It is not too late to buy Shiba or Dogecoin…
The recent crypto market rebound has given investors good returns on their crypto investors. After the market crashed in December, many new investors hurriedly liquidated their holdings, while those who were thinking of dipping their toes in this market during this time failed to do so. However, the recent trend has changed trader sentiments, with many now believing that it was better to invest when the market was down to increase their ROI.
However, it is never too late to invest in the crypto market. Despite BTC launching around a decade ago, it only rose to fame in the last two years, but still, a small percentage of people use and hold the cryptocurrency. Not to mention, meme coins have only recently become popular in the crypto space, hence making good investment choices for new traders.
Some of the most popular meme coins in this sector are Dogecoin and Shiba Inu. The two have made incredible gains this year, and just like the broader market, they have rebounded to higher levels. In the past month, Dogecoin and Shiba Inu have gained to create new monthly highs.
However, one of the most common strategies when investing in this market is to ensure that the coins you want to invest in have a clear roadmap. Hence, it is not too late to invest in Dogecoin and Shiba Inu as long as they have strong technological backing.
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Both Coins Mimic Bitcoin, Which is a Positive Sign
The broader crypto market mimics BTC’s trend, and this is an action that has been taking place for many years. Hence, a new trader who wants to identify the right time to invest in DOGE or SHIB can evaluate the future prices of BTC.
Bitcoin’s adoption in the current financial system has increased, and crypto enthusiasts such as Michael Saylor, MicroStrategy’s CEO, have argued that it is a better alternative to gold. According to Saylor, Bitcoin is digital gold, and its value has the potential to increase to $100,000.
The increased demand and popularity of bitcoin this year has also increased institutional adoption. BTC has become accepted by major Wall Street banks such as Goldman Sachs and JPMorgan. Besides, its use as a means of payment is also increasing after adoption by global payment giant firms like Visa and PayPal.
Another area where BTC is gaining adoption is being used as a store of value. Bill Miller, the CEO of Miller Value Partners, supported this in a CNBC interview where he stated that Bitcoin is a better alternative to gold in being a store of value.
Now, let’s put this positive growth of BTC in the context of Dogecoin and Shiba Inu. As earlier stated, the two meme coins mimic the trend of BTC. For example, in May, 2021 when BTC reached an all-time high of $63,500, Dogecoin also created a new high of $0.75, while Shiba Inu created a new high of $0.0000388.
Let us assume that a trader invests $1000 now in Dogecoin. This will give you around 7,153 Dogecoins, going by the current market value. If BTC pushes Dogecoin to $1, your investment will have grown three-fold to $6000. The same logic applies in Shiba Inu.
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Both Dogecoin and Shiba Inu have Clear Roadmaps
The crypto market has an influx of many coins. Hence, to avoid the coins that are scams, you need to evaluate the underlying fundamentals.
Dogecoin
Just like most cryptocurrencies, Dogecoin runs on blockchain technology. The coin was created in 2013 by Jackson Palmer and Billy Marcus, who are software engineers. At the time of launch, Dogecoin was a meme aimed at making fun of bitcoin. However, the coin is no longer a joke and has even gained endorsements from Tesla’s CEO, Elon Musk.
Dogecoin has quickly gained adoption as a means of payment. However, unlike Bitcoin, Dogecoin does not score highly in being used as a store of value because the coin’s supply is unlimited; hence it can be inflationary. Nevertheless, it remains as the most popular meme coin.
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Shiba Inu
Shiba Inu also boasts of a strong technology backing and a clear roadmap. Its developers have a robust roadmap that has led to the expansion of the Shiba ecosystem to include ShibaSwap, a decentralized finance (DeFi) platform that hit a total locked value (TVL) of over $1 billion, two days after launch.
Unlike Dogecoin, Shiba Inu has a deflationary model, where a token burn removes a significant portion of SHIB tokens in supply. This model has a positive outlook on the value of SHIB, given that when supply is lesser than demand, the value of the coin will increase; hence it is a positive sign of future prices.
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