Should You Buy Shiba Inu While It's Still Down?
In 2021, meme coins such as Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) were all the rage. They enticed individual investors with a very simple promise: Invest just a few bucks to acquire thousands of crypto tokens, and you could potentially become a millionaire overnight. Featuring cute little dog mascots, these meme coins seemed like the ultimate way to become rich and have a good laugh at the same time.
But fast forward to 2023, and investor enthusiasm for meme coins has cooled considerably. At a time when Bitcoin (CRYPTO: BTC) is up 155% for the year, Shiba Inu is up a mere 15%. At the unbelievably low price of $0.000009 Shiba Inu is now trading nearly 90% below its all-time high from October 2021. So is there any possible reason why you should buy Shiba Inu while it's still down?
By now, just about everybody realizes that Shiba Inu has too many coins in circulation. And that has led to new initiatives by the Shiba Inu community to "burn" as many of these coins as possible by sending them to dead crypto wallets. The more coins the community can burn, the more the coin supply declines. Burn enough coins, and you might be able to see a bump in price. That's just simple supply and demand at work.
Source Fool.com
