The Shiba Inu crypto (CCC: SHIB-USD) was recently listed on Global Coinbase (NASDAQ: COIN) on September 15. Coinbase is the largest cryptocurrency exchange in the world. For Shiba Inu being on the list was quite an achievement. This caused a substantial increase in odd-priced cryptocurrencies.
For example, before it was listed, the price was $ 0.000006722 or 0.0006722 cents. CoinMarketCap has the best chart to show the price action of the coin, as it is more detailed than the data from most other sites. As of September 30, CoinMarketCap ranked Shiba Inu as the 47th largest crypto.
After September 15, Shiba Inu peaked at around 0.0009182 cents on September 16. This represents a gain of 36.6%.
However, since September 16, the price of Shiba Inu has dropped. As of September 30, it stood at 0.00725 cents per Shiba crypto token. Nonetheless, this means that the crypto token is still rising 7.85% from its previous trading price.
Where that leaves Shiba Inu
Decrypt magazine does a very good report on the rise of SHIB. Talk about the purpose of the tokens even as a Shiba Inu. First of all, the magazine describes what the goal is not:
“The main purpose of the current crop of meme tokens is not to unlock a utility in a protocol or implement as votes in governance decisions …”
Its actual purpose is very different:
“This is to be exchanged in the hope that a critical mass of users will grow, as it did with Dogecoin in the beginning.”
In fact, Decrypt says it happened with the creation of ShibaSwap, a profitable decentralized exchange based on SHIB. ShibaSwap allows users to trade, pool, and bet cryptocurrencies. There are a number of videos on social media on how you can trade and buy Shiba Inu crypto on this exchange and redeem it for other coins and tokens.
However, since Coinbase and Binance listed the Shiba crypto, the ShibaSwap exchange has likely lost much of its usefulness. You can trade almost all the major cryptocurrencies on these two major exchanges.
But as I pointed out in my last article, Shiba crypto is an altcoin-based Ethereum (CCC: ETH-USD) that is basically there to mimic Dogecoin (CCC: DOGE-USD). Followers of Dogecoin hope that it will eventually become a form of payment.
What to do with Shiba Crypto
To say the least, this is a highly speculative potential investment. Most people probably shouldn’t own this crypto unless they have a high degree of patience and, frankly, a gambling mindset. Or, at the very least, you should have a curious mind and a willingness to spend your money on any investment in Shiba crypto.
This probably excludes 99% of most investors. I own Dogecoin, but I don’t own Shiba Inu cryptocurrency because even I think it is too speculative.
This, by the way, does not mean that the price of SHIB does not increase. I could easily do it over the next year, depending on the news that comes out. This is exactly what happened when crypto surged after the Coinbase listing was announced.
But of course, the price of Shiba Inu then went down. This shows that it is a very volatile crypto that is not suitable for most investors.
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As of the publication date, Mark R. Hake spent a long time on Ethereum and Dogecoin, but he did not have any other securities mentioned in the article. The opinions expressed in this article are those of the author, subject to the publication guidelines of InvestorPlace.com.
Mark Hake writes about personal finance at mrhake.medium.com and runs the Total Return Value Guide which you can view here.