Cryptocurrency: The day when meme coin Alien Shiba Inu jumped 500%
Experts urge anyone who is thinking about jumping on the bandwagon to make quick money to proceed with caution, pointing out that there is little information accessible about this new coin.
Major cryptocurrency players like Bitcoin and Ethereum had been hoping for a revival of fortunes in the new year, but that was not to be. In fact, Bitcoin has been on a steady decline. On January 9, however, a little-known meme currency, Alien Shiba Inu (ASHIB), startled everyone with a 500% growth in less than 24 hours. The currency appears to be geared at people who missed out on last year's surges of popular dog-themed currencies like Dogecoin and Shiba Inu.
The increase comes at a time when the value of Bitcoin has been declining since mid-November. The world's largest cryptocurrency by market capitalisation was trading at $42,717 on Wednesday afternoon, down from $47,000 at the start of the year. Ethereum has also been losing value since the beginning of the year.
On January 8, the cryptocurrency was trading at an all-time low of $0.0003603 (roughly 0.027), according to CoinMarketCap, a market research organisation. After only a few hours, it had increased by more than 500% to $0.009869. (about 0.73). Experts urge anyone who is thinking about jumping on the bandwagon to make quick money to proceed with caution, pointing out that there is little information accessible about this new coin. However, despite its introduction in November of last year, the currency is currently unavailable for trading on a number of sites.
On CoinMarketCap, the currency is placed around 3,000. More formal information about the currency may be found on its single-page website. It states that the coin's development team is focusing on "three major utility initiatives." These include a collection of NFT characters for play-to-earn games, a decentralised exchange (DEX), and AlienShibaInuCrew, a retail bazaar. The coin was introduced in November of last year and is based on the Binance Smart Chain.