Meme Coin Alien Shiba Inu stuns everyone with his sudden rally
Crypto trading is rife with unpredictability and volatility. But even this nature of the industry is often unexpected for some investors. The new year started off with great hopes for big players like Bitcoin and Ethereum, but so far they haven’t gained any momentum. In fact, Bitcoin has been on a steady downtrend so far this year. However, a little-known meme coin, the Alien Shiba Inu (ASHIB), surprised everyone on January 9 with a sudden increase of over 500 percent in just 24 hours. But soon, its benefits also ran out. The coin seems to be targeting people who missed out on the bull run of popular dog-themed coins like Dogecoin and Shiba Inu last year.
According to market research agency CoinMarketCap, the lowest level of trading in the cryptocurrency was at $0.0003603 (approximately Rs.0.027) on January 8. Hours later, it had registered a spectacular rise of over 500 per cent to touch $0.009869 (approximately Rs 0.73). However, some of its benefits have since waned.
The rally comes at a time when the value of bitcoin has been on a declining trajectory since mid-November. The world’s largest crypto coin by market capitalization started the year at around $47,000 (approximately Rs 34.74 lakh) and was now trading at $42,717 (Rs 31.57 lakh) on Wednesday afternoon. Ethereum has also been losing value since the beginning of the year.
Looking at the background, the incredible growth of the alien Shiba Inu has shocked many. Experts recommend caution for those looking to join the bandwagon to make fast money, pointing out that there is little information available about this new coin.
on that WebsiteOf course, the developers only say that they are working on “three major utility projects” – a collection of NFT characters for play-to-earn gaming, a decentralized exchange (DEX), and a trading marketplace called AlienShibinuCrew.
However, the coin, which was launched in November last year, is not yet available for trading on many exchanges. It ranks 3,673 on CoinMarketCap.
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