Check the dog-themed meme token Shiba Inu (CRYPTO: SHIB). It's still 64% below October 2021's peak. In the last month, the digital asset has risen 238% as of March 13. Given this momentum, fans may hope for better times. The best cryptocurrency to buy now is Shiba Inu?
Over the past month, Dogecoin, the inspiration for Shiba Inu, has more than doubled in value. PEPE, a token less than a year old, has risen 700%.
It's tough to determine what's triggering these price increases, but the massive success of the new spot Bitcoin ETFs may be exciting purchasers. The entire asset class gains legitimacy from regulatory clearance of these much awaited financial instruments. Investors may want additional crypto ETF approvals.
Shiba Inu is one of the most speculative cryptocurrencies, therefore its price might rise quickly. Early purchases boost interest in the price increase, producing a positive feedback loop. Momentum may be powerful until it ceases unexpectedly.
Shiba Inu is well below its peak price. Investors wanting risk may find this setup appealing. I think buying this coin is a mistake. Decentralized applications like non-fungible coins and decentralized finance protocols should benefit from being built on Ethereum. However, Shiba Inu isn't often used. It lacks a widespread developer network to improve its utility. This bodes ill for Shiba Inu.
Thus, this token's only appeal is its potential for short-term price increases. This is gambling because the buy thesis isn't based on asset fundamentals or logic.
Investors wishing to diversify into crypto have better options. Shiba Inu's Ethereum blockchain development shows its industry standing. Ethereum was the first blockchain network incorporating smart contracts, enabling more use cases. Ethereum's large developer network and planned technical enhancements offer it a better chance of long-term success than Shiba Inu.
There's Bitcoin. The largest cryptocurrency by market worth has risen 330% since 2023. As institutional capital flows in, it may have more room to grow. Many market participants consider it as a new-age store of value due to its decentralization and 21 million coin lifetime supply cap. Shiba Inu should be ignored. This meme token has 15 minutes of fame. It's not a good place to store your savings.
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