Will Shiba Inu Make You Rich?
The Shiba Inu cryptocurrency has become the 12th-biggest crypto token this week, seeing a 367% rise in just seven days.
On Wednesday, Shib coin rose more than 70% in 24 hours, surpassing Litecoin and Avalanche’s AVAX to become the 12th-biggest crypto in terms of market value
According to Yahoo Finance, there was “one mysterious whale” who has been “buying up massive amounts of Shibu Inu.”
A “whale” is an investor who pumps a lot of money into a product or investment to raise its value and increase the rarity of the item.
Much of the recent rise comes after Tesla CEO Elon Musk tweeted a picture of his dog, a Shiba Inu breed, named Floki. Soon after, the hashtag #SHIB started to trend, which increased social media interest in cryptocurrency.
Back in spring of 2021, when Elon Musk started tweeting about Dogecoin, the price shot up nearly 15,000% in a matter of weeks.
However, many are questioning whether SHIB coin could hold its value for the long haul, especially if it’s being pumped.
“This kind of behavior is the exact reason why SHIB is an untrustworthy asset because it is literally treated like a pump and dump asset. The instances observed yesterday are similar to what we saw at the beginning of the July rally,”
The SHIB coin already has a multibillion market cap which is outrageous for sh*t coin. Yes, you can make a decent return if you time the pump dump schemes but that’s no way to build long term wealth.