1 Thing Every Shiba Inu Investor Needs to Know
Key Points
Shiba Inu is one of many meme coins that costs well under $0.01.
Its total supply of 589.5 trillion SHIB tokens limits its growth potential.
- 10 stocks we like better than Shiba Inu ›
Even though it has fallen quite a bit from its 2021 peak, Shiba Inu (CRYPTO: SHIB) remains a popular meme coin. It's worth about $6 billion, and it recently surpassed 1.5 million holders, demonstrating that there's still interest in it.
Shiba Inu also looks extremely cheap at first glance -- the current price is $0.0000096, as of Nov. 12. At that price, you could pick up over 1 million SHIB tokens for only $10. But when meme coins cost such a tiny amount, it's easy to get unrealistic expectations about how much they can grow.
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What every Shiba Inu investor should know
A common refrain among people who buy meme coins is that they'll be set if the price "just reaches $0.01." However, that's often a much greater leap than it seems, which is why you always need to look at the number of tokens that are already in circulation.
Shiba Inu is the perfect example. It has a total supply of 589.5 trillion SHIB tokens. If it was worth $0.01, it would have a market cap of $5.895 trillion. That's nearly three times as much as the current value of Bitcoin. It's even more than Nvidia, the largest company by market cap. Anything's possible, but I'm fairly certain Shiba Inu is never getting anywhere near $0.01.
That alone doesn't make Shiba Inu a bad investment. It could still increase in value, even without cracking the $0.01 mark. But there's nothing to suggest it has any legitimate utility or long-term value. It's a meme coin that people buy for amusement or in hopes of becoming rich.
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Lyle Daly has positions in Bitcoin and Nvidia. The Motley Fool has positions in and recommends Bitcoin and Nvidia. The Motley Fool has a disclosure policy.
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