Why Shiba Inu and Dogecoin Are in the Dog House
In terms of investment returns, the stock market took a back seat to cryptocurrencies in 2021 in a very big way. The combined value of all cryptocurrencies soared 186%, from $774 billion last Jan. 1 to $2.22 trillion by Dec. 31. That crushed the return of the broad S&P 500 stock market index, which came in at 27%.
But controversial meme tokens Shiba Inu (CRYPTO: SHIB) and Dogecoin (CRYPTO: DOGE) took center stage, gaining 43,800,000% and 3,500% for the year, respectively. In Shiba Inu's case, an investment of just $2.29 on Jan. 1 would have made you a millionaire by the close of 2021 had you held on.
While those returns are mind-boggling, they only tell part of the story. Shiba Inu has collapsed by 74% from its all-time high. Dogecoin is down an even greater 81%. The timing was everything. Investors who bought the tokens early made enormous gains, but investors who joined the party later are sitting on painful losses.
Source Fool.com
