Introduction
Shiba Inu (SHIB) is an Ethereum-based token. It emerged in 2020, gained value and made waves in the digital world quickly. Shiba is termed a meme coin. Yet, it has one of the biggest market caps compared to other altcoins. Supported by celebrities like Elon Musk and Vitalik Buterin, Shiba has quickly climbed up ranks over the past few years..
Shiba is trying to diversify its utility and increase its real-world use cases at a rapid pace. Apart from being one of the best-known memecoins, it is now getting involved in new projects.
Factors Influencing Shiba’s Value
Shiba is affected by similar factors which affect other crypto tokens and some more. Some of these factors are as follows-
- General market sentiments related to crypto
- Marketing and community activities
- Utility and Applications
- Node counts
- Macroeconomic factors which impact the financial markets
- Acceptance of memecoins by the retail market
Apart from these, Shiba distinguishes its market presence because of the celebrities who own and talk about it. This factor affects both its adoption and value.
Shiba Inu Token Year-on-Year ROI
Below table captures Shiba Inu’s Year-on-Year performance since being listed in 2021.
| Date | Price | Y-O-Y returns |
| Jan 1st 2022 | $0.00003408 | 228% ( returns from opening price on day of listing) |
| Jan 1st 2023 | $0.00000817 | -76% |
| Jan 1st 2024 | $0.00000958 | 30% |
Risk of Investing in Shiba INU
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.
The lead developer of SHIB, Kaal Dhariya has also announced upcoming ERC404 NFTs and fungible tokens. This is a substantial evolution towards organic growth and commitment towards increasing real-world applications.
Shiba Inu is changing the landscape of its ecosystem and moving towards organic value addition. This new incarnation extends the applications of Shiba Inu beyond just being a memecoin thereby increasing its utility.
Should I Invest in Shiba Inu?
The question of whether or not one should invest in Shiba depends on individual financial goals. If 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. These decisions are best taken based on one’s current financial state and future goals. It is imperative to note that this blog is not an investment recommendation and users are required to conduct their own thorough due diligence before investing in any crypto related products.
Read more: Shiba Inu Price Prediction
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