When cryptocurrency investors can let go of the desire for fast profits, that may be when the best long-term gains can be achieved. It's easy to lose sight of this with a fast-moving coin like Shiba Inu (SHIB +0.48%), which could theoretically reach $0.01 someday and turn today's HODL-ers (investors who Hold On for Dear Life) into Shib-millionaires.
Or at least, that's the dream that some eager traders might hold on to. Yet, redefining success and emphasizing community over functionality will be essential to keeping Shiba Inu's loyal investors grounded, motivated, and solvent.
Finding purpose in no purpose
This is as good a time as any to dispel a few misguided ideas about Shiba Inu. Some commentators might claim that the coin has no purpose. In one sense, this is indisputable.
People in countries where inflation has completely gotten out of control might turn to Bitcoin as an alternative to overprinted fiat currency. Meanwhile, Ethereum forms a basis on which other tokens can function, and Ripple has been presented as a favorite among some banks.
Trying to find a comparable use case for Shiba Inu isn't constructive. Granted, there may be some near-term improvement in Shiba Inu via Shibarium, an Ethereum-based Layer-2 blockchain solution which, according to the developers, will provide the "benefits of scalability, faster transaction times, lower fees, and an expanded development framework" for Shiba Inu.
That's all fine and well, but it doesn't mean stores or banks will accept Shiba Inu anytime soon. Really, what makes Shiba Inu intriguing is that its community is so small and dedicated. Keeping up with the latest token-burn transactions (a point of pride among Shiba Inu fans) or replying to the Shiba Inu ecosystem's official X/Twitter postings is what makes it more of an experience than a mere coin.
In other words, stop trying to find Shiba Inu's purpose and just enjoy the ride. The number of merchants accepting Shiba Inu is beside the point; instead, consider a small Shiba Inu stake as a ticket in a lottery that only you and a handful of others know about.
Penny wise is pound foolish
Another misguided idea is that Shiba Inu can reach a full penny in the foreseeable future. There's even been talk of Shiba Inu getting to $1, though this could take tens of thousands of years if it happens at all.
CRYPTO: SHIB
Key Data Points
Even getting to $0.01 requires mind-boggling math and a gargantuan leap of faith. SHIB traded at $0.000006832 on Oct. 18, and my calculator told me that a 146,270% gain would be required to get from there to one full cent.
Thus, Shiba Inu will trade below $0.01 for a very long time, but it's still fine to buy and hold a handful of SHIB tokens if you have the right mindset. Indeed, the price of entry is quite low to join the #ShibArmy and connect with like-minded Shiba Inu enthusiasts on social media. Heck, you can even proudly wear some official Shiba Inu gear if you don't mind fielding questions from friends and family.
So, if you're too busy fretting about Shiba Inu's price fluctuations to appreciate the community, you've missed the point. Worse yet, if you invested more money in Shiba Inu coins than you can afford to lose, you're flirting with danger.
Even as the community seeks to burn tokens in hopes of maintaining their value through a limited supply, Shiba Inu could still go to zero someday. It could also zoom to a cent or even a dollar, but until you erase that thought from your mind, you'll have a tough time truly enjoying the journey with Shiba Inu.
