the Shiba Inu cryptocurrency coin reached an all-time high on Wednesday, costing $ 0.0000594 per coin. But that doesn't mean you should rush to invest.
The cryptocurrency currency, which started as a "Dogecoin killer" destined to replace the popular cryptocurrency Dogecoin - has garnered a lot of attention in recent weeks, becoming the 11th most popular crypto currency in the world.
- In the last seven days alone, the value of the coin has increased by 111%, by CoinMarketCap.
So yeah, despite what some naysayers have said, the coin is experiencing something of a bounce. But that does not mean investing in Shiba Inu Coin it's the right decision if you haven't done your research.
Douglas Boneparth, certified financial planner and president of Bone Fide Wealth, said CNBC that potential investors should research the crypto token first.
- "Before investing in any cryptocurrency, it is important to understand what you are investing in and the associated risks, not just overdo it." Boneparth said.
In fact, the market for Shiba Inu Coin it is very volatile. For every major increase, there is a big drop when investors sell their coins. Social media hype and excitement around the coin often contribute to its value and price.
Waiting for success is also not a good tactic. "Hope is not a strategy," according to InvestorPlace.com. And it doesn't help that Shiba Inu has yet to become viable as a long-term investment.
- "While crypto millionaires are a real thing, the use cases and utility set each coin apart." InvestorPlace.com reported. โAlthough Shiba Inu has an excellent development team, they have not differentiated the coin in terms of functionality. Ultimately, buying something with no inherent fundamental value is not a prudent financial decision. "
