1 Cryptocurrency to Avoid No Matter What
Owning cryptocurrencies has no doubt made some lucky and bold early adopters wealthy beyond their wildest dreams. Shiba Inu (CRYPTO: SHIB), to provide an extreme example, soared more than 20,000,000% in 2021, which has to be one of, if not the single greatest one-year returns in investing history. Along the same vein as many other digital assets, however, this is the result of major speculation above anything else. Furthermore, it is unlikely ever to be repeated.
Despite that monster return, Shiba Inu is now down an incredible 89% from its peak (as of June 29). And while it might be tempting to buy some SHIB in hopes of a huge price upswing, it is now one of the cryptocurrencies you should avoid no matter what.
Launched in August 2020 as a dog-inspired alternative to Dogecoin, Shiba Inu is an ERC-20 token, meaning it runs on the Ethereum (CRYPTO: ETH) blockchain. This results in SHIB being compatible with the entire Ethereum ecosystem, but it translates to no serious differentiation for Shiba Inu compared to the seemingly unlimited number of other ERC-20 tokens out there. Because Shiba Inu lives on top of Ethereum, it has the same technical characteristics as the latter. Therefore, it doesn't really stand out from the crowd for users or developers.
Source Fool.com
