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Shiba Inu Turned Your $3 Into $1 Million in 2021. Did you missed timing?

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During the meme frenzy of 2021, timing was everything.

Last year was a blockbuster for cryptocurrencies, with an influx of tokens hitting investors’ radars beyond the market leaders Bitcoin (BTC -2.95%) and Ethereum (ETH -1.39%). The overall value of the industry soared from $770 billion in January to a whopping $2.9 trillion by November, although it has since lost about two-thirds of its value. 

But when it comes to gains, one cryptocurrency stood clearly above the rest last year. Controversial meme token Shiba Inu (SHIB -4.65%) delivered a return of 43,800,000% between Jan. 1 and Dec. 31, 2021. There’s no need to reach for the calculator: If your timing was perfect, an investment of just $3 would’ve turned into $1.3 million over that period.

Unfortunately for investors who were late to the party, Shiba Inu hasn’t fared so well in 2022. It’s sitting on a steep year-to-date loss of more than 75%. Some investors might be thinking they should buy the dip ahead of a possible repeat of 2021’s life-changing return, so let’s explore whether that’s a good idea.

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