There has been a lot of talk about Shiba Inu crypto in the news lately. It was created in 2020 as a decentralized meme token. Some see it as an alternative Dogecoin. Similar to Bitcoin, it is unknown who the founder of Shiba is, the founder only goes by “Ryoshi”. It is up over 900% in the last month alone! As of this writing the price is $0.0000722 per Shib (11/1/2021).
With the price so low, people are able to buy millions of coins for a few dollars. The idea of having something in millions can be appealing to many. I personally have Shiba. I used “fun money” in the budget category to buy it. Before I made the purchase, I was ok to lose the $150 (this was June 2021). I believe you need to understand what you are investing in. Shiba was not something I totally understood, so I did not see this as an investment. I knew that if it got to a half penny, it would be worth the risk.
Before buying Shiba, I suggest you follow these: 1) Have no consumer debt 2) Have an emergency fund of 3-6 months 3) Contribute to retirement. If you can check those 3 things off and can find money in the monthly budget to do so, go for it! I would recommend setting a price of when you will sell. You need to have a plan before you start. Just remember, be ready to lose it all!
