It took only 2 days for Shib to go from cheap altcoins to the red hot No. 1 cryptocurrency in the world.
On May 8, the price of Shiba Inu coin soared by over 251%, and the transaction volume reached 40.3 billion yuan. Shiba Inucoin surpassed even Dogecoin, taking the second place in the currency circle.
Some investors even made 600,000 yuan with a principal of 3,000 yuan. They couldn't help feeling: "In the currency circle, there are opportunities everywhere." The skyrocketing Shiba Inu coin has Musk behind it. With just one or two words, he caused a bloody storm in the currency circle.
On the 7th local time, Hiromichi Mizuno, Tesla's independent director and former chief investment officer of the Japanese pension fund, said on social media: "Investors can trade Shiba Inu coins on a short-term basis, but don't do this to their Shiba Inu pet dogs. Musk responded immediately: "I'm looking for a Shiba Inu."
On the same day, a user named "Shib Father" revealed that Musk will be hosting a variety show on "Saturday Night Live" hosted by him. The Shiba Inu coin was discussed on the show, and it was said that it would rise to $1.
Afterwards, the Shib coin (Shib) was a super big yang line in a short period of time, rising by more than 251% in the day, and temporarily reported 0.0000183 US dollars, or about 0.0001 yuan, topping the list of major exchanges. As of May 9, the daily trading volume of Shiba Inu coin has reached 40.3 billion yuan, a surge of 1297.64%, and its market value has skyrocketed by 359.31%. The hot market once caused major trading platforms to suffer short-term downtime.
Data source: OKEx
Image source: CMC
Domestic netizens exploded in an instant, some investors stayed up until 3 o'clock, just to catch up with the Shiba Inu coin booming market; some investors showed their profits, and some investors were called miserable .
In mid-March this year, Musk said on social media that he would raise a Shiba Inu for his family. At that time, the price of Dogecoin did not rise, but the Shiba Inu coin suddenly exploded.
Dogecoin is outdated Shiba Inucoin counterattack
According to the data, the project is called Shiba Inu, which is an experiment of decentralized spontaneous community construction. Born in August 2020, the circulation is 1000 trillion. After Dogecoin created the myth of getting rich, the currency suddenly became popular, claiming to be the "Dogecoin Killer" (DOGECOIN KILLER), which will surpass Dogecoin in a short period of time.
industry insiders pointed out that the popularity of Shiba Inu coin has continued from March to the present. One of the reasons is that its current price is low, and hundreds of thousands of SHIB can be owned by a few dollars. For new users, the entry threshold is low. The second is that the bull market’s FOMO (Fear of Missing Out, Fear of Missing Out) mood is extremely high, and no one wants to miss any opportunity to get rich. Third, it has something to do with Musk's "calling list", after all, there is a lesson from Dogecoin.
The well-known digital asset trading platform OKEx Research Institute pointed out that although both Shiba Inu and Dogecoin have strong community attributes, they also have many differences. From the point of view of the token mechanism, Shiba Inu coin has an issuance limit and a destruction mechanism. In addition, Shiba Inu Coin is issued based on Ethereum and launched its own decentralized trading platform ShibaSwap, while Doge Coin can only be used in application scenarios such as Twitter and Reddit. However, the Shiba Inu coin has been online for a short period of time, the consensus is not as strong as that of the Doge coin, and the circulation is not sufficient, and it remains to be tested by time.Will
be the next bitcoin?
In the skyrocketing market, are investors really making money?
A Shiba Inu coin investor told reporters: "As long as the bull market has a chance to squat on one coin, it is enough. The Shiba Inu coin is very profitable these days. I use the principal of 20,000 yuan for short-term, fast in and fast out. In the afternoon, I earned 7 times to 140,000 yuan. I was in a trance, and now I regret buying less."
But he also said: "After all, Shiba Inu coin is not a mainstream currency such as Bitcoin, and I don't have the confidence to hold it for a long time. Play, if it replicates the development trajectory of Dogecoin, won't I get rich overnight?"
Although the Shiba Inu coin has been rising fiercely this round, the OKEx Research Institute reminds investors to enter the market cautiously: "This round of Shiba Inu coin has skyrocketed. Similar to the rise of Dogecoin, it can be regarded as a kind of fan economic effect. However, the chips of cryptocurrencies are too concentrated, which is prone to the risk of market manipulation, especially for Shiba Inucoin, which has little practical application value. The current price surge is more due to marketing hype, and the possibility of large currency holders selling and leaving the market is not ruled out in the later stage, so the risk is high.”
Industry insiders also pointed out: “The Shiba Inu coin inherits the style of Dogecoin and is shouting It will rise after the order, but the range of rise and fall is particularly large, which will inevitably make the market agitated. In fact, investors who gain profits from the rise of Shiba Inu coin are bound to be far less than those who lose due to the ups and downs of the market. "
Source: China Securities Journal
Responsible Editor: Yan Huan
Proofreading: Liu Lili
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