How long should we wait for Shiba Inu (SHIB-USD) to make us all gazillionaires? I don’t know. But if the boom ever happens, it will take a long time to get here. And it’s probably best if you just forget about any money you’ve put into SHIB.
After all, Shiba Inu is just a joke currency anyway, right? The meme crypto was launched by an anonymous founder named Ryoshi. It was founded as an alternative to Dogecoin (DOGE-USD), which in turn was created as a joke alternative to Bitcoin (BTC-USD).
Shiba Inu gets its name from Dogecoin itself, whose “token” includes the likeness of a Shiba Inu dog. So as a joke about a joke, it shouldn’t really bother anyone – or surprise them – that SHIB trades for less than 10-thousandths of a penny.
But when you consider the pupcoin grew by 49,000,000% in 2021, it’s understandable to start wondering what kind of fortunes you can win. Drop $100 into SHIB at its current price, and if it ever hits just a penny a share, you’d be sitting on nearly $50,000.
The thing that sets Shiba Inu apart from Dogecoin is that it was built on the Ethereum (ETH-USD) blockchain. This should give it some functionality that Dogecoin doesn’t have.
Plus, there’s a handful of places where you can actually use Shiba Inu to make payments, including Nordstrom (NYSE:JWN), GameStop (NYSE:GME), AMC Entertainment (NYSE:AMC) and Bed Bath & Beyond (NASDAQ:BBBY).
Shiba Inu’s Web 3.0 ecosystem also allows users to buy plots of virtual property in “SHIB: The Metaverse.” But that utility doesn’t make anyone rich today.
Shiba Inu is down roughly 40% so far this year. Speculation that it would skyrocket when it began trading on Robinhood’s (NASDAQ:HOOD) platform turned out to be false. And while it stands as the 15th largest cryptocurrency by market capitalization, there doesn’t seem to be any short-term catalyst that would move Shiba Inu higher in the near future.
So, what should you do with your SHIB tokens? At this point, there’s no harm in holding them. Just know that this is the long game, and for something as speculative as Shiba Inu, you have to assume any money you put into it will most certainly be lost.
But then again, we could all be surprise gazillionaires one day — maybe.
On the date of publication, Patrick Sanders had a long position in SHIB. He did not have (either directly or indirectly) any other 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.
