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Shib coin investments: 1 quick tip to remember about cryptocurrency

Shib coin cryptocurrency investments might be based around hope. They shouldn’t be

The Shiba Inu dog of Shib cryptocurrency.
Shib coin cryptocurrency investments might be based around hope. They shouldn’t be.
Illustration by Alex Cochran, Deseret News

Shiba Inu coin has drummed up a lot of support recently, especially as it’s been added to cryptocurrency trading platforms like Coinbase and Public. But that doesn’t mean it’s an easy investment you should make today.

It might feel like buying into Shiba Inu coin seems better than buying a lottery ticket since it has millionaires investing in it. In fact, Dallas Mavericks owner Mark Cuban said Dogecoin — which is something of a predecessor to Shiba coin — is better than a lottery ticket and can teach people how to invest and work markets, even if it’s not a huge investment.

  • “So the question everyone wants to know, is Dogecoin a good investment? And here’s the reason I got Jake into it. It’s not necessarily the best investment you can make, but you can buy it on Robinhood, and signing up and trading on Robinhood is free. So that’s one thing,” Cuban said, referring to his son.

But, per InvestorPlace.com, there’s an important tip you need to remember before you invest in cryptocurrencies and volatile markets.

Moreover, the Shiba Inu cryptocurrency has not set itself apart in any way that makes it fundamentally viable for the long term, according to InvestorPlace.com.

  • “While crypto millionaires are a real thing, the use cases and utility set each coin apart,” InvestorPlace.com reported. “Although Shiba Inu has an excellent development team, they have not set the coin apart in terms of functionality. Ultimately, purchasing something with no inherent fundamental value is not a prudent financial decision.”

Indeed, the Financial Conduct Authority, which reviews how people use money, recently issued a warning that cryptocurrencies create a volatile market. Investors should take precautions in their investments into crypto because the market can change quickly.

  • “Investing in cryptoassets, or investments and lending linked to them generally involves taking very high risks with investors’ money,” FCA’s statement said. “If consumers invest in these types of product, they should be prepared to lose all their money.”