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Cryptocurrency Expert Claims New Digital Coin Shiba Inu Is ‘Manipulative And Cynical’

by : Julia Banim on : 12 May 2021 12:47
Cryptocurrency Expert Warns Against Investing In Dogecoin Rival Shiba InuPA Images/Aranami/Flickr

A cryptocurrency expert has claimed that new digital coin Shibu Inu is ‘manipulative and cynical’, being ‘one of many new coins to try to take advantage of the Dogecoin hype’.

For those yet to become aware of the newly popular Shibu Inu, this is a rival cryptocurrency to Dogecoin, and bears a striking resemblance.

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An interesting shift was seen following Elon Musk’s turn hosting Saturday Night Live (SNL). Musk, who has previously been a vocal supporter of Dogecoin, shocked and disappointed many fans after declaring the currency to be just ‘a hustle’.

This dismissal promptly caused the value of Dogecoin to plummet. Before the skit aired, Dogecoin’s value was sitting strong at around $0.70. Afterwards, the value fell by 24% to just $0.49 in the first hour of the show.

Off the back of this unexpected fall, Shiba Inu has seen a boom, seeing a value increase in the last week to 1621.50%. However, due to the nature of cryptocurrency, this is likely to fluctuate.

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As per Crypto.com:

SHIB is an experiment in decentralized spontaneous community building created under the SHIBA INU’s ecosystem. Users are allowed to hold billions or even trillions of them. SHIB is the first cryptocurrency token to be listed and incentivized on ShibaSwap, SHIBA INU’s decentralised exchange.

Understandably, people have expressed greater interest in Shiba Inu following this recent hike, with many wondering whether they should be investing. However, Antony Portno, Founder of Traders of Crypto, has advised caution in the midst of the hype.

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Portno said:

The Shiba Inu coin is one of many new coins to try to take advantage of the Dogecoin hype. While Doge was around for many years and has some actual merit as the one ‘fun coin’, Shiba Inu is a far more manipulative and cynical asset.

It again has no real purpose or use case other than to make the founders money and has been created with a huge supply allowing for a very low price per coin in the hope that people who don’t understand these things will think it’s cheap relative to Doge.

He continued:

It’s also very unclear who is behind the coin and what the circulating supply is which are both red flags to any sensible investor.

Whilst it is good to see cryptocurrency breaking new boundaries and coming into the mainstream, it is important to make sure you make educated decisions on whether to invest and it is hard to see the benefits that come with the Shiba Inu coin.

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So it might be worth holding your horses – or indeed dogs – when it comes to investing in this particular coin.

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Julia Banim

Jules studied English Literature with Creative Writing at Lancaster University before earning her masters in International Relations at Leiden University in The Netherlands (Hoi!). She then trained as a journalist through News Associates in Manchester. Jules has previously worked as a mental health blogger, copywriter and freelancer for various publications.

Topics: News, cryptocurrency, Dogecoin, Elon Musk

Credits

The Independent and 1 other
  1. The Independent

    ELON MUSK PLUGGED DOGECOIN ON SNL - AND THE PRICE IMMEDIATELY PLUMMETED

  2. Crypto.com

    Shiba Token SHIB