December 16, 2021
Shiba Inu Coin, dubbed by its supporters as the "Dogecoin Killer", is the cryptocurrency token that investors simply can't ignore--no matter how hard they try.
With a market cap of $18.3B (as of time of writing), and a 1+ billion dollar 24 hour-trading volume, it's one of the most popular tokens in the cryptocurrency space.
But why is this so-called "meme coin" so attractive to some investors?
While some relegate its popularity to "hype" and "social media sensationalism", others take solace in the glimmer of hope that their Shiba investment will pay off handsomely someday.
Can Shiba Inu coin really win investors "astronomical" returns? Can Shiba Inu coin really "go to the moon?"
The short answer is potentially yes, but there is much to consider.
Currently trading (as of time of writing) at $.00003345 per coin, with a circulating supply of 549.1 trillion, basic laws of economics dictate that the supply is far too abundant, and the demand too low, for the coin's value to exceed beyond a fraction of a penny in the near future.
The market capitalization of Shiba Inu would have to surpass Bitcoin's market cap ($907.8B as of time of writing) by more than 5 times for the token to be worth just $0.01.
And this is where the buzz around Shiba Inu really heats up.
If the demand for Shiba Inu coin fails to be high enough to push its market cap to the level necessary to increase its token value to $0.01, the laws of economics tells us there's another way: to burn, or decrease the supply.
And that's precisely what's happening with Shiba Inu coin.
Shiba Inu coin, upon its creation, had a circulating supply of 1 quadrillion. A large portion of the supply was subsequently burned by Ethereum's co-founder, Vitalik Buterin, upon receiving it as a gift from the developer(s) of Shiba, down to the level of around 549 trillion.
Others, too, have engaged in the burning of Shiba Inu coin, including large crypto exchanges, Shiba Coffee, and the 'ShibArmy'; the devout supporters of the token.
More tantalizing to investors, however, is what's said to come.
The mysterious developer(s) of Shiba Inu, known only as "Ryoshi", have announced that a "massive" burn of the supply will take place in the coming weeks, paving the way for the project to create its own metaverse, known as the "Oshiverse".
And more projects are said to take place, in hopes to add more value and utility to the Shiba Inu coin. The anonymous developer(s) stated, “We are working on so many aspects of Shiba Inu including Shibarium, Shi, Shibanet, The Decentralized Shiboshi Game, Incubator and much more that won’t become evident until the near future.”
There is potential in Shiba Inu coin, no doubt. In basic terms, the idea is quite simple: spend a few hundred dollars or so and purchase 10 million Shiba tokens while it's trading at $.000033, and--assuming the appropriate level of burns take place, and the demand sustains or increases--sell the coin when its value reaches $0.01, $0.10, or even $1, and get an ROI of $100,000, $1M or $10M respectively.
Will this actually happen? It's possible, but it's very important to understand the risks, that no one can see the future, and that it very well may never occur. And if the value of Shiba Inu coin ever does reach 1 cent, 10 cents or $1, that it could take a very long time for that to happen. Always do your research, implement sound investment strategy and don't let your emotions dictate your behavior.
Disclaimer: For information and entertainment purposes only. Libertarian Country is not a financial advisor and is not telling you to buy, sell, or hold Shiba Inu coin or any other cryptocurrency, stock or otherwise.
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