Shiba Inu coin logo
Source: Shib Facebook

Why Shiba Inu Could Still Make You a Millionaire

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Oct. 28 2021, Published 8:21 a.m. ET

Shiba Inu (SHIB) hit another record high of $0.00009 the morning of Oct. 28. The crypto has been on fire lately, fueled by an Elon Musk tweet, Robinhood listing hopes, and the rush to find the next cryptocurrency to explode. SHIB even overtook its major rival and Tesla CEO Elon Musk’s favorite, Dogecoin, as the world’s largest meme coin by market cap. Is it too late to buy Shiba Inu? Where can you buy the coin?

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SHIB was launched in 2020 by an anonymous person using the pseudonym "Ryoshi." Similarly, Bitcoin's founder also goes by a pseudonym: Satoshi Nakamoto. Both cryptocurrencies have skyrocketed to record highs recently. Unlike Bitcoin, though, SHIB is in abundant supply. Whereas only 21 million Bitcoins will ever exist, SHIB has a total supply of one quadrillion.

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Source: CoinMarketCap
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Is Shiba Inu a good investment?

If you had invested just $100 in Shiba Inu at the beginning of 2021, you would have $100 million now. Only people who have held Bitcoin for more than a decade have seen such blockbuster returns on their investment.

SHIB exploded after it was listed on Coinbase, the top crypto exchange in the U.S. The Coinbase listing has made the crypto accessible to more investors, especially those with deep pockets, and many are excited to buy it. An unknown big investor purchased some 277 million Shiba coins worth about $12 million after the crypto came to Coinbase.

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SHIB’s mascot is a famous Japanese hunting dog breed, Shiba Inu. Dogecoin also has a Shiba Inu dog as its mascot. SHIB rallied after Elon Musk shared a photo of his cute Shiba Inu dog, Floki. But the Tesla executive has clarified that he hasn’t started buying SHIB. Instead, his crypto portfolio includes Bitcoin, Ethereum, and Dogecoin.

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Is it too late to buy Shiba Inu?

After SHIB’s 90,000,000-percent rally in 2021, prospective investors may be wondering whether they can still make money with the meme coin. If you invest $1,000 in SHIB now and it reaches $0.01, you could make a $150,000 profit. If the token hits $1, your investment could grow to more than $15 million.

SHIB fans also hope for the token to be added to Robinhood, among the most popular trading platforms for retail investors. Their petition to persuade Robinhood to list SHIB is growing, with more than 380,000 people signing up. The petition seeks to get 500,000 signatures. Getting added to the platform would give SHIB even more exposure, increasing its demand and lifting the price.

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Investors are also excited about the Shiba Inu project’s expansion. Although it started as a joke, the project is getting more serious. Besides SHIB, the project has two other tokens—LEASH and BONE. It has also launched a crypto trading platform, ShibaSwap, and it's venturing into the booming NFT space.

Where can I buy Shiba Inu?

It’s not too late to invest in SHIB. But remember that crypto prices are usually volatile and you shouldn’t invest more than you can afford to lose. If you like SHIB's price prediction and are willing to take the risk, you can buy the coin on Coinbase, Gate.io, and Bitfinex with the U.S. dollar. The crypto is also available on eToro and its native exchange, ShibaSwap.

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