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I generally am a cautious trader, taking profits when I can and really not risking a huge amount in the crypto market though I took a punt recently on 'Shib' coin which is a meme coin and has been dubbed the 'Doge Killer'.
Today the price of a single Shib coin is $0.00003028, not much but a huge 300% increase on the price only a week ago!
Shib coin was created in August 2020 by an anonymous entity known as 'Ryoshi'.
The coins name comes from the japanese term for a breed of dog called 'Shiba Inu'.
Todays price is only a little way off the all time high which is $0.000034 recorded in May this year.
Take a look at the performance this year. Shib is up over 3000% on the year to date!
Does this mean it is too late to invest I wonder?
I can't tell you the answer unfortunately. The crypto market is so volatile it is quite possible to make a lot of money very quickly but also to lose money just as fast! This is why I have taken a cautious approach to investing in Shib coin, that way I will not worry about the price swings and only look to take some profit from time to time if Shib has a huge price spike. You can check out some predictions for the future price of Shib by following the link below.
Shib has recently been listed on Coinbase, one of the largest crypto exchanges and the one that I use for trading Shib coin. The benefit for me of using Coinbase is that it is cheap and easy to trade one coin for another. I have taken some profits recently from Shib and swapped them for 'Dai' which is a stablecoin which has its value pegged to the US dollar. This way I am protected if the market should take a sudden downturn.
If you are interested in using Coinbase you can sign up using the link below.
I must say the puppy is very cute, but it amazes me how simply one tweet from Elon Musk can send a cryptocurrency to the moon! Is this kind of price spike based on any fundamentals or purely speculation?
Shib has a token supply of 400 trillion and is an ERC-20 token created on the Ethereum blockchain. Its creators have also made a decentralised exchance called 'Shibaswap' which allows users to 'Stake' their tokens which sets Shib apart from many other alt coins.
They also donated 50% of their supply to Vitalik Buterin the creator of Ethereum, however he gave away a total of $1 billion worth to charity in May this year and then burned 90% of his holding! He says that he will also donate the remaining 10% to charity too.
He also stated in a note added to his transaction warning that anyone making new coins should not give him coins without his consent.
I would say that it is not too late to invest in Shib coin and that Shib has the potential to go much higher. However if you do decide to invest then be prepared for a rollercoaster ride!
Disclaimer: This is not financial advice, always do your own research.