Meme coins have been the greatest gainers this year, and because they aren’t too expensive to buy in, regular investors are enticed to put their hard-earned money into them. Now, whistleblower Edward Snowden has issued a cautionary statement on Twitter, advising people to exercise caution while investing in SHIB. The ex-NSA expert warned his followers to be cautious before putting all their eggs in the same basket of “a clone of Dog money” that promises to make everyone wealthy.
Snowden tweeted early Sunday, “Please carefully examine your prospects of outsmarting a market that sold you its investment in not even dog money but a CLONE of dog money.” Snowden reiterated his fears about individual investors “mortgaging the farm” to invest in these currencies in a subsequent response. “The issue arises when people are emotionally duped into mortgaging the farm on the basis of a meme’s worth of comprehension. Knock yourself out if you want to put some Happy Meals on lottery tickets. But not for the rent “he stated
Despite the fact that Snowden never specifically referenced Shiba Inu (SHIB), SHIB aficionados were the first to criticize him, as the whistleblower’s remarks came at a time when Shiba Inu tokens were seeing a surge in popularity.
Shiba Inu rose by more than 826 percent in value at the start of last week, reaching a market capitalization of $38.5 billion (roughly Rs. 2,89,154 crore). By Friday, the Dogecoin competitor had risen to eclipse DOGE in market capitalization and become the ninth-largest cryptocurrency.
Those criticizing Snowden in the comments section of his tweet attempted to enlighten SHIB skeptics by pointing them to the ecosystem that the meme coin has grown into. Shiboshi NFTs and ShibaSwap — Shiba Inu’s own decentralized cryptocurrency exchange — are part of this, as is the imminent deployment of a layer-2 protocol.
Due to the coin’s huge price, several analysts suggest that the rise may not be sustainable, citing the greater fool hypothesis. On the other hand, SHIB’s market capitalization is so high that the meme currency is presently worth more than India’s largest businesses.