Gushiken Yona
Shiba Inu (SHIB), once dismissed as just another meme coin, has emerged as a surprising contender and was hailed by a prominent crypto trader as a safer alternative to meme coins with the potential for greater returns than many mid-cap cryptocurrencies.
In a recent exchange on X (formerly Twitter), a self-proclaimed full-time crypto and stock trader, @blockchainedbb, shared their insights about SHIB with their substantial following of over 190,000 users. When a follower expressed interest in investing but was hesitant due to their smaller portfolio size, the trader recommended SHIB as a solid starting point.
“SHIB is good for people who size up . Someone with small portfolio should look into ultra low caps with good reputation. Safer than memes, better returns than mid caps. SHIB is a large cap. I recommend SHIB cuz it’s less volatile due to market cap . Easy to hodl,’ the crypto trader said.
The trader emphasized several key benefits of SHIB for investors:
Growth Potential: SHIB is suitable for those aiming to “size up” their portfolios, offering potential for gradual growth due to its relative stability compared to more volatile cryptocurrencies.
SHIB is a large cap: This means Shiba Inu has a large market capitalization, making it a more established cryptocurrency. Large-cap cryptos tend to be less volatile than smaller ones, meaning their prices don’t fluctuate as wildly.
Reduced Risk: Compared to “ultra low caps” or meme coins, SHIB is considered a safer option due to its larger market capitalization, making it less susceptible to drastic price fluctuations.
Long-Term Holding: SHIB’s relative stability makes it an ideal asset to “hodl” (hold for the long term), reducing the stress of short-term market volatility.
Potential for Higher Returns: SHIB may offer better returns than many mid-cap cryptocurrencies, striking a balance between stability and growth potential.
While the trader acknowledged the potential allure of ultra-low cap coins with good reputations for investors seeking higher returns, they emphasized that SHIB’s stability and established presence make it a more suitable choice for those with smaller portfolios or lower risk tolerance.
The crypto trader’s insights suggest that SHIB can be a valuable tool for investors, particularly those with smaller portfolios, seeking a balanced approach to growth and stability in the crypto market. This perspective challenges the common perception of SHIB as merely a meme coin and positions it as a viable option for strategic portfolio building.
As of 3:25 a.m. ET on Tuesday, Shiba Inu (SHIB) displayed a noteworthy 1.40% price increase within the last 24 hours, reaching $0.00001722, despite the broader cryptocurrency market’s volatility. This positive movement was accompanied by a significant surge in trading volume, up by 76.31% to $356,866,819, indicating heightened interest in the token.
However, the short-term gains are tempered by a broader downward trend. SHIB has experienced a 5.08% decline over the past week and a more substantial 30.33% drop in value over the last month. This suggests that while the recent uptick is encouraging, the token faces ongoing challenges in maintaining upward momentum.
Despite these fluctuations, SHIB’s market capitalization saw a modest 1.42% increase, reaching $10,148,226,076. With a circulating supply of 589,271,272,075,721 tokens, based on the data from CoinMarketCap.
Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice.
The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
