Alien Shiba Inu sees 500 percent rally in 24 hours, profits are slowly drying up

The Alien Shiba Inu (ASHIB), a new meme coin that appears to have taken crypto investors by storm, seems to be heavily inspired by the Shiba Inu. The relatively unknown crypto token has seen an increase of 1,344% in value over the past week. While new crypto assets have boomed in popularity since the beginning, some of them have become Ponzi schemes that have cost investors thousands of dollars.

While the Alien Shiba Inu is extremely new as a crypto token, there are no immediate red flags to suggest a scam, but there is little literature available on the coin and little to go on on projects like the Alien Shiba Inu. . The community will be the focus in the future. It is also worth noting that the sharp increase in the value of the coin has largely cooled off over the past 48 hours.

According to CoinGecko, the Alien Shiba Inu saw a 500 percent increase in value in a single day on January 9, when the cryptocurrency was trading at a record low, before a sudden surge in value. Profits have declined gradually since then, but at the time of publication, we are still seeing an increase of over 1,300 percent over the past seven days.

The Alien Shiba Inu’s website claims that the developers are working on “three major utility projects”. It is a collection of non-fungible token (NFT) characters for a play-to-year game, a decentralized exchange (DEX), and a commodity marketplace called alienshibinukru. However, the coin was only issued last November and is yet to be traded on a lot of exchanges. With a market capitalization of $574,803 (approximately Rs 4.2 crore), the coin is currently ranked 3,673 on CoinMarketCap.

The last time we saw a new cryptocurrency skyrocket in a similar fashion, things didn’t go well for those who thought they were ahead of the curve. In early November 2021, the SQUID cryptocurrency, inspired by the popular Netflix series Squid Game, plunged 99.99 percent after it raised suspicions of scam and its website was shut down. The trading value of this Squid token soared up to 600 percent in a single day, shortly after which its unnamed creator vanished with around $3.3 million (roughly Rs.22 crore).

The rather shocking development came when the world’s largest crypto exchange, Binance, launched an investigation into the Squid token, which saw a manifold growth in a matter of days. The gaming altcoin was built on the Binance Smart Chain.

Interested in cryptocurrency? We discuss all things Orbital with WazirX CEO Nischal Shetty and WeekendInvesting Founder Alok Jain on the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, is not legal tender and is subject to market risks. The information in this article is not intended to constitute financial advice, trading advice or any other advice or a recommendation of any kind offered or endorsed by NDTV. NDTV shall not be liable for any loss arising out of any investment based on any alleged recommendation, forecast or any other information contained in the article.

Affiliate links may be generated automatically – see our ethical statement for details.

Get the latest from the Consumer Electronics Show on Gadgets 360 on our CES 2022 hub.