- Shiba Inu Coinbase traded at $ 0.000031 and prices have skyrocketed since then..
- Its current market cap is $17 billion.
- Dogecoin, another meme coin, also generated decent returns of 17.79.1% and 45% in 7 and 30 days, respectively. But even crypto enthusiasts say these meme coins could be a bubble.
Shiba Inu’s core value is nothing. However, it is killing the crypto market. Take for example: It has returned over 90,000 in the last 30 days and is currently one of the top ten cryptocurrencies traded on global exchanges.
The memorial coin rallied on the back of a tweet from Tesla owner Elon Musk, where he circulated a photo of the SHIB coin on October 18.
Shiba Inu CoinBase
Shiba Inu Coinbase traded at $ 0.00026 and prices have skyrocketed since then. It is currently trading $ 0.0006994 after peaking at $ 0.0008456, according to Coinbase.
Dogecoin, another meme coin, also generated decent returns of 17.79.1% and 45% in 7 and 30 days, respectively. But even crypto enthusiasts say these meme coins could be a bubble.
Launched as a serious project, Meme Coins, especially Dogecoin or Shiba Inu, have now become a fun way to generate quick return on investment. Investing in Meme Coins is like gambling – there are always high risks and sometimes high returns depending on when you make a profit, ”said Vikram Subburaj, co-founder and CEO of Giottus.
They operate on the principle of network effects and public fanbases and are often compared to the multi-level MLM marketing scam that Indians are used to. That is, growth is achieved at the expense of other new investors in the ecosystem. If investors don’t make their profits at the right time, they lose their profits. Therefore, he added that this is a game of chance, although it is interesting to many.
Recently, there has been competition between Dogecoin and Shiba Inu fans to surpass each other in market capitalization. This resulted in a disproportionately high profitability compared to the rest of the market.
Also Read : The Elon Musk Bitcoin Relationship
There is nothing unique about Dogecoin or Shiba Inu, except for tokemania, how in the future the community will form and guide the prices of coins that are copies of these coins, may arise and work better in the future. Hence, we advise investors to keep a small percentage of their crypto portfolio in such coins if they cannot avoid the game, Subburaj said.
Experts believe that cryptocurrencies are risky assets, while meme coins are more risky. Do your own research before deciding. Shiba and Doge are very strong communities. Their communities believe in the project as something at the intersection of crypto and fun. No one can scientifically explain this phenomenon or predict it, “said Santos Jellaisula, Chief Ecosystem Director, Kfinite and a member of the Securities and Exchange Commission and Blockchen and BACC.” What is driving this rally?
Shiba Inu is currently one of ten crypto coins, and its exponential exponential expansion has taken the market by surprise.
In the case of Shiba Inu, while there are strong market predictions that it will be included in the Robinsh roster, which is the main force, the nature of the coin is also responsible for the sudden rally, said Gaurav Dahake, founder and CEO, Bitbons. a member of the Bripto Asset Council BACC unlike bitcoin, Shiba Inu was designed to build and drive an abundance of supply.
The current revolt, first of all, is based on the sentiment of retail investors, and in 1 quarter. trillion, the coin has sufficient liquidity, and its quotes on several exchanges provide huge access for investors around the world. According to him, popularity for Elon Musk is mainly due to the Internet community, as well as the support of such high-ranking business tycoons as Dogecoin.