Shiba Inu (SHIB 0.63%) was launched in 2020 as a parody of Dogecoin (DOGE +0.48%), which itself was a parody of Bitcoin (BTC 0.21%). It started trading at $0.00000000051 per token, set a record high of $0.00008845 in 2021, but now trades at about $0.0000057.

In other words, a $1,000 investment in its market debut would have briefly blossomed to $173.4 million before shrinking back to roughly $11.2 million today. That’s still an impressive return for its earliest investors, but anyone who bought Shiba Inu at its all-time high is now underwater.

Should contrarian investors buy Shiba Inu today, expecting it to recover during the next crypto summer? Or should they avoid it and stick with blue chip tokens like Bitcoin instead?

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