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Should You Buy Shiba Inu While It's Less Than a Penny?

TheMotleyFool

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Should You Buy Shiba Inu While It's Less Than a Penny?: https://g.foolcdn.com/editorial/images/781983/shiba-inu.jpg

This year has been wonderful for the stock market, as the S 500 and the Nasdaq Composite Index have risen by 15% and 19%, respectively (as of June 27). But the cryptocurrency market has fared even better. The total market cap of digital assets is $2.3 trillion, up 35% compared to the start of the year.

One of the most speculative tokens, Shiba Inu (CRYPTO: SHIB), has benefited greatly from this bullish backdrop. The dog-theme meme coin has soared 63% in 2024.

But Shiba Inu remains 80% off its peak price. Does this mean the cryptocurrency is a smart buy while it trades for less than one penny?

Source Fool.com

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