Shiba Inu Price Prediction: Buy When Others Are Fearful?
When making a Shiba Inu price prediction, there are two big historical events to look at. These events are the coin’s two massive surges in price. One of these surges came in the span of a few weeks in mid-2021. Then, towards the end of the year, the price surged again in an almost identical fashion. In both cases, the price retreated immediately afterward. If you want to make money buying Shina Inu Coin then the key is to buy it before the price surges. This means that you need to buy it when nobody is talking about Shiba Inu and the price isn’t moving. Basically, you need to buy it during a time like now.
NOTE: The past performance of an asset is never an indicator of future performance. Shiba Inu coin is a very volatile asset. There is no guarantee that it will ever spike in price again.
What is Shiba Inu?
Shiba Inu is a cryptocurrency that has very little utility and is more of an experiment in community building. It was created after Dogecoin, another dog-themed memecoin, surged in popularity. Shiba is known for having a cult following as well as being incredibly cheap. Each Shib costs just a fraction of a cent. Despite this, it currently has a market capitalization of $5.7 billion. It is also the 11th most popular coin on Coinbase.
One of the main reasons that investors buy Shiba Inu coin is because of Dogecoin. Dogecoin mainly started as a joke. However, it actually gained a massive following and even garnered the endorsement of billionaire Elon Musk. Many investors feel that since Elon Musk likes Dogecoin, it must be worth buying and holding. In the past, a simple tweet from Elon about Dogecoin has been enough to send Dogecoin’s price flying.
This is important because Shiba Inu’s price tends to rise/fall in sympathy with Dogecoin.
Elon Doubles Down
At the Qatar Economic Forum, Elon Musk recently reiterated his support for Dogecoin. Although he did not make an outright recommendation to buy it, he stated that he “personally supports” Dogecoin. Dogecoin’s price spiked on Elon’s statements. Accordingly, Shiba Inu’s price has spiked as well. As I write this, Shiba Inu coin is up 26% in the past week.
So does this mean that you should buy Shiba Inu?
Shiba Inu Price Prediction: Is it Time to Buy?
To start, you should never buy an investment based solely on someone’s recommendation. This is because everyone has a different risk tolerance. For example, Elon Musk is the richest man in the world. He could invest a billion dollars into Shiba Inu coin without thinking twice. He could also light a billion dollars on fire and not lose sleep. But, for many people, investing even just $100 into Shiba Inu is fairly risky. But, this doesn’t mean that buying Shiba Inu coin is always a bad idea.
Let’s examine my Shiba Inu price prediction.
Buy When Others are Fearful
There is a famous quote from Warren Buffet that goes, “You should sell stocks when others are greedy and buy them when others are fearful.” Essentially, Warren is saying that you should buy when everyone else is selling because this is when the asset’s price is the lowest. This same thinking could apply to Shiba Inu.
Most of 2020 and 2021 were full of incredible optimism in the investment world. Despite the global pandemic, the S&P500 surged 44% from 2020 to 2021. This even includes a 33% dip in early March. At the same time, we witnessed a frenzy of retail trading in investments like AMC, Dogecoin and GameStop. For a while, it seemed like nearly everyone was making cash hand over fist. Since the end of 2021, most of that has changed.
Today, we are officially in a bear market. The United States is experiencing inflation rates not seen since the 1980s. There is a land war in Europe between Russia and Ukraine. And, the entire global supply chain is still suffering from the effects of COVID-19. The economic outlook is bleaker than it’s been in years. Ironically, this could mean that it’s a good time to buy Shiba Inu.
Trying to predict when Shiba Inu coin will surge is nearly impossible. So, to make money in Shiba Inu you need to establish a position early on before everyone else does. If you wait until the coin has already surged then you’re too late. Right now, almost nobody is talking about buying Shiba Inu because there’s so much risk in the world. Counterintuitively, this could mean that it’s a perfect time to buy. This style of investing is known as contrarian investing.
Final Thoughts: Shiba Inu Coin
At the end of the day, you should associate buying Shiba Inu very closely with gambling. Remember that Shiba Inu has no underlying value or use. Additionally, there is no way to predict when its price will surge. This makes it very similar to putting money on red money at a roulette table. This doesn’t mean that you should never buy it. Just that you should only ever do so with money that you can afford to lose.
If you want to buy Shiba Inu then this could be as good a time as any. Nobody is talking about Shiba and the coin’s price has come nearly all the way down from its last surge. As long as you are patient and won’t need your investment anytime soon then you’ll be in a good position to wait for the next (potential) spike.
I hope that you’ve enjoyed this Shiba Inu price prediction. Please remember that I’m not a financial advisor and am just offering my own research and commentary. As usual, please base all investment decisions on your own due diligence.
About Teddy Stavetski
A University of Miami grad, Teddy studied marketing and finance while also playing four years on the football team. He’s always had a passion for business and used his experience from a few personal projects to become one of the top-rated business writers on Fiverr.com. When he’s not hammering words onto paper, you can find him hammering notes on the piano or traveling to some place random.