Is Shiba Inu (SHIB) Worth Buying In 2023?

Last Updated December 29th 2022

8 Min Read

Is Shiba Inu worth buying in 2023? Why should I consider investing in the SHIB tokens, and what are the challenges facing the token right now? These are some of the questions every Shiba Inu investor is asking.

There is no straight yes or no answer to the question, but experts are confident that Shiba Inu will recover and continue rising in the next few months, which essentially makes it a good buy. Nicknamed the “Dogecoin Killer,” Shiba Inu caught the crypto community’s eye when Elon Musk tweeted about it in May 2021. In the days that followed, FOMO reigned supreme as every speculative investor rushed to grab a piece of the meme coin.

Today, however, Shiba Inu prices are very volatile. And this has birthed chaos within the crypto community. Existing traders want to know if Shiba Inu is worth holding on to, and the rest of the community wants to know if Shiba Inu is worth buying today.

If you fall in either of these categories, read on.

In this guide, we will explore Shiba Inu’s popularity, look at all the factors impacting Shiba Inu prices, look at the risks facing SHIB token investments, and go over the reasons why you may consider investing in Shiba Inu.

But first, we seek to understand the Dogecoin Killer better.

What Is Shiba INU?

Shiba Coin is an ERC-20 token created in 2020 with the sole purpose of offering competition to Dogecoin as the ultimate meme currency. It is modelled off the Dogecoin cryptocurrency and was developed by an anonymous individual who goes by the pseudonym “Ryoshi.”

It has all the features of Dogecoin. In that, it doesn’t have smart contract utility, no original blockchain technology, or the backing or any tangible assets or rights. As it stands today, Shiba Inu only exists to be transferred from one wallet to another, and its value is, therefore, based on pure speculation.

Between August 2020 and April 2021, Shiba Inu received little to no attention from the crypto community, save for a choked hype from Reddit and a few tweets with an average reach.

But on 7th May, Elon Must sent out a cryptic tweet saying that he was thinking of getting himself a Shiba puppy. And given that Shiba Inu derives its name from a breed of dog native to Japan, the crypto community took this as a cue that Elon Musk was considering buying SHIB tokens.

The crypto coin prices rallied. From average daily trading volumes below $1 Million in April, $13.5 Billion worth of Shiba Inu tokens changed hands on 10th May when the coin set its then ATH of $0.0000388.

But as the crypto market hype died down towards the end of May, so did Shiba Inu’s rally. Nevertheless, this hasn’t taken away its popularity and in October Shiba Inu took an upward trajectory that led to hitting an ATH of $0.000088. Today SHIB is still one of the hottest topics in the crypto-verse.

All these have helped the coin escape obscurity, and it is now currently ranked in the top 15 largest cryptocurrencies on CoinMarketCap’s list with a market capitalization of $11 Billion and a circulating supply of 549 Trillion SHIB tokens.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Why Is Shiba Inu (SHIB) So Popular Right Now?

Shiba Inu is popular because it has successfully been able to successfully ride on Dogecoin’s popularity and leverage the current meme coin hype.

It started with Elon Musk and an army of Reddit platform users who hyped Dogecoin into attracting mainstream media attention and endorsements from celebrities like rapper Snoop Dog and investor Mark Cuban. And since Shiba Inu entered the crypto space with the Dogecoin Killer theme, it was only a matter of time before it grabbed investor attention.

SHIB Token’s moment came about when Elon Musk (the biggest Dogecoin advocate today) tweeted about possibly investing in the coin.

We must, however, mention that while the Elon Musk tweet may have helped bring attention to the token, it is the parabolic jump in price that makes it a relevant subject months later.

From a listing price of $0.000000000972 (according to Coingecko), Shiba Inu tokens are currently valued at $0.000020, translating to an astonishing 2,057,513.17%+ price jump. The debate on how high up SHIB token prices can get is now rife.

But the token popularity aside, should you consider investing in SHIB tokens?

So, Should I Buy Shiba Inu (SHIB)?

The decision on whether to or not to buy should be based on your risk tolerance and your readiness to buy a joke currency that has no real value or reason for being other than that of outdoing yet another joke currency in having a larger number of followers and an even larger market capitalisation.

Looking at the SHIB token numbers and its ROI, it is easy to understand why you might want to succumb to FOMO.

The numbers say that Shiba Inu can turn rout to be one the best crypto investment decisions you make if it sustains the uptrend momentum in the future.

But you have to remember that the token prices are driven by pure speculation and social media hype. This makes it one of the most volatile crypto products in the market today. There is no telling when the hype will die down or when authorities crack the whip on cryptocurrencies and the impact it will have on your SHIB token investment.

So, should you buy SHIB token in 2023?

We are fifty-fifty on whether to buy Shiba Inu at the moment because it has equal chances of up-trending or tanking. But if you must invest, we advise that you first take your time to study the coin and the market. Complement the information shared here with thorough research about Shiba tokens. Then, only invest if you are optimistic that you are buying at a dip and that token prices will continue ascending.

Why You Should Buy Shiba Inu (SHIB)

But apart from confirming that Shiba Inu tokens are trading at a dip and that they are expected to rebound, what other factors convince you to buy the Dogecoin killer? Here are three:

Positive market sentiment: The crypto market is rather optimistic about Shiba Inu’s future. Crypto experts are confident that its popularity will help it rebound and be worth more at the end of the year than it is today, and trader sentiments are a strong buy.

It is forging own value: Shiba Inu developers made the first step towards creating real value for the token when they recently introduced the Shibaswap decentralised exchange. SHIB token will be DEX’s native digital currency.

It is liquid: Shiba Inu is relatively liquid, and its investors are on the verge of making it even more fluid by pressurising different exchanges into listing the token. First in line is Coinbase and Robinhood.

Check Out: 15 Reasons Why You Should Invest in Shiba Inu Today

Risks Associated With A Shiba Inu (SHIB) Investments

Like all other cryptocurrencies, Shiba Inu has its fair share of risks that you need to familiarize yourself with before buying your first batch of SHIB tokens. The most threatening right now are:

Massively volatile: The fact that Shiba Inu prices are determined by pure speculation derived from social media hype makes it one of the most volatile and unstable cryptocurrencies. Losing your entire SHIB token investment or a significant portion of it overnight is, therefore, not a distant possibility.

Sustainability: Shiba Inu is not anchored on any reliable technology, and it hasn’t been adopted as a medium of exchange. Its future is shaky, and there is no telling if it can survive a massive crypto industry dip.

Conclusion: Is Shiba Inu Worth Buying In 2023?

There you have it, our thoughts on whether Shiba Inu is worth buying in 2023.

The key takeaway is that SHIB tokens have had a good year, as evidence by the highly attractive price jump. And despite its untamed volatility, the trader sentiments is positive, and experts believe that it will be worth considering.

But don’t take our or the expert and market sentiment word for it. Complement this piece of information with your own research and if Shiba Inu sounds like a good investment for you after that, go ahead and buy some.