- Shiba Inu (SHIB-USD) is having a really rough year. Year-to-date (YTD), as of May 17, the crypto has fallen over 63%. In fact, since it peaked as of Oct. 26, 2022, Shiba Inu is down from $0.000080 to $0.00001253, a drop of over 84%.
- As a meme stock, expect to see Shiba Inu tread water until similar cryptos like Dogecoin (DOGE-USD) make a rebound.
- Only the most speculative of investors should consider buying Shiba Inu, even though the crypto is on its knees.
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![Dogecoin [DOGE] to rise beyond 40%? Whale activity may spur rally](https://crypto.newswireservice.net/wp-content/uploads/2023/02/doge-wale-1000x600-120x86.jpg)
Shiba Inu (SHIB-USD) seems to be cheap in that it is priced with 4 zeros to the right of the decimal. This ends up giving the owners a large number of SHIB tokens. For example, for $100, you get almost eight million SHIB crypto tokens.
Sometimes that leads people into thinking they are getting a real bargain, but the opposite is often the truth. They end up buying too many tokens. They surmise that the crypto will rise to $1 someday, making them a multi-millionaire.
The problem with that is the law of large numbers. For example, right now at $0.0001253, Shiba Inu has a market capitalization of $6.876 billion, according to Coinmarketcap.com. So, since it would be a 79,808 times gain for the SHIB crypto to rise to $1, that would mean its market value would be $548.759 trillion. This, of course, is not possible, since that is greater than all the market value of cryptos together.
The point is that this crypto is not necessarily all that cheap even though it is down over 84% to $0.00001253 per SHIB token today.
Where This Leaves Investors in Shiba Inu
SHIB is a highly speculative “meme stock” crypto, which is likely to have a volatile performance over the next year. Moreover, as I have pointed out in a prior article, its performance is likely to react along with, i.e., correlate with, Dogecoin.
This means that investors should expect to have a rough ride if they buy into Shiba Inu now. Despite the fact that it is down over 63% YTD, it still has a very large…
![Dogecoin [DOGE] to rise beyond 40%? Whale activity may spur rally](https://crypto.newswireservice.net/wp-content/uploads/2023/02/doge-wale-1000x600-350x250.jpg)
