Sometimes, you’ve just got to say, “What the heck.” I believe that’s a good response to Shiba Inu (CCC:SHIB-USD) skeptics when they point out that the coin is risky to own.
By “What the heck,” I mean that it’s okay to throw caution to the wind occasionally and buy what is effectively a lottery ticket. Really, there’s a “What the heck” element to every cryptocurrency, more or less.
And if you’re going to buy a lottery ticket, you might as well pick one that has moon-shot potential. Sure, you could lose your entire investment with the Shiba Inu coin, but it could also be a multi-bagger by the end of 2021.
So today, I cordially invite you to open up your mind and your cryptocurrency wallet. You never know — a crypto coin that’s in the doghouse today might be a darling of the markets tomorrow.
Have Fun With Shiba Inu
First of all, be advised that wherever Dogecoin (CCC:DOGE-USD) goes, Shiba Inu coin will usually follow like a puppy. This makes sense because some folks consider SHIB to be a spin-off (or even a rip-off) of DOGE. They’re separate coins, but the price movements between them will likely remain correlated.
While we’re comparing the two tokens, here’s another point: Dogecoin is low-priced, but Shiba Inu is comparatively much cheaper. At the time of this writing, SHIB traded for .00062 cents.
Just for fun, you could buy a million Shiba Inu coins instead of a cup of coffee. “What the heck,” right? As long as you keep your position size low, it’s perfectly okay to have some fun in your trading and investing.
How High Could It Go?
At one point on May 11, SHIB ran as high as .0035 cents. That might not sound like much. Frankly, it can be disorienting when we’re dealing with tiny fractions of a penny.
So I’ll pull out the old calculator and help out with the math. From the price as of Aug. 3 to the May 11 high, that’s a change of around 464%. In other words, the Shiba Inu price would quadruple if it revisited its prior high point.
Generally speaking, well-known cryptocurrencies tend to pull back sharply, turn around and eventually surpass their previous peaks.
Comebacks of 400% or more aren’t unheard of in the world of crypto. And now that SHIB token has pulled back, this could be the ideal time to buy and store a few tokens.
Shiba Inu’s New Exchange Listing
The biggest development for an emerging cryptocurrency is when it gets listed on a major exchange.
An update was appended to that blog posting, indicating there were technical delays in launching SHIB trading on Coinbase Pro. Still, it was encouraging to see just how far this previously obscure coin had come.
Another exciting announcement came on July 29 when it was reported that Shiba Inu had become available for trading on Israeli online broker eToro. If you’re in the United States, you might not be very familiar with eToro. It’s actually quite popular, with more than 17 million users.
It appears the Shiba Inu coin is gaining acceptance, even if the token’s price has declined. And since cryptocurrencies generally tend to recover from their sharp losses sooner or later, it’s not irrational to say, “What the heck,” and try a small position in SHIB today.
Ready to start trading cryptocurrency but unsure of what to buy? Thomas Yeung found Dogecoin before it went up 8,000%… Cardano before it went up 460%… and Ripple before it went up 480%. Now, in a new report, he’s naming 13 of his favorite cryptocurrencies — tokens that could soar as high as DOGE. Claim your FREE COPY here.
On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
David Moadel has provided compelling content – and crossed the occasional line – on behalf of Crush the Street, Market Realist, TalkMarkets, Finom Group, Benzinga, and (of course) InvestorPlace.com. He also serves as the chief analyst and market researcher for Portfolio Wealth Global and hosts the popular financial YouTube channel Looking at the Markets.