Investing $100/week into SHIB in 2023 would be this worth today
With the majority of assets in the cryptocurrency market back in the sideways trading mode, Shiba Inu (SHIB) is no different, and data suggests using the dollar-cost averaging (DCA) strategy by investing $100 per week in 2023 would not have been profitable for this cryptocurrency.
Specifically, investors who rely on this method spread out their investments by purchasing in specific intervals and in roughly equal amounts of money, regardless of the asset’s price at the time. DCA-ing is popular because it reduces the psychological barriers present in other investing strategies.
DCA-ing SHIB
As evident in the case of Shiba Inu, DCA is not always an ideal investment strategy, as it may fail to protect the investor from dropping market prices or stop them from investing during prolonged bull markets when the asset is pricier than during bearish periods.
Indeed, buying $100 worth of SHIB at roughly the same time each week since January 1, 2023, which would involve making a total investment of $3,900 spread across 39 weeks, would at press time be worth $3,091.71, or as much as 20.73% less than the amount invested, according to the information from analytics platform cryptoDCA on September 26.
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As things stand, Shiba Inu is currently changing hands at the price of $0.0000072568, which represents a decline of 0.86% in the last 24 hours, a 1.11% drop across the previous seven days, as well as an 11% dip on its monthly chart, as the most recent data suggests.
That said, factors that could help SHIB increase in price and make DCA a profitable strategy include positive developments related to its ecosystem and the layer 2 blockchain Shibarium, which has already sparked massive interest since its launch.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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