Shiba Inu continues to resist the downtrend of the alternative market this week, indicating that meme coin investors have shifted their focus away from Dogecoin.
Since the beginning of October, when SHIB started to take off, the Dogecoin clone has gained 280%. Its unrealistic shape, combined with the status of the meme coin, has led some purists, including Ran NonirNow, let’s say it’s a solid selling opportunity.
More recently, investor and former hedge fund manager Michael Perry joined the criticism by calling Shiba Inu a “pointless.”
However, Shep’s army remains unfazed, with one Twitter user (his name Night gray dollarsHe stayed consistent in his calls for $0.01 SHIB. To put some perspective on things, the Shiba Inu will need a 34,000% boost for that to happen.
Although strange things happen in cryptocurrencies, based on current circulating supply, the token’s value of $0.01 means a market capitalization of $4 trillion against SHIB dollars — a huge question if there ever was one.
#SHIB 0.01 dollar#bone $ 100#bond 100 thousand dollars
He pointed out. ✍✍✍✍
– SHIB KNIGHT Dollars (army_shiba) October 10, 2021
What did Berri say about the Shiba Inu?
Coinbase added Shiba Inu in mid-September. While the ad did not explicitly state that this was due to a customer request, it did indicate this by referring to the listing process in the post.
“One of the most common requests we hear from customers is the ability to buy and sell more cryptocurrencies on Coinbase. We have announced an asset listing process, designed in part to accelerate the addition of more cryptocurrencies.”
SHIB’s stock rose 36% on the day of the listing, followed by a two-week decline to the beginning of October. From there, Shiba Inu surged strongly, breaking the $0.0000914 resistance on October 4.
However, Burry Shiba Inu declines based on the height of the total width, which is set at One quadrillion (1,000,000,000,000,000) tokens. He suggests that this makes the US dollar SHIB a poor investment choice, given the effect of ample supply on higher prices.
“Just say, a quadrillion seconds equals about 32 million years. A quadrillion day is 2.7 trillion years, or all the time, from the beginning of the universe, multiplied by 71,000. In other words, it’s pointless.”
haters gonna hate
While critics were quick to dismiss Shiba Inu, it is worth remembering that Dogecoin faced similar calls earlier this year.
At its peak in May, Dogecoin’s market value was close to $90 billion, making it more valuable than the likes of Dell, General Motors and British American Tobacco, alarming fundamentalists.
They struggled to get around how a fundamentally weak project could generate 15,000% gains over a five-month period.
While it is unlikely that Shiba Inu would do “Dogecoin work,” who is brave enough to say that markets are always rational?
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