Key Factors
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Canine-themed meme cash have exploded in reputation, making it onerous for Shiba Inu to face out in a crowded subject.
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The coin provide of Shiba Inu (589 trillion cash) is just too excessive, limiting any likelihood of serious value appreciation.
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Till steps are taken to dramatically scale back the coin provide, traders ought to avoid Shiba Inu.
- 10 stocks we like better than Shiba Inu ›
For the yr, meme coin Shiba Inu (CRYPTO: SHIB) is down 59%. Of much more concern, Shiba Inu is down a whopping 90% from its all-time excessive in October 2021.
When you’re anticipating a beautiful reversal of fortune for Shiba Inu, it could be time to rethink your assumptions. Here is why.
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Shiba Inu’s coin provide drawback
The core drawback with Shiba Inu is its coin provide. Merely put, there are too many Shiba Inu cash to go round. The present circulating provide is 589 trillion cash.
Picture supply: Getty Pictures.
By the use of comparability, the full circulating provide of Bitcoin (CRYPTO: BTC) is simply 21 million cash. There’s a good purpose why Bitcoin has soared to a value close to $100,000 whereas the worth of Shiba Inu has tanked to a value of simply $0.000008.
It is simply the Law of Supply and Demand. When you shrink the coin provide, and demand stays fixed or will increase, the worth is meant to go up.
Admittedly, Shiba Inu has taken steps to shrink the coin provide. Nevertheless it’s practically inconceivable to burn a whole lot of trillions of cash in a single fell swoop. As a outcome, Shiba Inu has nearly zero risk of ever hitting the $1 value level. Doing so would indicate a market cap of $589 trillion!
Shiba Inu is not greatest at school
There’s one other massive drawback with Shiba Inu — it is not the highest dog-themed meme coin. At one time, the one actual competitor to Shiba Inu was Dogecoin (CRYPTO: DOGE), the unique dog-themed meme coin.
Nevertheless, your entire dog-themed meme coin idea has exploded in reputation, and even among the many prime 100 cryptocurrencies, there are different rival dog-themed meme cash. Along with Dogecoin, there’s additionally Bonk (CRYPTO: BONK) and Floki (CRYPTO: FLOKI). Past the highest 100 cryptocurrencies, there are lots extra to select from, with all of those meme cash riffing on the avatar of a cute, cuddly Shiba Inu canine.
On prime of that, the broader animal-themed meme coin area has exploded in reputation, so it isn’t even sure that dog-themed meme cash are the way in which to go today. There are cat-themed meme cash, penguin-themed meme cash, and frog-themed meme cash.
Do not get me mistaken, there’s nothing inherently mistaken with dog-themed meme cash. For some folks, they could characterize a enjoyable and entertaining strategy to study investing. However I would not contact Shiba Inu with a 10-foot pole. The coin provide is just too giant, and there are simply too many different cryptocurrencies on the market with a lot greater future upside potential.
Do you have to make investments $1,000 in Shiba Inu proper now?
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Dominic Basulto has positions in Bitcoin. The Motley Idiot has positions in and recommends Bitcoin. The Motley Idiot has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the creator and don’t essentially replicate these of Nasdaq, Inc.
