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Should you HODL Shiba Inu?

A Shiba Inu dog on a leash.
Photo by Evgeny Tchebotarev on Pexels.

The crypto market has been on a downturn recently. The price of digital currencies like Bitcoin and Ether has taken a severe hit. So much so that Ethereum creator Vitalik Buterin tweeted he’s not a billionaire anymore. (He’ll have to suffer with his hundreds of millions of dollars like the rest of us.) But amidst financial turmoil, you’ll often hear the acronym “HODL,” or hold on for dear life. These days, it’s a rallying cry by crypto investors to ride the wave until the price of coins like Shiba Inu goes back up. So is it time to HODL Shiba or to put the dog down?

Shiba Inu isn’t doing so well

At its peak in October 2021, Shiba Inu cost .000088 (four zeros) cents a share. In the months since it’s gone back down to .000012 cents. That’s a significant drop when we’re talking fractions of a penny. However, the entire crypto market is hurting right now. And, believe it or not, Shiba is faring better than its fellow canine-based meme coin, Dogecoin. In the week and a half since the crypto market crashed, Shiba is back up about 140 percent. Though, again, this is fractions of a penny. The fact remains that Shiba is on an upward trend. But it still has a long way to go before it recovers completely.

Experts have supposedly predicted the death of Shiba Inu

A group of fintech experts said that Shiba Inu coin will die out entirely by 2030. And 82 percent of the experts on the panel agreed that meme coin hype is the driving force behind Shiba’s popularity. The consensus is that Shiba has little to offer in terms of value.

“This market is maturing, and things like SHIB will die as capital begins to flow to quality and value rather than being scattered across the field in the hope that every player wins a prize,” said the head of DigitalX Asset Management, Matthew Harry. “That’s not how things work. Hype dies, value rises.” 

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