inu’s price to surge in the near term. For now, it seems pretty speculative to me,” said Kapoor.
“It would not be wise to invest too much of your money in Shib. The coin may help you make a quick buck but it is not a reliable long-term investment for sure,” he added.
Investors must understand that Shiba Inu is purely a meme token with no real intrinsic or underlying value and is purely entertainment-based.
Jay Hao, CEO of OKEx said the listing rumours are strong and the growth momentum will depend on how the rumour pans out.
Shiba Inu, introduced in 2020, aimed to be the Ethereum-based counterpart to Dogecoin. It became an overnight sensation thanks to the tweets from Elon Musk and Vitalik Buterin.
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