Could the Shiba Inu still help you become a millionaire?

While many have described Shiba as nothing more than a coin meme, others still have hope that she could be preparing for a comeback. With its price falling sharply, is this the time to invest? And could it make you a millionaire?

Steps in the right direction

The Shiba Inu became famous in 2021, with its popularity exploding overnight. However, it is currently down nearly 87% from its peak. The developers have also worked hard to prove that Shiba Inu is more than just a scam of type “pump-and-dump“, as some critics have called it.

One of Shiba Inu’s most promising projects is Shibarium, a Tier 2 solution designed to help Shiba Inu reduce its transaction fees and improve its speed. This will make Shiba much more attractive to developers looking to create decentralized applications (dApps) on the blockchain.

In addition, Shibarium will likely introduce a built-in coin burning mechanism, which will remove Shiba Inu coins from circulation. The reduction in supply will make the cryptocurrency more valuable and could allow its price to reach the $1 mark.

No one knows for sure when Shibarium will launch. Experts previously expected the public beta to launch in Q3, but now that we’re officially in Q4 with no launch date, it’s unclear when the developers plan to release the update.

Regardless of the launch date, Shibarium will be one of the biggest updates to Shiba Inu to date. It could help the crypto shake off its meme currency image and prove that it has real-world utility, which is exactly what it needs to keep growing.

Is Shiba Inu still a good investment?

Although Shiba Inu has made promising steps in the right direction, she still has a long way to go.

The crypto-currency market is fierce, and although its name is known to everyone, Shiba Inu is still a relatively small crypto-currency. Its market capitalization is only $6 billion, which is far less than Solana, $12 billion, Cardano, $14 billion, and Ethereum, $167 billion.

It also has to overcome its reputation, which could make it even harder to grow. Unlike its competitors, Shiba Inu was created with no real purpose. The crypto was launched as a joke to mock Dogecoin (which itself was created to mock Bitcoin).

Now it needs to backtrack and create a purpose for itself if it wants to be taken seriously. Although the developers have worked hard to achieve this, many investors doubt that Shiba Inu is more than just a mimetic coin.

For this reason, Shiba Inu has an extra challenge that its competitors do not, which will make its success all the more difficult.

Risks to consider

Shiba Inu supporters feel that now is a great time to buy. Not only has his price dropped considerably, but with Shibarium on the horizon, he could be ready for a huge boost.

However, Shiba Inu remains an incredibly risky investment. All crypto-currencies carry some degree of risk, but Shiba Inu has several obstacles on its path to growth.

Even if Shibarium is a resounding success and Shiba Inu is able to dramatically reduce its transaction times and fees, it will face fierce competition. Ethereum is the undisputed leader in the dApp space, and many other blockchains (like Cardano and Solana) are vying for their share of the dApp market.

To stay in the race, Shiba Inu will need other competitive advantages that will allow it to stand out from the crowd. It’s not impossible, but it won’t be easy, especially as it tries to overcome its reputation as a meme currency.

If you decide to invest, make sure you go in with realistic expectations. There is always a chance that it will experience another explosive growth cycle. However, it’s unlikely that this crypto will make you a millionaire, and it’s best to be cautious with an investment as risky as Shiba Inu.