Crypto trading is rife with unpredictability and volatility. But this very nature of the industry also often leads to windfalls for some investors. The new year began with great hope for big players like Bitcoin and Ethereum, but they are yet to see a rally. In fact, Bitcoin has been on a continuing downward spiral, so far, this year.
However, a little-known meme coin, Alien Shiba Inu (ASHIB), surprised everyone with a sudden rise of more than 500 percent in just 24 hours on January 9. But soon, its gains evened out. The coin appears to be targeting those who missed the bull runs of popular dog-themed coins like Dogecoin and Shiba Inu last year.
Ever since this penny token, named after a Japanese dog breed, entered the crypto scene, it has grown at an astounding rate, garnering attention from investors and enthusiasts alike. It even managed to beat the returns of behemoths like Bitcoin and Ethereum.
The meme coin has appreciated 2,50,00,000 percent in the last year. An investment of Rs 1,000 in the token would have turned into Rs 25,00,00,000 during the period. However, it is important to note that cryptocurrencies, especially meme coins, are a highly volatile investment.
On January 8, the cryptocurrency was trading at an all-time low of $0.0003603 (roughly 0.027), according to CoinMarketCap, a market research organization. After only a few hours, it had increased by more than 500% to $0.009869. (about 0.73).
Experts urge anyone who is thinking about jumping on the bandwagon to make quick money to proceed with caution, pointing out that there is little information accessible about this new coin. However, despite its introduction in November of last year, the currency is currently unavailable for trading on a number of sites.
On CoinMarketCap, the currency is placed around 3,000. More formal information about the currency may be found on its single-page website. It states that the coin’s development team is focusing on “three major utility initiatives.” These include a collection of NFT characters for play-to-earn games, a decentralized exchange (DEX), and AlienShibaInuCrew, a retail bazaar. The coin was introduced in November of last year and is based on the Binance Smart Chain.
Previously, some coins also made huge jumps. Recently, Omicron (OMIC) climbed as much as 1,110 percent from $64.84 on November 27 to reach $711.09 on November 29. But, on November 29, its price fell to $466.22, and the coin was trading even lower at $210.28 on November 30. During that period, OMIC worth about $781,000 exchanged hands. The buzz was short-lived and the coin lost almost one-third of its value in the span of just one day, according to Singapore-based crypto exchange Crypto.com.
Digital token Squid, which was inspired by the blockbuster South Korean Netflix series Squid Game, plunged 99 percent to less than half a cent on November 1, as it fell from $2,861 to $0.0007, wiping away $3 million worth of investor wealth in just 24 hours, according to data from CoinMarketCap, a global cryptocurrency exchange.
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