Is Shiba risky?

I've been hearing a lot about Shiba Inu, the meme-inspired cryptocurrency, but I'm hesitant to invest. Can you tell me, is Shiba risky? I understand that all investments come with some level of risk, but I'm particularly concerned about the volatility and potential for sudden drops in value. What factors should I consider when evaluating the risk of investing in Shiba Inu? Are there any specific risks unique to this cryptocurrency that I should be aware of? And how can I mitigate those risks to protect my investment?