Hedge fund manager Michael Burry, famous for predicting the 2008 financial crisis, believes Dogecoin’s competitor Shiba Ino Token (SHIB) is “useless,” criticizing his offer. The cryptocurrency is up 230% over the past week.
Michael Perry shares his view on the Shiba Inu . symbol
Michael Perry, famous investor and founder of private investment firm Scion Asset Management, commented on the shiba inu token (SHIB) on Saturday after the dogecoin rival cryptocurrency surged 230% over the past week.
Brie is best known for being the first investor to predict and profit from the US mortgage crisis that occurred between 2007 and 2010. He was described in “The Big Short,” a book by Michael Lewis about the mortgage crisis, which was made into a movie starring Christian Bale.
Big Short investor Big Short shared Coinbase’s description of the shiba inu token on Twitter on Saturday, which states: “Shiba inu (SHIB) is a token that aspires to be an Ethereum-based alternative to dogecoin (DOGE), the popular meme coin. Bitcoin, designed to be scarce, SHIB is deliberately abundant — with a circulating supply of one quadrillion.”
Commenting on this description, Berry wrote:
Just saying, a quadrillion seconds equals about 32 million years. A quadrillion day is 2.7 trillion years, or all of the time, from the beginning of the universe, multiplied by 71,000. In other words, it’s pointless.
However, several people quickly pointed out to Burry on Twitter that SHIB’s circulating supply was no longer a single quadrillion. Market data from Coinbase shows that the circulating supply of shiba inu tokens is currently 394.8 trillion.
The Shiba Token website explains: “Beginning with the offer of 1 quadrillion, our founder, Ryoshi, locked 50% in Uniswap, then ‘burned’ the other half of Ethereum founder Vitalik Buterin for safekeeping.” The Shiba inu symbol made its way into the spotlight when Buterin donated $1 billion from SHIB to India’s covid relief fund.
At the time of writing, SHIB stock is up 235% over the past week and 6.76% over the past 24 hours, according to Coinbase data. The cryptocurrency is trading at $0.0002649 and its market capitalization is $10.3 billion.
Coinbase Pro announced the listing of the shiba inu cryptocurrency in June. In September, the Nasdaq-listed cryptocurrency exchange announced that SHIB is available on Coinbase.com and in the Coinbase Android and iOS apps.
Burry has been warning against investing in cryptocurrencies. In June, he predicted the “mother of all meltdowns,” noting that “the problem with crypto, as with most things, is leverage.”
Investor Big Short also warned that governments could crush competitors in the currency arena, including Bitcoin. However, he clarified, “I don’t hate BTC,” emphasizing that it “is not short for BTC” because “in the short term, anything is possible.”
What do you think of Michael Perry’s comments? Let us know in the comments section below.
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