There were several cryptocurrencies that gained popularity and earned investors major rewards in 2021. One of the biggest gainers, though, was Shiba Inu (CRYPTO:SHIB), a token that was originally created on Ethereum‘s (CRYPTO:ETH) blockchain.
The token quickly gained attention, especially from the Dogecoin (CRYPTO:DOGE) community, and thanks to speculation from investors, it saw a massive price increase.
Even today, Shiba Inu continues to be one of the most valuable cryptocurrencies, with a market cap north of US$11 billion. But after falling by more than 75% from the high it reached in October 2021, is it the best investment to make in the crypto industry right now?
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Should you invest in Shiba Inu today?
When Shiba Inu was originally created, there wasn’t much to do with it. Unlike other popular cryptocurrencies that power their own blockchain or give governance rights to high-potential projects, Shiba Inu was just another Ethereum token, which is very simple to create.
What caught the attention of investors was that it was targeted toward Dogecoin’s community. And now, lately, more use cases have been added, such as the ability to use Shiba Inu when investing in DeFi.
However, despite these new developments, lately, several other high-potential cryptocurrencies have passed Shiba Inu in value. In my opinion, this goes to show investors moving more toward higher-quality cryptocurrencies that have fundamental reasons why they should rally. With so much growth potential out there, there’s no need to speculate.
So even when the market was still rallying in November, others were rallying at a faster pace. And now that the industry is selling off, Shiba Inu continues to underperform.
Since there are few fundamental reasons why Shiba Inu should continue to rally, or at least outperform its peers, and because there are so many other high-potential opportunities, I’d be looking elsewhere to find a high-quality, long-term investment in the space.
SHIB certainty has a strong community, and that’s important in the cryptocurrency industry. However, it’s not enough to make it a top crypto to buy.
So even if it does end up gaining from today’s price, if the crypto market was to turn around tomorrow, there would still be several others that could outperform it. So if you’re bullish on crypto, I’d forget about Shiba Inu and focus on cryptocurrencies you could have confidence owning for years.
What’s one of the best cryptocurrencies to buy now?
If you’re looking for a top cryptocurrency to buy, one of the best, which just recently passed Shiba Inu in value, is Polygon (CRYPTO:MATIC).
Polygon is a layer-2 solution to help Ethereum’s blockchain scale. It also has its own chain that continues to gain popularity and see new decentralized apps launch on it all the time.
Because Ethereum’s ecosystem is already so large and so popular, these cryptocurrencies all have a natural advantage. And for any new users looking to get into crypto and see what all the buzz about DeFi is about, Polygon will be one of the best networks to learn and start to invest on.
So while the crypto trades at roughly 45% off its high reached on December 26, 2021, it looks incredibly cheap to me. Therefore, rather than speculate on a token like Shiba Inu, I’d look for high-potential projects you could confidently buy and hold for years, such as Polygon.
