Davinci Jeremie, an early Bitcoin (BTC) adopter who entered the market ten years ago, has recommended Shiba Inu (SHIB) to investors looking to invest in cryptocurrency.
Davinci’s advocacy for Shiba Inu came earlier this year, and it’s similar to that of Bitcoin, which he recommended as early as 2013. At the time, he advised investors to buy as little as $1 worth of Bitcoin because he believed the asset could change people’s lives.
Why Shiba Inu?
Davinci responded to an inquiry from an investor requesting tips on which digital currency to inject his USDT. He captured his response in two words: “Umm SHIB.”
— Davinci Jeremie (@Davincij15) January 26, 2023
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Besides highlighting that Shiba Inu tends to give investors significant returns in the future, Davinci did not expand on his key reasons. However, this did not discount the visible attributes of Shiba Inu that make it an ideal investment option, particularly for retail traders.
Davinci is not just a promoter of Shiba Inu; his comments show he maintains an active token portfolio. In the heat of the crypto winter in June 2022, Davinci confirmed in a post that he “sold everything” besides Dogecoin and Shiba Inu.
The altcoin is one of the cheapest tokens around today. Though its current price of $0.000007542 counterbalances its massive circulating supply of 589.3 trillion SHIB, the propensity for long-term growth is high. Riding on its high volatility, SHIB is up 4.47% today with a volume of $246 million, up 86%.
With the SHIB market cap pegged at $4.45 billion, its historical price depicts a high chance for an increase in the long term. Shiba Inu’s current price is down 91% from its All-Time High (ATH) of $0.00008845, attained two years ago. A return to this level alone can give buyers a massive return on their investment from the current price point.
Shiba Inu Has Good Fundamentals
Shiba Inu is also a prime candidate in retail and whale investors’ holder’s portfolios owing to the number of new and potential innovations associated with its ecosystem.
The most prominent of these is the advent of Shibarium, its Layer-2 scaling solution. Shibarium’s design permits the hosting of decentralized applications that can drive SHIB’s utility and contribute to price growth over time. Amid the Shibarium anticipation, Davinci acknowledged in August the “big things happening for SHIB.”
The deflationary feature of SHIB accounts for the most profound provision to reduce the token’s supply. Should this deflation match higher demand, the expectation that SHIB will touch the $0.01 price level remains high.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.