If you’re in the crypto space, you’ve undoubtedly heard about meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and dozens of others. Despite being created as a joke, billions of dollars have poured into them. Dogecoin currently has a market cap of $8.6 billion and Shiba Inu sits at $4.2 billion. Expectations and speculation on social media have created a frenzy with many influencers targeting $1 for Shiba Inu. As of the writing of this, the price of one Shiba Inu token was $0.000007285. This would equate to a 13,726,836% increase to achieve that $1 target.
Before we dive into the reality check on the numbers above, it’s important to evaluate a cryptocurrency on several factors before investing. I always look at 4 things: Purpose, Utility, community, and tokenomics.
