Shiba Inu Reformed Over 500% In A Day

Unpredictability and volatility abound in cryptocurrency trading. However, the nature of the sector frequently results in windfall profits for some investors. Top companies like Bitcoin and Ethereum started the new year with high hopes, but they have yet to witness a rally. In reality, Bitcoin has been on a downward trend for the majority of this year. However, on January 9, a tiny bit meme coin called Alien Shiba Inu (ASHIB) stunned everyone by skyrocketing by more than 500% in just 24 hours. However, its advances quickly levelled out. The coin looks to be aimed at individuals who missed out on last year’s bull runs in popular dog-themed currencies like Dogecoin and Shiba Inu.

What Is Shiba Inu?

Shiba Inu (SHIBUSD) is a Shiba Inu (a Japanese hunting dog breed) mascot for an Ethereum-based technology (a cryptocurrency other than Bitcoin). Shiba Inu is sometimes referred to as “the Dogecoin killer” by supporters.

Meme coins, like Shiba Inu and Dogecoin, are cryptos that are linked to a theme—in the instance of Shiba Inu & Dogecoin, the Shiba Inu dog—but are typically produced as satire or even inside comedy rather than as a virtual commodity with real-world applications. Ryoshi, an anonymous individual or group, created Shiba Inu in August 2020, while Dogecoin was founded in December 2013.

Why The Hustle?

FILE PHOTO: Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, Litecoin are placed on PC motherboard in this illustration taken, June 29, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

The virtual currency was moving at an all-time nadir of $0.0003603 on January 8th, according to CoinMarketCap, a market research organization (approximately 0.027). Within only a few hours, it has climbed by almost 500 percent, hitting $0.009869. (about 0.73). Since then, though, some of the gains have stalled.

The uptick comes at a time when Bitcoin’s price has been on the decline since mid-November. On Wednesday afternoon, the world’s largest cryptocurrency by market capitalization was trading at $42,717 (approximately Rs. 31.57 lakh), down from $47,000 (about Rs. 34.74 lakh) at the start of the year. Since the beginning of the year, Ethereum has also been losing value. Given the circumstances, Alien Shiba Inu’s meteoric rise has astounded many. Experts warn people to consider jumping on the bandwagon to earn quick money to proceed with care, pointing out that there is little information available regarding this new coin.

The creators simply state on their website that they are working on “three flagship utility projects”: a library of NFT figures for play-to-earn games, a decentralized exchange (DEX), and AlienShibaInuCrew, a merchandise bazaar. However, despite its November debut, the currency is still unavailable for trade on several platforms. On CoinMarketCap, it is rated 3,673.

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