Is it worth buying Shiba Inu today?

Shiba Inu, the famous cryptocurrency based on a "meme", is once again attracting the attention of many investors, after a complicated 2023 for meme coins in general.
While Bitcoin saw a notable increase, Shiba Inu saw a decline in its value, settling at $0.000008.
However, according to some experts, Shiba Inu has the potential to reach new heights.
For some it can even be as low as $1.
In this article, we will explore three key factors that could influence the future of the Shiba Inu and evaluate whether it is an appropriate time to consider an investment in this cryptocurrency.
Shiba Inu's Connection to Bitcoin One of the most direct paths to Shiba Inu's success may be closely tied to the fate of Bitcoin.
It is crucial to highlight that Shiba Inu is primarily a meme cryptocurrency, whose value is often influenced by emotional and market factors, rather than solid fundamentals.
In 2021, for example, the value of Shiba Inu has experienced notable growth, largely due to the surge in Bitcoin.
However, in 2023, Shiba Inu appears to have decoupled from Bitcoin, showing a negative correlation.
This means that when Bitcoin goes up, Shiba Inu tends to go down.
Therefore, expecting a new Bitcoin rally to push Shiba Inu higher may be an unrealistic expectation.
Conversely, an increase in Bitcoin could even negatively affect Shiba Inu.
Transformation into a Utility Coin A key element to Shiba Inu's success may be its transformation from a simple meme coin to a cryptocurrency with real utility.
This means investors could use it as a form of payment or for other features within the crypto ecosystem.
An important step in this direction was the introduction of Shibarium, a Layer-2 scalability solution that should improve the efficiency of transactions on Shiba Inu.
However, there have been controversies and challenges in its launch, casting doubt on its potential for success.
Here are some projects that aim to increase the usefulness of Shiba Inu: Shiba Eternity: a game with over 100,000 downloads and a rating of 4.3 on the Play Store.
Shibaverse: A metaverse project in development.
Shibarium: A live Layer-2 blockchain that aims to speed up transactions and reduce costs.
It works as a bridge between Ethereum and itself and uses the BONE token as the primary gas.
However, due to contractual limitations, it is not possible to mint additional BONE tokens.
Shibaswap: a decentralized exchange.
Other initiatives: Shiba Inu Burn Portal, Rewards (Leash), Bone (a governance token) and Doggy DAO.
Burning Speed Another initiative that Shiba Inu has undertaken to increase its value is the practice of “burning” coins , which consists of removing coins from circulation.
This reduces the available supply, which, according to the laws of supply and demand, could help increase the price.
However, the supply of Shiba Inu is so large that even burning large quantities of coins may not have a significant impact.
For example, in October, 250 million coins were burned in a single day, but given the size of the total Shiba Inu supply, this represents only a small fraction of the total supply.
Even with a high burn rate, it would take many years to reduce supply significantly.
Is it worth buying Shiba Inu? In conclusion, after carefully examining the factors that influence the potential success of the Shiba Inu, it is evident that there are significant challenges to be addressed.
The negative correlation with Bitcoin, difficulties in transforming into a utility cryptocurrency, and the enormous size of supply are all obstacles that could limit Shiba Inu's growth.
The chances of Shiba Inu reaching $1 value appear slim and there may be better investment opportunities in other cryptocurrencies.
Before investing in Shiba Inu or any other cryptocurrency, it is crucial to do thorough research and consult financial experts to make informed and thoughtful decisions.