Alien Shiba Inu sees 500 percent rally in 24 hours, profits gradually drying up

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Alien Shiba Inu (ASHIB), a new meme coin that appears to have taken crypto investors by storm, sounds heavily inspired by Shiba Inu. The relatively unknown crypto token saw a whopping 1,344 percent increase in value in the past week. Although there have been cases where new crypto assets became popular from the start, some of them have turned out to be Ponzi schemes where investors have lost thousands of dollars.

Although Alien Shiba Inu is extremely new as a crypto token, there are no immediate warning signs of fraud here, but there is also very little literature on the coin and little on the projects the Alien Shiba Inu community would do in the future are in focus. It is also noteworthy that the strong rise in value of the coin has cooled off somewhat in the past 48 hours.

Alien Shiba Inu rose 500 percent in a single day on January 9, after the cryptocurrency traded at a record low, before suddenly skyrocketing, according to CoinGecko. Earnings have gradually declined since then, but at the time of writing we’re still seeing a rise of more than 1300 percent in the past seven days.

Alien Shiba Inu’s website claims the developers are working on “three flagship utility projects.” This is a collection of non-fungible token (NFT) characters for play-to-ear games, a decentralized exchange (DEX) and a commodity marketplace called AlienShibaInuCrew. However, the coin was only released last November and cannot be traded on too many exchanges yet. With a market capitalization of $ 574,803 (roughly Rs 4.2 billion), the coin currently ranks 3,673 on CoinMarketCap.

The last time we saw a new cryptocurrency soar in a similar fashion, things weren’t good for those who thought they were ahead of their time. As early as November 2021, the cryptocurrency SQUID, inspired by the popular Netflix series Squid Game, aroused suspicion of fraud after its value had fallen by 99.99 percent and its website was discontinued. The trade value of this Squid token rose 600 percent in a single day, shortly afterwards its anonymous creators disappeared with around 3.3 million US dollars (about 22 billion rupees).

The rather shocking development came at a time when Binance, the largest crypto exchange in the world, had launched an investigation into the SQUID token that grew multiple times in a matter of days. The gaming altcoin was created on the Binance Smart Chain.

Interested in cryptocurrency? We discuss everything about crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music, and anywhere you get your podcasts.

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