The Shiba Inu cryptocurrency coin has had a meteoric rise over the last year, but experts are skeptical the coin will have another year of success.
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Bloomberg Intelligence commodity strategist Mike McGlone wrote in a note Wednesday that Shiba Inu coin could see a major drop since it had such a major rise.
“We say the sooner the better for the speculation machine coins to experience some purging, so as to move on with the adoption process of crypto assets in investment portfolios,” he wrote, per CoinDesk.
He said the coin could face a “reversion worthy of its parabolic rise.”
Shiba Inu coin is fun for some speculators, he said, but the Shiba Inu coin represents a “unique blend of exploitation, good marketing, ESG, supply (versus) demand economics and gambling on an unprecedented 24/7 global scale, and faces reversion worthy of its parabolic rise.”
“The fact that the memecoin has reached our radar places shiba inu at similar risk as dogecoin in May, just before its collapse,” wrote McGlone, per CoinDesk.
Is Shiba Inu coin a good long-term investment?
That said, Johnny Lyu, the CEO of KuCoin, the world’s third-largest crypto exchange, said that the Shiba Inu cryptocurrency could be a good long-term investment because it has a number of young investors.
“Seeing bitcoin’s rise, some younger investors without a lot of money want to profit from crypto as well,” Lyu said, per MarketWatch. “But you’d need over $60,000 to buy one bitcoin. So they turn to Dogecoin and SHIB, where you buy tons using just $100.” A bitcoin can be divided into 100 million satoshi, its smallest unit.
“These investors are very passionate about such tokens and are determined to push the prices higher,” Lyu said, according to MarketWatch.
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