How to become a millionaire with Shiba Inu and Dogecoin?

The cryptocurrency boom this year has been driven not only by Bitcoin and Ethereum, but also by crypto-memes such as Shiba Inu and Dogecoin, which have experienced impressive growth. Now they are no less famous than the very first cryptocurrency – BTC.

The secret of their popularity lies in the countless tweets of billionaires like Tesla (NASDAQ: TSLA) CEO Elon Musk, who set the trend in the community behind these coins.

Both of these digital currencies share the same story. Shiba Inu is an ERC-20 token based on Ethereum. Launched in 2020 as a pure experiment, SHIB aimed to prove how decentralized communities are created, which it probably succeeded as its supporters, or the Shiba Inu army, can no longer be ignored on social media. If initially this currency had no purpose and was viewed more as a joke, for which it was often reproached, then later many wanted to end this prejudice so that the currency went beyond the memes. To this end, the DEX (decentralized exchange) ShibaSwap was created, which paved the way for the emergence of its ecosystem.

The road to the Dogecoin scene is longer. It was created in 2013 by two developers, Billy Markus and Jackson Palmer, and unlike Shiba Inu, DOGE is based on Litecoin.

For a long time, Litecoin was unknown until Elon Musk and investor Mark Cuban paid attention to this cryptocurrency. Thanks to strong support, its value increased by 9,700% last year.

Undoubtedly, there is only one thing behind such a rapid rally (of both currencies): the dream of getting rich right away. The explosive growth of Shiba Inu and Dogecoin has led to a large number of reports of investors investing in them on time and becoming millionaires. The dream of becoming a millionaire or billionaire is still fueling the growth of the community behind these meme currencies.

Let’s take a look at each coin separately. It seems that it is especially easy to become a millionaire by betting on Shiba Inu: at the current rate, it will take only $ 53.8 to become the owner of 1 million SHIB. This is enough to hope that one day, when the price of the currency rises (and it rises very quickly), you can become a dollar millionaire. You need nothing at all: only $ 1, but that’s where the mistake lies. Many do not understand that this price is completely untrue. And those who understand this are trying to deceive themselves by simply increasing the risk and buying several million SHIBs.

The catch is that there are already too many of these meme coins. In the case of Shiba Inu, there are already over 500 billion coins in circulation. Half of them were first sent to Ethereum founder Vitalik Buterin as a marketing gimmick. The idea was that he would leave some of them intact, making them inaccessible on the market. However, he considered it wasteful and donated the coins to various charities.

As for Dogecoin, which has 132 billion coins, everything is the same with it: the number of DOGEs available on the market will continue to grow, which will prevent its value from increasing. The calculation to get rich by accumulating Digecoin is wrong. If the number of currencies-memes actually existing in the world were limited, as is the case with BTC (there are only 21 million in the world), they could grow like it.

This is why buying meme coins should always be viewed as a lottery ticket and never as an investment. While coin-meme buyers and lottery players have one thing in common – in the long run, most of them lose.