Crypto tokens, especially alt tokens, are known for their sudden sporadic volatility. Asset volatility is what can lead to nightmarish losses but also stratospheric gains. The multiple wins made by those who hit the jackpot by choosing the right coins is what motivates many cryptocurrency investors to go for altcoins.
Now, after Shiba Inu (SHIB), Dogecoin, and others, a new dog-based cryptocurrency has become the latest token to see crazy returns in an incredibly short span of time. The Shih Tzu (SHIH) token, named after the eponymous breed of small dogs native to China, performed a two-hour wild rally on November 22. The token saw its value increase to $ 0.00005477, from 0.00000009105, an increase of 6.01.438%, with an increase in transaction volume of 65% on major cryptocurrency exchanges.
The price movement of the SHIH token seems unexplained and sudden, with many skeptics calling for caution on such tokens. Kokoswap, Ethereum Meta, and ARC Governance are also some of the other tokens that have seen their prices rise suddenly and unexplained.
“The rise in prices does not seem sustainable at this stage. It’s just enjoying the momentum of the NFT game and the metaverse, ”Sharat Chandra, a blockchain and emerging tech evangelist, told ET.
The token’s website claims it runs on an Ethereum and Binance blockchain.
“The Shih-Tzu token is an ERC-20 / BEP20 token built on Ethereum and Binance Smart Chain that focuses on improving the quality of life, and ultimately the happiness, of animals and critters around the world. With a strong and growing community, we advocate and donate to animal rights support groups, advocates and causes, ”the website read.
(Edited by : Shoma bhattacharjee)