Meme Coin a Shiba Inu
A recent crypto bubble in Japan sparked a new trend – a meme coin. Shiba inu, a doge-themed cryptocurrency, soared 1,000% in a month and even more since its launch in 2020. It has now surpassed dogecoin in market capitalization, and has pushed dogecoin down in a similar way. Both cryptocurrencies have strong communities and celebrity pushes.
But there are risks. Unlike squids, Shiba Inu Coin are not as vulnerable to financial crises as other popular coins. A recent collapse of the squid coin, which rose in value on social media, has brought to light the dangers of trendy coins. Using the same method as dogecoin, squids could float their way to the top of cryptocurrency markets.
Meme coins can be tempting, but beware. The market is volatile and there is no guarantee that it will rise. Some of them are just scams, with no positive ending. The squid coin’s collapse has resulted in the loss of over $2 million by its creators. Thankfully, the shiba inu is not a victim of this.
Is That Hot Meme Coin a Shiba Inu Or a Squid?
The popularity of the shiba inu coin is well-deserved. A petition for a shiba inu coin has received more than 470,000 signatures, but the squid coin has collapsed, highlighting the risk of a trendy coin. The squid rose by eighty percent last month on the strength of social media buzz, but dropped to zero on Monday, wiping out its creators’ $3.3 million of funds.
The shiba inu is still on its way to becoming a meme coin. The shiba inu is not going to stop there. A petition to add a shiba inu coin has been circulated on petition sites, garnering nearly four hundred thousand signatures. The squid’s collapse highlights the risks of trendy coins. While the shiba inu’s value rose, its price plummeted after a few weeks and the creators of the squid wiped out over $3.3 million.
The shiba inu army is not quitting. A petition to add a shiba inu coin has reached more than 470,000 signatures. The squid coin is a squid, but a shiba inu isn’t a squid. The shiba inu is also a squid.
It’s hard to say whether the Shiba inu is the hot cryptocurrency of the month. The squid coin, which is based on Netflix’s hit show, has reportedly surpassed the dogecoin in total value. While the dogecoin has more potential, the squid coin has yet to reach that milestone.