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Investing in SHIB coin? You might lose your investment

Should you invest in the latest cryptocurrency craze?

SHARE Investing in SHIB coin? You might lose your investment
A Shiba Inu dog on a coin.

There’s a debate going on over which cryptocurrency is doing better — Ethereum or Dogecoin.

Illustration by Alex Cochran, Deseret News

SHIB coin continues to make headlines as investors turn their attention to the Dogecoin knockoff cryptocurrency. But is it a worthy investment?

What is SHIB coin?

As I wrote about before for the Deseret News, SHIB coin is another meme-based cryptocurrency that uses the Shiba Inu dog as its mascot, which is exactly what Dogecoin did originally.

  • The cryptocurrency — which was valued at $0.00003212 earlier this week — was recently listed on Binance, a cryptocurrency trading app.
  • Binance said the app “is an experiment in decentralized community building and another meme coin similar to Dogecoin.”

Fast Company reported that the SHIB coin exists because people saw the success of Dogecoin “and think any other joke coin can produce the same results as long as you can find people hoping it can to put their money into it.

Should you invest in SHIB?

Fast Company might have had the best advice for people who are wondering if they should invest in SHIB coin:

  • “That’s up to you. If you enjoy high likelihoods that you’ll lose your investment, then any joke coin created to ride the speculative coattails of other joke coins is probably a great purchase,” according to Fast Company. “But if you are investing with the purpose to try to see an actual return to help you, you know, retire one day, dumping your life savings (or even a thousand bucks) into a joke coin isn’t the way to go.”

Binance even advised caution for people who want to invest in the cryptocurrency, too, saying it “is a relatively new token that poses a higher than normal risk, and as such will likely be subject to high price volatility after the Binance listing.”