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Meme Coin Alien Shiba Inu rose 1344% in a single week before slowing down

A new coin even seems to have taken the crypto world by storm. Alien Shiba Inu (ASHIB), apparently inspired by Shiba Inu, has seen massive growth in value of 1,344% over the past week.

While new crypto assets often gain popularity overnight, many of them turn out to be Ponzi schemes in which investors have lost a significant amount of money.

Unpredictability and volatility are inevitable parts of cryptocurrency trading. Big players like Bitcoin and Ethereum have started the New Year with high hopes, but they have yet to see growth. Bitcoin has also seen a downtrend since the start of this year.

While there are no direct red flags indicating that Alien Shiba Inu is a scam, there is also very little information available about the play and what projects the Alien Shiba Inu community would be focusing on in the near future. to come up.

It is also worth mentioning that the rapid growth in the coin’s value has slowed down considerably over the past two days.

According to CoinGecko, the value of Alien Shiba Inu rose 500% in a single day on January 9 after the cryptocurrency traded to an all-time low, before surging unexpectedly.

Many people have been amazed by the meteoric growth of Alien Shiba Inu. Experts warned those planning to jump on the bandwagon for quick cash to act with caution, pointing out that there was less information available on this new coin.

The developers of this coin simply mention on their website that they are working on “three flagship utility projects”: a collection of NFT characters for games up for grabs, a decentralized exchange (DEX), and AlienShibaInuCrew, a commodity market.

The coin, however, is still not available for trading on a number of exchanges, despite launching in November. On CoinMarketCap, it is ranked at number 3,673.

(Edited by : Shoma bhattacharjee)


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